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EMERGE Announces 100% Debentureholder Approval of Amendments to Convertible Debentures, Provides Notice of Exercise of Redemption Right and Interest Conversion Right
EMERGE Announces 100% Debentureholder Approval of Amendments to Convertible Debentures, Provides ...
About this update from Emerge Commerce Ltd
[{"type":"text","content":"\n \n \n \n EMERGE Announces 100% Debentureholder Approval of Amendments to Convertible Debentures, Provides Notice of Exercise of Redemption Right and Interest Conversion Right\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n TORONTO\n \n \n ,\n \n \n April 29, 2024\n \n \n /CNW/ - EMERGE Commerce Ltd. (TSXV: ECOM) (\"\n \n EMERGE\n \n \", or the \"\n \n Company\n \n \"), a premium e-commerce brand portfolio, is pleased to announce that, further to its news releases dated\n \n March 22, 2024\n \n , and\n \n April 12, 2024\n \n , 100% of the holders (the \"\n \n Debentureholders\n \n \") of the 10% senior unsecured convertible debentures (the \"\n \n Debentures\n \n \") that were issued by the Company on\n \n November 24, 2022\n \n , pursuant to a debenture indenture (the \"\n \n Original Indenture\n \n \") dated\n \n November 24, 2022\n \n , between the Company and TSX Trust Company (the \"\n \n Trustee\n \n \"), represented in person or by proxy at a meeting of Holders, representing\n \n $2,103,000\n \n in principal amount out of an aggregate total of\n \n $2,781,000\n \n in principal amount of Debentures issued and outstanding, or approximately 75.6% of such principal amount, have approved an Extraordinary Resolution (as defined in the Original Indenture) approving the proposed amendment of certain terms of the Debentures (the \"\n \n Amendment\n \n \") and have authorized the Trustee to enter into a supplemental indenture (the \"\n \n Supplemental Indenture\n \n \") giving effect to the Amendment.\n \n \n \n Ghassan Halazon, Founder and CEO of EMERGE\n \n commented, \"We appreciate the strong vote of confidence and unwavering support displayed by our holders in agreeing to restructure the debentures in a manner that we believe is in the best long-term interest of all stakeholders. The approved amendment and the redemption, once completed in May, will effectively red...