Business
Iconic Brands, Inc. Announces Capital Infusion and Elimination of Debt- ICNB Significantly Improves Cap Table and Strengthens Balance Sheet
Iconic Brands, Inc. Announces Capital Infusion and Elimination of Debt- ICNB Significantly Improves Cap Table and Strengthens Balance Sheet.
About this update from Iconic Brands, Inc.
[{"type":"text","content":"\nAMITYVILLE, NY, Sept. 27, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Iconic Brands, Inc. (OTC PINK: ICNB) today announced that the company has signed definitive agreements for the sale of $1.162 million in preferred stock and warrants of the company and elimination of all previous investor debt.  The preferred stock pays no dividend and is convertible into common stock at a fixed price.\n Over 80% of the outstanding investor debt has agreed to convert into the same series of preferred stock and warrants, with a one-year mandatory lock up and no registration rights.  Several smaller debt holders have already converted their debt to equity, and others are being repaid in cash upon closing of the transaction.  The Company’s greatly improved balance sheet and cap table are part of the implementation of its strategy to become a reorganized and fully reporting public company.  The company has obtained audited financial statements and, last week, filed a Form S-1 resale registration statement.  Upon the effectiveness of the registration statement, the company will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. As disclosed in the registration statement, the Company is evaluating a reverse stock split in an effort to up-list its common stock to a more senior national market, making its shares more attractive to a wider array of investors.  It also expects to significantly reduce the authorized shares at the same time of any reverse split. Mr. Richard DeCicco, CEO, stated: “Our balance sheet, cap table and cash position have never been stronger in the Company’s history. The commitment and support from our new and existing investors who participated in this offering is validation of management’s optimism about Iconic Brands.  These steps are being taken to benefit our shareholders and help us grow into a more significant company.  I’m very confident that our shareholders will be rewarded in the near future and our company will continue thrive with our long-term partners.  The proceeds of the private placement provide us with the capital to accelerate our growth strategy, as well as push us forward through the planned up-listing of our shares to a national exchange.” Mr. DeCic...