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InnerScope Hearing Technologies (OTC: INND) Announces Favorable Restructuring of Debt and Cancellation of $1.1 Million of Convertible Notes
InnerScope Hearing Technologies (OTC: INND) Announces Favorable Restructuring of Debt and Cancellation of $1.1 Million of Convertible Notes.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\n ROSEVILLE, Calif., Feb. 03, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- InnerScope Hearing Technologies Inc. (OTC: INND) (\"InnerScope\"), an emerging and disruptive leader in the Direct-to-Consumer Hearing Technology space, today announced that it has successfully negotiated the cancellation of a series of variable price convertible notes, with a total principal amount of $1.1 million held by GS Capital Partners, LLC (\"GS Capital\") resulting in a favorable restructuring of its financing agreements. As a result of these transactions, InnerScope has eliminated nearly half of its outstanding variable price convertible notes. The Company anticipates eliminating the remainder of its current variable price convertible notes in several weeks. Matthew Moore, President, and CEO of InnerScope commented: \"InnerScope is pleased to enter into these shareholder-friendly financing arrangements, which enhances our balance sheet and capital structure. We appreciate the support from GS Capital in completing this transaction, as they continue to be a strong financial partner for us. We will work diligently to achieve the most attractive financing terms that support our growth and maximize value for our shareholders,\" concluded Mr. Moore. About InnerScope Hearing Technologies, Inc. (OTC PINK: INND): InnerScope Hearing Technologies Inc. is a leading Direct-to-Consumer (DTC) manufacturer and distributor of FDA-registered hearing aids, hearing assistive devices, hearing health-related products, and Personal Sound Amplifier Products (PSAPs) (\"Hearing Products\") dedicated to addressing the global demand for affordable hearing solutions. InnerScope's Hearing Products and its business model break through the persistent barriers that prevent access to effective hearing solutions. InnerScope's recent acquisition of iHear Medical Inc., a DTC cloud-based hearing solution provider, gives the Company access to over 40 patents and an FDA-registered manufacturing and R&D facility. In addition, InnerScope has acquired HearingAssist, an established leader in the direct-to-consumer hearing aid market with a customer base of over 400,000. These acquisitions, combined with a partnership with Atlazo Inc., a semiconductor innovator for next-generation AI smart devices, will allow InnerScope to better position itself in the direct-to-consumer hearing ...