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IQST - iQSTEL Signs $10M Term Sheet with LDA Capital to Back Nasdaq Uplist Plan
NEW YORK, Sept. 13, 2023 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced executing a term sheet with LDA Capital for $10 million as part of
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, Sept. 13, 2023 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced executing a term sheet with LDA Capital for $10 million as part of iQSTEL's plan to uplist onto the Nasdaq Stock Market. iQSTEL is a high growth, enhanced telecommunications company making ubiquitous access to communications, news and general information, access to financial services and clean mobility available to all regardless of race, ethnicity, religion, socioeconomic status, or identity. The company reported $93.2 million in revenue last year and is on track to meet or exceed its $120 million 2023 revenue forecast.\n\nLDA Capital is an alternative investment group with expertise in complex, cross border transactions. The firm is led by an energetic, collaborative core leadership team with a proven track record that includes over 250 transactions in both private and public markets. In conjunction with a new partnership, LDA Capital recently launched a $2 billion fund to make regionally specific investments in publicly listed and pre-IPO high-growth companies (Forbes). \nThe term sheet is not binding on the parties and the investment may only occur upon the execution of definitive documents, and there is no guarantee that this will happen. As stated in the term sheet, the $10 million investment is expected in two tranches. In advance of a Nasdaq uplisting, the first $5 million is expected to be placed in exchange for a 24 month bond. iQSTEL plans to utilize the $5 million to expand its core telecommunications business by completing an acquisition that is expected to add disruptive innovation and positive financial fundamentals, to include revenue with positive net income. The second $5 million is expected to be placed in exchange for a second $5 million bond available following a successful uplisting to Nasdaq.\nManagement believes the company is currently undervalued and that the partnership with LDA Capital may bring new market wide visibility that in turn has the potential to elevate iQSTEL's market cap to be more in line with the company's underlying value. If the investment is realized and an acquisition is accomplished, iQSTEL management believes that its share price has the potential to organically achieve the minimum price necessary to uplist to Nasdaq.\n\"We greatly appreciate the confidence LDA Capital has shown for iQSTEL's track r...