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Ecoark Holdings, Inc. Announces Conversion of Trend Discovery SPV I Credit Facility Into Common Stock at $0.73 per Share
Ecoark Holdings, Inc. Announces Conversion of Trend Discovery SPV I Credit Facility Into Common Stock at $0.73 per Share.
About this update from Riskon International, Inc.
[{"type":"text","content":"\n FRISCO, Texas, April 06, 2020 (GLOBE NEWSWIRE) -- Ecoark Holdings, Inc. (\"Ecoark\") (OTC: ZEST), announced that it has converted all principal and interest within the Trend Discovery SPV I, LLC (“TD SPV”) credit facility, into Ecoark common stock on Tuesday, March 31, 2020.  The conversion includes the issuance of approximately 3.9 million shares at $0.73 per share to convert approximately $2.5 million of principal and $0.3 million of accrued interest into Ecoark common stock. The conversion price of $0.73/share represents a 24% premium to Ecoark’s closing share price of $0.59/share on the date of the conversion.  “The willingness of the TD SPV debt holders, which include company insiders, to convert to Ecoark common stock at an above-market rate is a reflection of their confidence in both our business model and future prospects” said Randy May, Chairman and CEO of Ecoark.  “Completing this conversion on Ecoark’s March 31st fiscal year-end will continue to strengthen the company’s stockholders’ equity, balance sheet and its prospects to up list to a national securities exchange”, said Brad Hoagland, CFA, Principal Financial Officer of Ecoark. About Ecoark Holdings, Inc. and Zest Labs Founded in 2011, Ecoark is a diversified holding company.  The company has three wholly-owned subsidiaries: Zest Labs, Inc. (“Zest Labs”), Banner Midstream Corp (“Banner Midstream”) and Trend Discovery Holdings (“Trend Discovery”).  Zest Labs, offers the Zest FreshTM solution, a breakthrough approach to quality management of fresh food, is specifically designed to help substantially reduce the $161 billion amount of food loss the U.S. experiences each year. Banner Midstream provides transportation and logistics services, and procures and finances equipment to oilfield transportation services contractors.  Banner Midstream is also engaged in oil and gas exploration, production, and drilling operations on over 10,000 cumulative acres of active mineral leases in Texas, Louisiana, and Mississippi. Trend Discovery invests in a select number of early stage startups each year as part of the fund’s Venture Capital strategy. We are open-minded investors with a founder first mentality. Forward Looking Statements In addition t...