Business
Cool Holdings Eliminates 92.5% of Debt Inclusive of $8.2 Million Conversion into Equity
Cool Holdings Eliminates 92.5% of Debt Inclusive of $8.2 Million Conversion into Equity.
About this update from Simply Inc.
[{"type":"text","content":"\n\n\n\nCool Holdings Eliminates 92.5% of Debt Inclusive of $8.2 Million Conversion into Equity\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\n\n\n\n\n\nCool Holdings Eliminates 92.5% of Debt Inclusive of $8.2 Million Conversion into Equity\nPR Newswire\nMIAMI, April 1, 2020\n\n\n\nMIAMI, April 1, 2020 /PRNewswire/ -- Cool Holdings, Inc. (OTCQB: AWSM) (the \"Company\" or \"Cool Holdings\"), the parent company of Simply Mac, Inc., the largest Apple Premier Partner in the U.S. (\"Simply Mac\"), announced today that it has completed a second debt restructuring that resulted in the conversion of debt with an aggregate principal amount of $7,492,166 and accrued interest of $691,014 into common stock of the Company.  The aggregate total of $8,183,180 was converted into 48,136,344 shares of common stock at a $0.17 per share conversion price, reflecting a premium of 325% to the closing price on March 24, 2020.  The restructuring also included the settlement of other outstanding claims, that resulted in the issuance of an additional 10,683,677 common shares.  Inclusive of the restructuring of other debt announced by the Company on March 17, 2020, Cool Holdings has now eliminated $22.4 million, 92.5%, of the $24.4 million of debt it had after the Simply Mac acquisition on September 25, 2019.  After the latest restructuring, the Company now has 103,464,742 common shares outstanding and $1.8 million of unsecured debt, $1.25 million of which is not due until February 2024.\nCommenting on the transaction, Reinier Voigt, President and Chief Executive Officer of Cool Holdings, stated: \"We are extremely pleased with the outcome of our negotiations with the debt holders and the resulting restructuring.  It is an effort that we have been working on for the past few months, and which also resulted in the restructuring of the secured debt owed to GameStop Corp. that we announced on March 17, 2020.\"\nCommenting further, Mr. Voigt noted: \"These two successful debt restructurings have dramatically improved our balance sheet, and provided relief from the debt service...