Business
Trident Brands Announces Authorization of Preferred Stock to Complete Planned Debt Reduction
Trident Brands Announces Authorization of Preferred Stock to Complete Planned Debt Reduction.
About this update from Trident Brands Inc
[{"type":"text","content":"\n Issuance of Preferred Shares will be in Satisfaction of Approximately $17.7 Million of Debt Boca Raton, FL, April 04, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Trident Brands Incorporated (OTCQB: TDNT), a nutraceutical company, today announced that it has filed an amendment to its certificate of incorporation to authorize 29,320,432 shares of Preferred Stock which it will use, pursuant to its previously announced agreement with the note holder, to satisfy approximately $17.7 Million of principal and accrued interest due under certain convertible notes, representing a conversion rate of $0.60 per share. The amendment authorizing the Preferred Shares was approved by a majority of the Company’s shareholders and was filed with the State of Nevada on March 31, 2022. The amendment will be effective May 31, 2022, subject to the filing of an Information Statement with the Securities & Exchange Commission (“SEC”), which the Company plans to complete within the next several days. “The planned conversion of approximately $17.7 Million dollars of convertible notes by our largest noteholder into Series A Preferred Shares is a critical part of our restructuring. We believe that this restructuring of our balance sheet will facilitate moving forward with our strategic plans,” said Michael Friedman, President & CEO of the Company. About Trident Brands, Incorporated: Trident Brands Incorporated is a health and wellness company (OTCQB: TDNT) structured to rapidly develop and build brands, like its Brain Armor brand, that improve health, well-being and performance at every stage of life. Forward-Looking Statements This press release contains \"forward-looking statements\" within the meaning of the \"safe-harbor\" provisions of the Private Securities Litigation Reform Act of 1995 that are not historical facts. These statements can be identified by the use of forward-looking terminology such as \"believe,\" \"expect,\" \"may,\" \"will,\" \"should,\" \"project,\" \"plan,\" \"seek,\" \"intend,\" or \"anticipate\" or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company's future performance, operations, and products. Such statements involve known and unknown risks, uncertainties and other factors that could cause the ...