AVCtechnologies Announces Significant Debt Reduction and Increased Equity Float from Conversion of Debentures, and Renewed Focus on Additional Investment in Cloud Technology
American Virtual Cloud Technologies, Inc. (AVCT)
Company Research
Source: GlobeNewswire
ATLANTA, Sept. 16, 2021 (GLOBE NEWSWIRE) -- American Virtual Cloud Technologies, Inc. (Nasdaq: AVCT) (“AVCtechnologies” or the “Company”) announced today that as a result of the decision by the Company’s Board of Directors to explore strategic alternatives announced April 7, 2021, the Board has authorized the Company to focus its strategy on acquisitions and organic growth in its cloud technologies business as well as to explore strategic opportunities for its IT solutions business, including the planned divestiture of Computex Technology Group (Computex). The process that was established upon receipt of the previously announced non-binding proposal did not result in the submission of a definitive offer. The Company believes that the change will allow the Company to optimize resource allocation, focus on core competencies, and improve its ability to invest in areas of maximal growth potential. The Company expects that the proceeds from any potential sale transaction will be used to
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