Inventergy Completes Restructuring of Preferred Shares
INVENTERGY GLOBAL INC (INVT)
US:NASDAQ Investor Relations:
ir.inventergy.com
Company Research
Source: Marketwire
CUPERTINO, CA -- (Marketwired) -- 07/27/17 -- Inventergy Global, Inc. (NASDAQ: INVT) ("Inventergy"), today announced it has completed a restructuring agreement with holders of its Series E Preferred Stock. As part of the Inventergy's strategy to restructure its balance sheet, the Company entered into an amendment to its Series E Preferred Stock agreement. Previously, holders of the Series E Preferred Stock were able to convert to common shares at a 65% VWAP deduction above a per share price of $0.25. With this amendment, holders of the Series E Preferred Stock amendment can convert to common shares at a fixed 35% discount from market without any limitation on price per share. The redemption premium of the Series E Preferred Stock amendment is also reduced from a 70% premium to a 35% premium. In addition, Inventergy can now raise non-dilutive financing up to $3 million without having to use any of such funds for its Series E redemption. This agreement enables the Company
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