Unusual Machines To Exchange $1M Of Its Existing Debt For Series C Preferred Shares Convertible At Market Value
Portfolio Pulse from Benzinga Newsdesk
Unusual Machines, Inc. (NYSE:UMAC) has entered into exchange agreements to convert $1M of its debt into Series C preferred shares, reducing its total debt from $4M to $3M. The new convertible notes have a lower interest rate and optional conversion features.
August 22, 2024 | 8:15 pm
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Unusual Machines has reduced its debt by $1M through exchange agreements, issuing Series C preferred shares and new convertible notes with a lower interest rate and conversion options.
The reduction of debt by $1M and the issuance of convertible notes with a lower interest rate and conversion options are positive financial maneuvers. These actions improve the company's balance sheet and reduce interest expenses, which could positively impact the stock price.
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