Worawee Meepian
- Auto Parts 4Less Group (OTCPK:FLES) Tuesday announced a restructuring of debt obligations aimed at enhancing the company's balance sheet and providing greater financial flexibility.
- The company announced an agreement with Auctus Investment Group and Growth Ventures to convert a total of $7.44M of outstanding debt into a preferred share structure.
- The preferred shares are convertible into shares of company common stock, including on a mandatory basis upon the occurrence of an uplisting to the NASDAQ or NYSE stock exchanges.
- "By converting over $7 million of debt into preferred shares, we are not only reducing our liabilities but also minimizing dilution for our existing shareholders," said CEO Christopher Davenport.
- Source: Press Release