Pervasip Corp, a provider of VoIP telephone services, announced yesterday that it had cancelled almost 16 million warrants held by its lender.
The unnamed lender had agreed to cancel 25 million warrants for each US$50m of equity invested in the company…
Pervasip Corp, a provider of VoIP telephone services, announced yesterday that it had cancelled almost 16 million warrants held by its lender.
The unnamed lender had agreed to cancel 25 million warrants for each US$50m of equity invested in the company by other investors until all warrants were cancelled upon receipt of the US$300,000 required.
Pervasip said that it had received US$327,000 in investment, leading to all the warrants being cancelled.
Pervasip’s CEO, Paul Riss, said that he appreciated the support of the lender and investors for allowing Pervasip to reduce the amount of “fully-diluted shares” in the company and increase shareholder value.
He said: “Now that the warrants have been eliminated, we are focusing on a debt settlement agreement that we have been working on with our lender. We are satisfied with the terms of the preliminary agreement, and we hope to finalise an agreement soon.”
