High Wire Networks Inks a Securities Purchase agreement For $5 Million By CIOTechOutlook Team

High Wire Networks Inks a Securities Purchase agreement For $5 Million

CIOTechOutlook Team | Friday, 29 September 2023, 12:24 IST

High Wire Networks, Inc., a leading global provider of managed cybersecurity and technology enablement, has entered into a securities purchase agreement under which the company may issue to accredited investors up to $5 million in senior secured convertible promissory notes (the "Notes") and warrants to purchase the Company's common stock.

“This favorable financing, particularly in the current tight credit markets, is intended to bolster our financial position while strengthening our shareholder base with institutional investors,” commented High Wire CFO, Curtis Smith. “It is part of our broader plan to eliminate high interest debt and secure more favorable growth capital as we launch new products and prepare for our expected uplisting to a major U.S. exchange.”

Under the Agreement, the Company has issued to date $1.15 million of the principal amount of the Notes, along with the corresponding Warrants to two institutional investors, as per High Wire Networks.

The Notes are convertible into common stock 18 months after issuance, with a conversion price of $0.10, subject to modification for certain stock splits, stock combinations, and dilutive share issuances. The Warrants are priced at $0.15 per share and have a duration of five years from the date of issuance.