NEW YORK, May 26, 2021 (GLOBE NEWSWIRE) -- Digital Asset Monetary Network, Inc. (“DigitalAMN” or the “Company”) (OTCMKTS: DATI), a Public Accelerator-Incubator (“PAI”), announced today that DigitalAMN has launched an initiative to begin eliminating its legacy convertible debt, beginning with settling approximately 20% of the current convertible debt obligations that are presently on the books.
As listed in the Company’s most recent Quarterly Filings, Management indicated that of its currently outstanding debt obligations, roughly 50% of this debt is attributed to convertible notes (debt that converts into the Company’s common equity). By entering into a series of agreements with creditors to exchange their debts for Series BB Preferred Stock, the Company effectively extinguished nearly 20% of the convertible debt.
“We believe that restructuring and/or extinguishing convertible debt could ultimately strengthen the Company’s balance sheet,” stated Ajene Watson, CEO of DigitalAMN. “Most important, this action should also help to further our long-standing effort to slow the overall rate of dilution that microcap companies typically experience. The primary goal is to create an environment conducive to more substantive capital raises—supporting business goals and building shareholder confidence.”
In a May 20th, 2021 Coffee Talk, DigitalAMN announced the Company’s intent to reduce and extinguish legacy convertible debt. With that agenda now kicked into action, management indicated that they would continue pursuing opportunities to restructure and/or extinguish the remaining convertible debt, with the same vigor applied to the Company’s stock reduction programs. Further, in support of this effort, the Company will continue trying to first exhaust all financing options, before entering into any new convertible debt obligations. To this end, over the past 12 months, the Company has raised just over $600,000 in non-convertible debt.
Mr. Watson concluded, “There is always the possibility that we will not be able to restructure or extinguish all of our convertible debt, or, continue raising money without entering into new convertible debt. Nonetheless, we will continue to work diligently at it, as we believe that these dilution reducing initiatives are just as important as the products and services we provide, and may be to the greater benefit of our current and future shareholders.”
This and other Company updates will be further discussed in an upcoming shareholder conference call event management is planning to host within this 2nd Qt. For updates regarding this event, please visit https://digitalamn.com/contact-us/ to sign up for additional information.
ABOUT Digital Asset Monetary Network, Inc.
Digital Asset Monetary Network, Inc. (OTCMKTS: DATI) uses the Public Accelerator-Incubator (PAI) model with the intention of following the global success of accelerators and incubators around the world, adding niche opportunities to both the microcap and startup communities. As a PAI, Digital Asset Monetary Network will develop and acquire innovations that solve problems through digital platforms and other electronic applications.
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