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Friendable Signs Amendment to Its Debt Restructuring Agreement

avatar by Editor
December 31, 2019
0
Friendable Signs Amendment to Its Debt Restructuring Agreement

Friendable, Inc. (OTC PINK: FDBL) today announced that it has entered into an amendment to the debt restructuring agreement, specifying the dates upon which the debt holders can reset their conversions. The amendment also confirms that the Company has achieved all milestones for the closing of the debt restructure agreement, as of November 5, 2019. The amendment provides the Company with additional time to build value, prior to any conversion reset being completed.

Currently, the debt holders are able to exchange their debt for shares of the Company’s common stock at approximately $1.00 per share. Prior to the amendment, the debt holders would have been able to adjust the conversion price on December 26, 2019 and April 24, 2020. Pursuant to the amendment, the reset dates are now March 4, 2020 and July 2, 2020.

“The amendment provides Friendable and our management team a foundation on which to build and allows for a capitalization table that we believe is reasonable and attractive for securing additional capital,” said Robert A. Rositano, Jr., CEO, Friendable, Inc.

“To re-cap what this means for the Company and our shareholders, it is important to revisit what has been achieved as we believe our path to growth in 2020 is wide open. The debt restructure agreement eliminates approximately $8.1 million of the Company’s debt/liabilities, including a reduction of approximately $7.1 million by the debt holders and approximately $1 million coming from the Company’s management and vendor debt write downs,” concluded Rositano, Jr.

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