ECGI Holdings, Inc. Announces $2 Million Debt-to-Equity Conversion [Yahoo! Finance]
ECGI HOLDINGS INC (ECGI)
Company Research
Source: Yahoo! Finance
IRVINE, Calif. May 30, 2024 /PRNewswire/ -- ECGI Holdings, Inc. OTC: ECGI ) (ECGI or the Company), a diversified holding company, is pleased to announce a significant milestone in our ongoing efforts to enhance financial stability and maximize shareholder value. The creators of the 3(a)(10) have agreed to convert $2 million of debt into equity. This strategic move is targeted to take place in ECGI's fiscal fourth quarter. Strategic Debt Reduction The 3(a)(10) debt-to-equity conversion represents a pivotal step in our financial optimization strategy. By converting $2 million of debt into equity, we are not only reducing our liabilities but also strengthening our balance sheet. This conversion will alleviate a significant portion of our financial obligations, allowing us to redirect resources toward growth and innovation. Financial Improvements Highlights from the first two fiscal quarters of 2024: Over $1.5 million reduction in accounts payable and accrued liabilities. Ove
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