RED BANK, NJ / ACCESSWIRE / March 14, 2024 / Propellus Inc., an Oklahoma corporation, (OTC PINK:PRPS), an alternative finance company that specializes in assisting small businesses with their cash flow needs, announced today that Shareholders of its Series A Convertible Preferred had opted to convert 3,568.4 or 97.4% of the issued shares at $1.80 per share resulting in the issuance of 2,271,779 new common share, and, Shareholders of its Series B Convertible Preferred had opted to convert 3,288.7 or 90.5% of the issued shares at $1.80 per share resulting in the issuance of 1,827,121 new common shares. Additionally, it had canceled 5.5 million of its common shares owned by founding principals and exchanged them for newly created Series C Convertible Preferred Shares. The Series C Shares contain similar provisions as the Company's common shares, with the exception that the Series C shares will not be entitled to receive any dividends declared by its Board of Directors.
"We are extremely pleased that the vast majority of our preferred shareholders exhibited confidence in our plan and converted their preferred shares into common shares," stated Ralph Johnson, CEO. "To further demonstrate our commitment to the growth of the Company, management and one of our largest founding shareholders exchanged 5.5 million shares of common shares for a newly created Preferred that will not be entitled to receive dividends, thus reducing the common shares issued and outstanding from 14,486,016 to 8,986,016, or a 62% reduction."
About Propellus Inc.: Propellus Inc., is engaged in offering small businesses a variety of financing alternatives ranging in amounts between $20,000-$125,000. Such financings include: payroll advances directly and through third-party professional employer organizations, merchant cash advances, accounts receivable factoring, short-term line of credit loans, and other types of loan products and cash flow financing.
Contact:
Propellus Investor Relations
(212) 220-9755
info@propelluscorp.com
SOURCE: Propellus, Inc.
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