FLES - Auto Parts 4 Less Group Inc. Announces Major Debt Restructuring and Continuation of Growth Strategy | Benzinga
RENO, Nev., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Auto Parts 4 Less Group Inc. (OTC:FLES) (the "Company," "AutoParts4Less," "FLES"), the operator of the specialized automotive parts marketplace AutoParts4Less.com, today shared a notable investor update from the Company's CEO, who announced a significant restructuring of its debt obligations. The company has entered into agreements with Auctus Investment Group and Growth Ventures to convert a combined total of $7,439,599 of outstanding debt into a preferred share structure. This strategic move is expected to enhance the company's balance sheet and provide greater financial flexibility.
Christopher Davenport, CEO of Auto Parts 4 Less Group Inc., stated: "We are thrilled to announce this significant milestone in our ongoing efforts to strengthen our financial position. By converting over $7 million of debt into preferred shares, we are not only reducing our liabilities but also minimizing dilution for our existing shareholders. This restructuring, along with our continued collaboration with current lenders to convert debt, underscores our commitment to creating value for our stakeholders and ensuring the long-term success of our company."
The preferred shares are convertible into shares of Company common stock, including on a mandatory ...