RSTN - RDE Inc. Strengthens Balance Sheet with Acquisition Note Payable Conversion Into Common Stock
ATLANTA, GA, March 09, 2023 (GLOBE NEWSWIRE) -- RDE, Inc. (OTCQB: RSTN ) (the “Company”), the owner and operator of Restaurant.com, the nation’s largest restaurant-focused digital deals brand, is pleased to announce that its $1.5 million Acquisition Note plus $0.3 million accrued interest from its acquisition of Restaurant.com three years ago has been converted into equity at $3.19 per common share.
The $1.8 million conversion into equity improves the Company’s shareholder equity by $1.8 million and results in the Company having debt of only $0.8 million, $0.1 million GameIQ Acquisition Note and $0.7 million of Government Assistance Notes from Covid-19 Economic Injury/Disaster Loan Program, which is payable over 30 years.
Dr. Kenneth Chessick, MD, JD, a founder and former CEO of Restaurant.com says: “I continue to be excited about Restaurant.com, and look forward to its future success.”
Ketan Thakker, Chief Executive Officer of RDE, Inc., commented, “We are thrilled with this conversion, as it greatly enhances our balance sheet and puts us in better position to be able to uplist to a major national exchange. As of December 31, 2022, our balance sheet had a negative $3.0 million shareholder deficit, and now with this conversion we are approaching positive shareholder equity.”
About RDE , Inc.
RDE, Inc. (OTCQB: RSTN ) (Restaurant, Dining and Entertainment) is a pioneer in the restaurant deal space and the nation’s largest restaurant-focused digital deals brand. Founded in 1999, Restaurant.com, Specials by Restaurant.com and our Corporate Incentives division connect digital consumers, businesses and communities offering thousands of dining, retail and entertainment deal options nationwide at over 184,000 restaurants and retailers. Restaurant.com prides itself on offering the best deal, every meal. Our restaurant certificates and gift cards allow customers to save at thousands of restaurants across the country with just a few clicks.
For more information, visit: www.rdeholdings.com and https://www.restaurant.com .
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