SING - SinglePoint offloads convertible secured notes improves balance sheet

SinglePoint (SING) +1.6% PM, paid off the remaining balance of a convertible secured note agreement with GS Capital Partners; entered into the agreement with GS in March 2020.The payoff of the remaining balance eliminates future conversions under the note and removed additional derivative debt from the company's balance sheet.With debt offloading the company is now open to accretive growth capital enabling SinglePoint to facilitate and close additional acquisitions in the solar and renewable energy sector.Solar energy market is experiencing exponential growing demand and is expected to reach $223B by 2026; for this growth there is expected to be significant government support with investing heavily in renewable energy through direct investments, subsidies as well as tax credits.

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SinglePoint offloads convertible secured notes, improves balance sheet