Golden Grail Beverages Cancels Convertible Debt to Reduce Dilution
FORT LAUDERDALE, Fla., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Golden Grail Beverages (OTC: GOGY – hereinafter referred to as the "Company"), announced today that are working with Rockwell Capital to restructure its existing notes to reduce debt thereby reducing current and future dilution of the Company’s stock.
"Our strategic partnership with Rockwell enables us to opportunistically retire senior notes, a significant step in optimizing our capital structure. As we continue to prioritize debt reduction, we're demonstrating our unwavering commitment to enhancing shareholder value and long-term financial health," said Scott Lomu, Chief Executive Officer.
First, the Company paid off the $100,000 note from 9/9/22 $100,000 note with $20,602.74 interest that was due on 9/9/24. This note had the potential to convert into 11,823,725 shares. Rockwell will grant a forbearance on existing notes in default for 90 days.
Secondly, Rockwell will forgive the 5/9/22 $100,000 note with $23,972.60 that was due 5/9/24. This note had the potential to convert into 12,154,176 shares. Rockwell will enter into a 90-day interest forbearance while they work with the company on restructuring the existing debt.
Lomu continued, “We will continue to take out and restructure debt in a manner that is accretive to our shareholder value. We expect further debt reduction and improvements in our capital structure to remain a primary goal moving forward.”
About Golden Grail Beverages
Golden Grail Beverages is a rapidly expanding company dedicated to acquiring, innovating, and scaling a diverse portfolio of beverages. With a focus on sustainability and consumer engagement, Golden Grail is committed to providing high-quality, energizing, and refreshing drinks to its customers. For more information, visit https://goldengrailbeverages.com/
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Source: Golden Grail Beverages
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