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Towerstream -20.8% after exchanging stock for $5M in debt

Published 11/10/2016, 10:06 AM
Updated 11/10/2016, 10:06 AM
Towerstream -20.8% after exchanging stock for $5M in debt
  • Towerstream (NASDAQ:TWER) is off 20.8% after announcing a debt reduction accomplished through a preferred stock exchange.
  • The company cut $5M in long-term debt by exchanging it for Series D preferred stock.
  • The move reduces total long-term debt to $33.4M, while leaving the cash balance around $12M.
  • "This action enhances our shareholder’s equity and is a further step towards satisfaction of our NASDAQ continued listing requirements,” says CEO Philip Urso. “Debt reduction continues to be our priority as we execute our plan."

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