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American Virtual Cloud Technologies (AVCT) has announced a definitive agreement for a registered direct offering of 5 million shares at $2.00 each and warrants for an additional 10 million shares. The offering is expected to generate gross proceeds of approximately $10 million to support working capital and corporate purposes. The warrants have an exercise price of $1.80 per share, are exercisable after 45 days, and valid for two years. The offering and private placement close on or about October 20, 2022, subject to customary conditions.
American Virtual Cloud Technologies (Nasdaq: AVCT) will implement a 1-for-15 reverse stock split effective September 30, 2022. The common stock will begin trading on a split-adjusted basis on October 3, 2022. This decision follows approval from stockholders during the annual meeting on May 24, 2022. The reverse split aims to enhance the marketability of shares without altering shareholders' percentage interests, except in cases of fractional shares, which will be compensated in cash. The split does not affect the par value or authorized share count.
American Virtual Cloud Technologies, Inc. (Nasdaq: AVCT) announced significant changes to its management team and board of directors on August 25, 2022. Kevin Keough has been appointed as CEO, succeeding Darrell Mays, who remains as Executive Vice Chairman. Tom King transitions to Chief of Staff, while Adrian Foltz becomes the new CFO. The company is exploring strategic alternatives, including a potential sale of the business or assets, with Northland Capital Markets retained for advisory support. These changes aim to optimize company value amidst shifting market conditions.
American Virtual Cloud Technologies (Nasdaq: AVCT) has announced key changes in its management team as of May 3, 2022. The company appointed Jay Patel as Chief Product Officer and Chris Koeneman as Chief Revenue Officer, both reporting directly to CEO Darrell J. Mays. Kevin Keough transitions to Chief Transformation Officer. These appointments aim to enhance the cloud communications strategy for Kandy. The recent sale of the Computex business unit allows AVCT to focus solely on cloud communications, positioning the company for increased shareholder value.
American Virtual Cloud Technologies, Inc. (Nasdaq: AVCT) has announced a securities purchase agreement for a new series of senior secured convertible notes totaling $10 million. The notes, which will be secured by the company's assets, will not accrue interest if no Event of Default occurs. Monthly redemptions of $800,000 will begin on August 1, 2022, and the maturity date is set for October 1, 2023. The proceeds will be used to strengthen the company's balance sheet and support its strategic shift towards a “pure-play” converged communications model.
American Virtual Cloud Technologies' Kandy Communications showcases innovative secure cloud communication solutions at the Enterprise Connect 2022 Conference in Orlando, FL, from March 21-24, 2022. Highlighting offerings like UCaaS, DRaaS, and CPaaS, Kandy aims to enhance customer engagement and boost productivity for enterprises. Featured technologies include AT&T’s IP Toll-Free Click-to-Connect and Etisalat’s CloudTalk. Kandy reaffirms its commitment to digital transformation in communication, emphasizing the integration of solutions to meet the evolving needs of enterprises worldwide.
American Virtual Cloud Technologies (Nasdaq: AVCT) announced its Kandy Communications unit has joined the CAMARA project, an initiative by the GSMA and Linux Foundation. This partnership aims to enhance API interoperability across diverse operator and cloud architectures, facilitating global communication services. Kandy provides a range of cloud communications services, including CPaaS and UCaaS. The collaboration will foster standardized APIs, encouraging innovation and new revenue streams within the telecommunications sector.
American Virtual Cloud Technologies (AVCT) has closed the sale of its Computex Technology Group to Calian Group Ltd, completing its transition to a pure-play cloud communications firm centered on its Kandy platform. This strategic move leaves AVCT debt-free and positions it to capitalize on market opportunities in cloud communications with a robust service offering including UCaaS and SD-WAN. AVCT has reported above-market revenue growth rates, emphasizing its strong potential for market share expansion.
American Virtual Cloud Technologies (AVCT) announced that its Kandy Communications unit has launched IPTF Click-to-Connect, enhancing customer engagement for AT&T IPTF users. This innovation allows businesses to integrate chat, video, and file sharing into toll-free calls, improving customer service without software downloads. The Click-to-Connect service enables seamless connections via SMS, chat, and QR codes, optimizing call handling and user experiences. This move is part of a broader shift towards omnichannel customer interactions, aligning with evolving consumer preferences.
American Virtual Cloud Technologies (Nasdaq: AVCT) has entered a securities purchase agreement with an institutional investor to sell equity securities, yielding net proceeds of $15 million initially, plus an additional $5 million contingent on stockholder approval. The funds are intended to eliminate existing debt. Furthermore, the company plans to divest its Computex business to concentrate on its Kandy cloud communications platform, supporting future growth. This strategic shift is part of the company's transition to a pure-play cloud communications provider.
