Correlate Energy Converts Nearly $8 Million of Debt into Preferred Equity, Strengthening Financial Position and Converting Most of Its Debt into Equity
Correlate Energy Corp. (OTC: CIPI) has successfully converted nearly $8 million of debt into preferred equity, significantly strengthening its financial position. The company, a leading provider of decarbonization solutions, finalized agreements on June 14, 2024, to convert over $7 million in outstanding notes payable and approximately $1 million in long-term accounts payable into equity.
This strategic move involves converting the debt into shares of the Company's Series A Convertible Preferred Stock and common stock. CEO Todd Michaels emphasized that this debt-to-equity conversion is a important step in enhancing Correlate Energy's financial strength and supporting its ambitious growth plans. The conversion is seen as a reflection of debtholders' confidence in the company's long-term prospects and commitment to its growth initiatives.
Correlate Energy Corp. (OTC: CIPI) ha convertito con successo quasi 8 milioni di dollari di debito in capitale di rischio, rafforzando significativamente la sua posizione finanziaria. L'azienda, un fornitore leader di soluzioni per la decarbonizzazione, ha finalizzato accordi il 14 giugno 2024 per convertire oltre 7 milioni di dollari in note da pagare e circa 1 milione di dollari in conti da pagare a lungo termine in equity.
Questa mossa strategica consiste nella conversione del debito in azioni della Serie A di azioni privilegiate convertibili e in azioni ordinarie della società. Il CEO Todd Michaels ha sottolineato che questa conversione da debito a capitale rappresenta un passo importante nel potenziare la solidità finanziaria di Correlate Energy e nel sostenere i suoi ambiziosi piani di crescita. La conversione è vista come un riflesso della fiducia dei creditori nelle prospettive a lungo termine della società e nel suo impegno verso le iniziative di crescita.
Correlate Energy Corp. (OTC: CIPI) ha convertido con éxito casi 8 millones de dólares de deuda en capital preferente, fortaleciendo significativamente su posición financiera. La empresa, un proveedor líder de soluciones de descarbonización, finalizó acuerdos el 14 de junio de 2024 para convertir más de 7 millones de dólares en notas por pagar y aproximadamente 1 millón de dólares en cuentas por pagar a largo plazo en acciones.
Esta medida estratégica implica convertir la deuda en acciones de la Serie A de acciones preferentes convertibles y acciones ordinarias de la compañía. El CEO Todd Michaels enfatizó que esta conversión de deuda en capital es un paso importante para mejorar la fortaleza financiera de Correlate Energy y apoyar sus ambiciosos planes de crecimiento. La conversión se considera un reflejo de la confianza de los acreedores en las perspectivas a largo plazo de la empresa y su compromiso con las iniciativas de crecimiento.
코렐레이트 에너지 주식회사 (OTC: CIPI)는 성공적으로 약 800만 달러의 부채를 우선주로 전환하여 재무 상태를 크게 강화했습니다. 탈탄소 솔루션의 주요 제공업체인 이 회사는 2024년 6월 14일에 700만 달러 이상의 외상채권 및 약 100만 달러의 장기계정채무를 지분으로 전환하기 위한 계약을 체결했습니다.
이 전략적 조치는 부채를 회사의 A 시리즈 전환 우선주 및 보통주의 주식으로 전환하는 것을 포함합니다. CEO인 토드 마이클스는 이 부채에서 자본으로의 전환이 코렐레이트 에너지의 재무 강도를 향상하고 야심찬 성장 계획을 지원하는 중요한 단계라고 강조했습니다. 이 전환은 회사의 장기적 전망과 성장 이니셔티브에 대한 약속에 대한 채권자들의 신뢰의 반영으로 여겨집니다.
Correlate Energy Corp. (OTC: CIPI) a converti avec succès près de 8 millions de dollars de dettes en actions privilégiées, renforçant ainsi considérablement sa position financière. L'entreprise, un fournisseur leader de solutions de décarbonisation, a finalisé des accords le 14 juin 2024 pour convertir plus de 7 millions de dollars de billets à ordre en circulation et environ 1 million de dollars de comptes à payer à long terme en capitaux propres.
Cette démarche stratégique consiste à convertir la dette en actions de la Série A d'actions privilégiées convertibles et en actions ordinaires de la société. Le PDG Todd Michaels a souligné que cette conversion de la dette en capital représente une étape importante pour renforcer la solidité financière de Correlate Energy et soutenir ses ambitions de croissance. La conversion est perçue comme un reflet de la confiance des créanciers dans les perspectives à long terme de l'entreprise et dans son engagement envers ses initiatives de croissance.
Correlate Energy Corp. (OTC: CIPI) hat erfolgreich nahezu 8 Millionen Dollar Schulden in Vorzugsaktien umgewandelt und damit seine finanzielle Position erheblich gestärkt. Das Unternehmen, ein führender Anbieter von Dekarbonisierungslösungen, schloss am 14. Juni 2024 Vereinbarungen ab, um über 7 Millionen Dollar ausstehende Schuldscheine und etwa 1 Million Dollar langfristige Verbindlichkeiten in Eigenkapital umzuwandeln.
Diese strategische Maßnahme beinhaltet die Umwandlung der Schulden in Aktien der Serie A konvertierbarer Vorzugsaktien und Stammaktien des Unternehmens. CEO Todd Michaels betonte, dass dieser Schritt von der Schulden- zu Eigenkapitalumwandlung ein wichtiger Schritt zur Stärkung der finanziellen Stabilität von Correlate Energy ist und seine ehrgeizigen Wachstumspläne unterstützt. Die Umwandlung wird als Ausdruck des Vertrauens der Gläubiger in die langfristigen Perspektiven des Unternehmens und sein Engagement für Wachstumsinitiativen angesehen.
- Conversion of nearly $8 million of debt into equity
- Strengthened balance sheet
- Improved financial position for growth and investment
- Demonstrated confidence from debtholders in company's prospects
- Potential dilution of existing shareholders due to new equity issuance
BOISE, Idaho, July 25, 2024 (GLOBE NEWSWIRE) -- Correlate Energy Corp. (OTC: CIPI), a leading provider of comprehensive decarbonization solutions, announced that on June 14, 2024, the Company finalized agreements with its debtholders to convert over
Under the terms of the debt conversion agreements, the debtholders converted their notes and accounts payable into shares of the Company Series A Convertible Preferred Stock and shares of the Company’s common stock. The Company believes that the debtholders’ conversion of approximately
“This debt-to-equity conversion is a crucial step in our strategy to enhance our financial strength and support our ambitious growth plans,” said Todd Michaels, CEO of Correlate Energy. “By reducing our debt, we are better positioned to invest in our innovative decarbonization projects and capitalize on the growing demand for industrial energy solutions.”
About Correlate Energy Corp.
Correlate Energy Corp. (OTCQB: CIPI) is strategically positioned to capitalize on America’s unstoppable trend toward decentralized energy generation. The company employs a three-pronged strategy to create stockholder value from this multi-trillion-dollar trend. First, Correlate seeks to finance, develop, and profitably sell localized clean energy solutions and microgrids to industrial, commercial, and residential customers. Secondly, Correlate plans to retain ownership of some of these energy systems, thereby realizing ongoing, reliable cash flow. Third, Correlate seeks to acquire proven renewable energy companies to grow earnings per share for investors exponentially. Correlate’s management and board consist of industry experts who, during their careers, have successfully financed, developed, and installed over two billion dollars of clean energy projects for their clients. To learn more, go to: https://www.correlate.energy/investors.
General inquiries:
Correlate Energy Corp.
www.correlate.energy
(855) 264-4060
info@correlateinc.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Company’s
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