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DPW Holdings, Inc. announced the conversion of $600,000 of a $1,000,000 convertible promissory note into 413,793 shares of common stock, approved by stockholders at a special meeting on July 8, 2020. The conversion was executed at a share price of $1.45. CEO Milton C. Ault, III stated this reflects Ault & Company's belief in DPW's progress and asset strength. Ault & Company intends to remain the largest shareholder of DPW, reinforcing its commitment to the company’s growth and shareholder value.
DPW Holdings, Inc. (NYSE American: DPW) announces that its power electronics business, Coolisys Technologies Corp., will host a webinar on August 4, 2020, at 2:00 p.m. PT to discuss its new electric vehicle (EV) charger product line. This innovative charging solution aims to fully charge an EV with a 150-mile range in just over 30 minutes. The EV charging market is projected to grow from $2.5 billion in 2020 to $27.7 billion by 2027, at a CAGR of 34.7%. Registration for the webinar is required, and inquiries about the new products can be directed to Coolisys.
On July 28, 2020, DPW Holdings announced a $2.0 million purchase order for its global defense unit, Gresham Worldwide, from a major defense client through its subsidiary Enertec Systems 2001, Ltd. This order is part of a series of contracts, following a $2.9 million and a $1.4 million order earlier in the year, aimed at developing innovative automated testing systems for military applications. Enertec's management anticipates that these orders will contribute to approximately $10 million in annual revenues from this client. Gresham's CEO expressed confidence in the ongoing demand for their technology.
On July 24, 2020, DPW Holdings announced that its subsidiary, Coolisys Technologies, will host a webinar on August 4, 2020, at 2:00 p.m. PT, to discuss its new electric vehicle (EV) charging solutions. The innovative chargers can fully charge an EV with a 150-mile range battery in just over 30 minutes. The EV charging station market is projected to grow from $2.5 billion to $27.7 billion by 2027, reflecting a CAGR of 34.7%. The webinar will feature presentations from key executives, including Amos Kohn and Milton Ault.
DPW Holdings, Inc. (NYSE: DPW) has announced that its subsidiary, Coolisys Technologies Corp., is launching a new line of electric vehicle (EV) chargers. This innovative product is designed to fully charge an EV with a 150-mile range in just over 30 minutes. The EV charging market is projected to grow significantly, reaching $27.7 billion by 2027. Coolisys offers a variety of charging solutions, including level 1 and level 3 chargers, catering to both residential and commercial needs. The company aims to expand its automotive product offerings to meet the increasing demand for EV infrastructure.
DPW Holdings, Inc. announced a definitive settlement on February 19, 2020, involving a derivative action against its directors. The Central District of California approved the settlement on July 16, 2020, which includes reforms to corporate governance and the appointment of new independent directors. The settlement entails a $600,000 payment for attorneys' fees covered by the Company's liability insurance. The Company maintains no wrongdoing was committed. The reforms will be upheld for five years post-judgment, enhancing governance and focusing on business growth.
DPW Holdings, Inc. (NYSE American: DPW) held its 2020 Special Meeting of Stockholders on July 8, 2020. During the meeting, stockholders approved four key proposals. CEO Milton C. Ault, III, highlighted the vote as a critical opportunity for the company to stabilize and improve following a challenging period filled with costly debt. DPW aims to capitalize on growth in its global defense business and enhance its overall results.
DPW Holdings, Inc. (NYSE American: DPW) announced that its subsidiary, Digital Power Lending, LLC (DPL), will launch loan services on its fintech platform, DigitalPowerLending.com, by Q3 2020. DPL aims to provide loans ranging from $25,000 to $20 million to small businesses through partnerships with various financial institutions. CEO Darren Magot emphasized that the new brokerage services will expand the client base while minimizing loan exposure. The initiative is expected to play a significant role in the company's future growth strategy.
DPW Holdings (NYSE: DPW) announced the issuance of unsecured promissory notes totaling $800,000 to institutional investors on June 26, 2020, with a 12% interest rate. The principal, along with accrued interest, is due by September 26, 2020. As part of this issuance, DPW granted warrants for 361,991 shares of common stock at an exercise price of $2.43, subject to NYSE American approval. CEO Milton Ault stated that the capital raised will support recent orders and aim to enhance revenue and profitability.
DPW Holdings, Inc. (DPW) has announced the resumption of construction on the Tribeca Hotel in New York City, following New York's Governor Cuomo lifting COVID-19 restrictions on construction. As a limited partner in the NY Partnership, DPW has invested $1.87 million into the project, which is set to open in June 2022. The eight-story luxury hotel will feature 96 rooms and has secured a $145 million construction loan. This development represents a significant milestone for DPW as it aims to enhance its portfolio in the hospitality sector.
