Auto Parts 4 Less Group Inc. Announces Significant Debt Standstill Agreements

Rhea-AI Summary

Auto Parts 4 Less Group Inc. (FLES) announces securing significant debt standstill agreements with key note holders, converting $15 million of convertible debt into preferred share structures, common stock, or standstill agreements. The agreements, effective until the end of 2024, involve major note holders like AJB Capital Investments , Bigger Capital Fund LP, District 2 Capital Fund LP, Cove Fund LP, and Cavalry Fund LP, totaling $5 million in principle debt agreements. CEO Christopher Davenport expresses pride in these strategic developments, aiming to attract an anchor investor and drive value for shareholders and customers.

Positive

• Auto Parts 4 Less Group Inc. successfully secures debt standstill agreements totaling $15 million.
• The agreements involve converting convertible debt into preferred share structures, common stock, or standstill agreements.
• Key note holders such as AJB Capital Investments , Bigger Capital Fund LP, District 2 Capital Fund LP, Cove Fund LP, and Cavalry Fund LP are part of the agreements, totaling $5 million in principle debt.
• The standstill agreements are effective until the end of 2024, providing financial stability for the company.
• CEO Christopher Davenport highlights the importance of these agreements in attracting an anchor investor and creating value for shareholders and customers.

Negative

• None.

LAS VEGAS, April 08, 2024 (GLOBE NEWSWIRE) -- Auto Parts 4 Less Group Inc. (OTC: FLES) ("AutoParts4Less," "the Company"), a technology-driven e-commerce leader in the automotive parts sector, announces significant debt standstill agreements.

AutoParts4Less is excited to announce a pivotal advancement in its financial strategy, having secured comprehensive standstill agreements with key note holders. This strategic financial restructuring initiative has effectively secured the lock-up of all convertible debt, totaling approximately $15 million, into preferred share structures, common stock with a two-year lock-up, or standstill agreements.

Standstill Agreements:

The standstill agreements, effective until the end of 2024, encompass major note holders including:

AJB Capital Investments LLC, Bigger Capital Fund LP, District 2 Capital Fund LP, Cove Fund LP, and Cavalry Fund LP for a total of roughly $5M in principle debt agreements.

Christopher Davenport, CEO of Auto Parts 4 Less Group Inc., stated, "We are proud to announce the successful negotiation of standstill agreements. These critical developments mark a significant step in our strategic journey, positioning Auto Parts 4 Less Group Inc. to attract an anchor investor, further driving value for our shareholders and our customers. We are committed to leveraging these milestones to drive value for our shareholders and our customers."

About Auto Parts 4 Less Group Inc.:

Auto Parts 4 Less Group Inc. (OTC: FLES) is a leading online marketplace for automotive parts, operating AutoParts4Less.com and LiftKits4Less.com. The Company is dedicated to providing a diverse range of high-quality automotive parts and accessories to customers in the jeep, truck, and off-road enthusiast market. With a focus on growth and innovation, Auto Parts 4 Less Group Inc. aims to be a top destination for automotive parts and accessories.

Forward-Looking Statements:

This press release may contain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Industry data provided herein is of no predictive value regarding the future sale of the Company’s products. No information in this press release should be construed as any indication whatsoever of the Company’s future financial results, revenues, or stock price.

Contact:
Christopher Davenport, CEO
Auto Parts 4 Less Group Inc.
Email: info@ap4less.com

FAQ

What type of agreements did Auto Parts 4 Less Group Inc. (FLES) secure with key note holders?

Auto Parts 4 Less Group Inc. secured debt standstill agreements with key note holders, converting $15 million of convertible debt into preferred share structures, common stock, or standstill agreements.

Which major note holders are part of the standstill agreements with FLES?

Key note holders such as AJB Capital Investments , Bigger Capital Fund LP, District 2 Capital Fund LP, Cove Fund LP, and Cavalry Fund LP are part of the standstill agreements with FLES, totaling $5 million in principle debt.

Until when are the standstill agreements effective for FLES?

The standstill agreements with FLES are effective until the end of 2024, providing financial stability for the company.

What is the total amount of convertible debt that FLES converted into preferred share structures, common stock, or standstill agreements?

FLES converted $15 million of convertible debt into preferred share structures, common stock, or standstill agreements.

What is the CEO of Auto Parts 4 Less Group Inc., Christopher Davenport, aiming to achieve through these agreements?

Christopher Davenport aims to attract an anchor investor and drive value for shareholders and customers through the standstill agreements.