Galaxy Next Generation Provides Clarity on Outstanding Convertible Notes
- Shares outstanding increased to 1,748,173,180
- Stock decline due to note holder liquidating shares
TOCCOA, GA / ACCESSWIRE / September 14, 2023 / Galaxy Next Generation, Inc. (OTC PINK:GAXY) ("Galaxy" or the "Company), a provider of interactive learning technology solutions and school communication platforms, today announced that the recent decline in the stock and increase in daily volume was due to a note holder converting and liquidating through the market. As a result, Galaxy's shares outstanding total 1,748,173,180 as of September 12, 2023.
Gary LeCroy, Galaxy's Chief Executive Officer, commented, "Our other Note holders have accepted weekly cash payments, which we have been able to make from our cash from operations. Unfortunately, our smallest Note holder did not accept our cash payback offer and elected to convert into the market. While we tried to avoid this dilution, the Note holder would not work with us. At this time, we have no convertible notes converting into the market."
About Galaxy Next Generation, Inc.
Galaxy Next Generation (OTCQB: GAXY) is a provider of interactive learning technology solutions that allows the presenter and participant to engage in a fully collaborative instructional environment. Galaxy's products include Galaxy's own private-label interactive touch screen panel as well as numerous other national and international branded peripheral and communication devices. Galaxy's distribution channel consists of 22+ resellers across the U.S. who primarily sell the Company's products within the commercial and educational market. Galaxy does not control where resellers focus their resell efforts, although generally, the K-12 education market is the largest customer base for Galaxy products - comprising nearly
For additional information, please visit our website at: www.galaxynext.us
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE: Galaxy Next Generation, Inc.
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