HWNI Enters into an Agreement to Raise up to $10 Million
High Wire Networks (OTCQB: HWNI) has completed a $6 million Private Investment in Public Equity (PIPE) as part of a total offering of up to $10 million, expected to close in early December. The capital raise aims to provide working capital for growth in managed services, eliminate over $4.5 million in debt, and reduce monthly debt obligations by over $300,000. The funds will also support the company's Managed Cyber Security Services business and position it for a future national exchange listing.
- Completion of $6 million PIPE capital raise, part of a total up to $10 million.
- Elimination of over $4.5 million debt, reducing shares conversion risk.
- Monthly debt obligations decreased by over $300,000.
- Increased working capital to support Managed Cyber Security Services growth.
- Positioning for potential future listing on a national exchange.
- None.
BATAVIA, Ill., Nov. 22, 2022 (GLOBE NEWSWIRE) -- High Wire Networks Inc. (the “Company” or "High Wire") (OTCQB: HWNI), announced today it has entered into a common stock purchase agreement via a PIPE capital raise at 0.075 cents per share.
The capital raise will accomplish the following strategic goals:
- Provides the working capital structure for the company to invest in the success of existing partners and clients to continue to fuel the growth of the Company with an emphasis on Managed Services
- Eliminates over
$4.5 million of debt immediately eliminating potential conversion of over 75 million shares - Eliminates over 5.4 million warrants
- Provides significant working capital to fuel the growth of the Managed Cyber Security Services business
- Prepares the Company’s Capital Table for a future listing on a national exchange
- Eliminates over
$300,000 per month in debt obligations
“We have partnered with investors who believe in the Company’s strategy and are investing for the long term. This capital raise largely completes the Company’s turn around and repair phase and sets the stage for even greater growth beyond what we’ve seen thus far, and sustainable cash flow as we do it. As I said very early on, we are going to go faster. We’ve gained momentum along the way, but now it’s time to really show what we can do as we move on to the next phase of this journey,” said High Wire CEO Mark Porter.
About High Wire Networks
For 22 years, High Wire Networks Inc.(OTCQB: HWNI) has been a trusted partner to VARs, MSPs, distributors, integrators, manufacturers and telecom providers by enabling them to minimize overhead while extending delivery capabilities around the world. Our flexible workforce delivers vendor-agnostic technical field, professional and security services in more than 180 countries. Our services include design, installation, configuration and support for unified communications, wired and wireless networks, cabling and infrastructure, and electrical systems. Our Overwatch Managed Security Marketplace enables our partners to deliver comprehensive cybersecurity that's easy to sell and easy to buy for an affordable subscription. We also offer a variety of on-demand, rapid-response solutions with service levels ranging from two hours to the next business day for onsite break-fix and remote technical support. With High Wire Networks, partners Get Work Done. Learn more at www.highwirenetworks.com.
Forward-Looking Statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
Investor Relations
www.highwirenetworks.com/investors
investors@highwirenetworks.com
Media Relations
Susanna Song
Vice President of Communications
susanna.song@highwirenetworks.com
FAQ
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