SMC Announces Retirement of $442,875 of Debt
SMC Entertainment announced the retirement of $442,875 in debt through the conversion of consulting fees and management earnings into equity. This includes $360,875 from two previous consultants and $82,000 held by current insiders, which was converted to 60,740,740 common shares at $0.00135 per share. The shares are restricted under SEC Rule 144 and will vest in two years. CEO Erik Blum emphasized the strategic move to enhance the company's balance sheet and increase equity commitment, highlighting recent asset acquisition announcements. The debt retirement will be reflected in the Q2 2024 financials.
- Retirement of $442,875 in debt improves the company's balance sheet.
- Conversion of $82,000 in fees to equity shows management's commitment.
- Issuance of 60,740,740 shares at $0.00135 per share is above market price, reducing immediate dilution impact.
- Debt retirement will be reflected in Q2 2024 financial statements, likely showing improved financial health.
- Recent announcement to purchase assets of ChainTrade suggests future growth prospects.
- The issuance of 60,740,740 shares could lead to future shareholder dilution.
- Current share price is extremely low at $0.00135, indicating potential undervaluation or market concerns.
- Debt conversion to equity may not immediately increase shareholder value if stock price does not improve.
- Restricted shares will vest in two years, delaying any immediate benefit to shareholder value.
BOCA RATON, FL / ACCESSWIRE / June 14, 2024 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), a versatile incubator company focused on acquisition and support of proven commercialized financial services and technology (Fintech) companies, is pleased to announce the retirement of
The Debt is comprised of
"The debt retirement and conversion of accrued consulting fees of
About SMC: www.smceinc.com
SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (Fintech) companies. SMC's multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity.
About Chaintrade: www.chaintrade.ai
Chaintrade LTD is a UK Registered Entity and is affiliated with Red Matter Capital LTD a registered financial service company, with its subsidiary licensed under a securities trading license granted by the Montenegro Capital Market Authority (CMA) Authorized by the law on capital markets by the government of Montenegro.
Press Release Contact:
Erik Blum,
Chief Executive Officer
SMC Entertainment, Inc.
360-820-5973
Safe Harbor Statement
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third-party. Therefore, in no case whatsoever will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.
SOURCE: SMC Entertainment, Inc.
View the original press release on accesswire.com
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