- Puradyn Filter Technologies (OTCPK:PFTI) announces that CEO Joseph Vittoria has converted debt and accrued interest of $6.1M into 20.3333M shares of Puradyn's restricted common stock at a conversion price of $0.30 per share.
- The company notes that the conversion price is roughly 10X Puradyn's recent closing price of $0.03 per share.
- The conversion of debt to equity will be recorded as a reduction in long term debt and an increase in paid-in-capital in Puradyn's 2016 financial statements.
- After the conversion, Vittoria will hold ~37.1% of Puradyn's outstanding shares.
- Source: Press Release
Puradyn details conversion of debt into equity
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