Quisitive Completes Debenture Conversion and Issues Shares for Earn-Out Milestones
Toronto, ON -- July 2, 2020 -- NewsGenie -- Quisitive Technology Solutions, Inc. (TSXV:QUIS) announced the conversion of the remaining US$4.7 million in principal amount on its convertible debentures into 32,025,800 common shares, effective July 2, 2020. These debentures were initially issued as partial consideration for the acquisition of Menlo Technologies, Inc. on January 2, 2020.
The company also announced it has issued 9,861,441 common shares to former shareholders of Quisitive, LLC, a subsidiary, related to earn-out milestones under the Fusion Agreement. Additionally, Corporate Renaissance Group Inc. (CRG), a wholly-owned subsidiary, achieved certain financial thresholds, resulting in the issuance of 5,158,731 common shares to the former vendors of CRG.
Furthermore, Quisitive has issued 1,000,000 shares of LedgerPay, Inc., a subsidiary, to key employees, subject to vesting over the next two years. These shares are convertible into Quisitive common shares at a ratio of 1:2.124 per share.
Quisitive believes the debenture conversion will enhance balance sheet flexibility and reduce annual debt servicing costs. Approximately 93% of the common shares issued are held by insiders and key employees, with about 80% subject to a lock-up period expiring in October 2020.
Early warning disclosures were made by Michael Reinhart and William Chang regarding their holdings in the company following these transactions. Detailed information about these disclosures is available on SEDAR.
About Quisitive:
Quisitive is a Microsoft solutions provider focused on helping enterprise organizations with cloud migration, operation, and innovation using Microsoft Azure, Microsoft Dynamics, and Microsoft 365. The company also offers SaaS solutions like CRG emPerform™ and Quisitive LedgerPay. Quisitive has offices in various locations, including Austin, Dallas, Denver, Minneapolis, Silicon Valley, Washington, D.C., Ottawa, Toronto, and Hyderabad, India. For more information, visit www.Quisitive.com.