Bridgeline Digital (BLIN) Announces Completion of $6M Debt-to-Equity Conversion
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Bridgeline Digital, Inc. (Nasdaq: BLIN) announced it has finalized the conversion of $3 million of Subordinated Convertible Notes and $3 million of Term Notes to common stock.
On April 29, 2016, the Stockholders of the Company approved several proposals aimed at retiring Subordinated Convertible Notes and Term Notes that the Company had issued. The Stockholders approved the issuance of 4,000,000 shares of the Company’s common stock upon conversion of outstanding Subordinated Convertible Notes and up to 4,700,000 shares upon conversion of Term Notes.
In May 2016, the holders of the $3 million Term Notes converted their outstanding principal and accrued interest to 4,338,822 shares of common stock. From June 24, 2016 to August 1, 2016, holders of Subordinated Convertible Notes converted outstanding principal for a total of 4,000,000 shares of common stock.
“We are extremely excited to announce that 100 percent of the convertible debt that has been on our balance sheet has converted into common stock at the election of the noteholders,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “Not only does this significantly improve our balance, and reduce the amount of interest we pay on a quarterly basis, but this also sends a strong message that our noteholders elected to become shareholders, and they believe in the future of Bridgeline Digital, and support our transition to a true SaaS business model with higher license revenue and recurring revenue. We look forward to continuing to execute our business plan and increase shareholder value.”
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