High Wire (HWNI) cancels $10 million ELOC

High Wire Networks, Inc. (OTCQB: HWNI), a leader in managed services and technology solutions, announced the cancellation of its $10 million Equity Line of Credit (ELOC). The ELOC was part of a recent bridge financing package with a single investment fund.

Mark Porter, President and CEO of High Wire Networks, stated, “As we look at the needs of our business going forward and the timing of all contemplated events, we feel that the ELOC is not in the best interest of our shareholders, and we do not expect it would be necessary from now on. After a short discussion, it was deemed mutually beneficial to cancel the ELOC on good terms, as we are mindful of dilution. Though it was part of the package, we did not access the ELOC."

With the cancellation of the $10 million ELOC, High Wire Networks continues to focus on maintaining a strong balance sheet and a capital structure that supports its long-term growth objectives. The company believes this decision will better position it to execute its strategic initiatives without unnecessarily diluting shareholder value.

“Looking forward, we are excited about the opportunities for High Wire Networks to capitalize on the growing demand for managed services and advanced technology solutions,” said Porter. “Our team remains dedicated to enhancing operational efficiencies, expanding our service offerings, and fostering innovation as we continue to build value for our shareholders.”

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