CISO Global converts $9 million debt to preferred shares

CISO Global Inc. (NASDAQ: CISO) completed a balance sheet restructuring in which two investors converted over $9 million of convertible debt into newly issued preferred shares, according to a company statement.

The investors involved in the restructuring include a current company director and an advisory board member. The conversion eliminates all long-term debt from CISO Global's balance sheet, leaving only a receivables line of credit with the company's banking partner.

The newly issued preferred shares carry a 10% coupon and hold seniority in the company's capital structure. No warrants were issued as part of the transaction.

"We are deeply appreciative of the ongoing support and confidence demonstrated by both Hensley and JC Associates," said CEO David Jemmett. "This non-dilutive restructuring significantly enhances our balance sheet and represents a strong vote of confidence in our strategic direction and future growth prospects."

CISO Global, based in Scottsdale, Arizona, provides AI-powered cybersecurity software and compliance services. The company has been focusing on software-based cybersecurity solutions and has reported traction within the insurance channel.

The restructuring simplifies the company's capital structure by removing convertible debt obligations while maintaining access to working capital through its banking relationship.

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