InnSuites Hospitality Trust issues 1,829,268 shares in USD 3 million debt-for-equity swap with affiliate Rare Earth Financial
IHT•Conversion terms and timing
The conversion price was set at USD 1.64 per share, based on the Aug. 18 NYSE American closing price.
The Debt Conversion Agreement was executed Aug. 19. Eligible obligations totaled USD 3 million with no accrued interest.
Debt-for-equity conversion with affiliate
InnSuites Hospitality Trust will issue 1,829,268 common shares in an unregistered debt-for-equity conversion.
The transaction converts USD 3 million owed on a revolving line of credit to affiliate Rare Earth Financial into equity.
