Our Bond converts about $15 million of debt and preferred stock into equity
OBAI•Our Bond announced a restructuring to convert approximately $15 million of debt and preferred stock into equity, including up to $10 million of committed investment in common stock at $2.75 per share.
1. Restructuring terms
Eastward will convert approximately $7.9 million into newly structured Series G Preferred Stock, eliminating outstanding secured debt. The restructuring removes approximately $3.7 million in loan payments scheduled for 2027 and ends approximately $700,000 in annual cash preferred dividends.
2. Committed investment
Ascent committed up to $10 million for common stock at $2.75 per share, a 23% premium to the October 30 closing price. The transactions eliminate approximately 90% of the $15.3 million stockholders' deficit recorded on September 30, 2026.
