Auto Parts 4Less Group (FLES) has released an update.
Auto Parts 4Less Group, Inc. struck deals to restructure its debt by issuing Series C Convertible Preferred Stock in exchange for cancelling millions in indebtedness to Auctus Fund, LLC and Growth Ventures. This financial maneuver is set to alleviate the company’s debt load and comes with conditions regarding ownership limits and warrants that maintain investors’ pecuniary rights. The restructuring also involves amendments to the Series C Preferred Stock terms, highlighting conversion restrictions, automatic conversion in case of an uplisting to major stock exchanges, and no entitlement to dividends. This strategic move is part of the company’s broader efforts to strengthen its financial position, as detailed in their filings and press releases.
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