Intrusion (INTZ) just unveiled an announcement.
Intrusion Inc. has entered into an agreement with Streeterville Capital, LLC to exchange debt for equity, retiring a promissory note and issuing Series A Preferred Stock in lieu of outstanding debts. Additionally, with stockholder approval, Intrusion Inc. plans to execute a 1-for-20 reverse stock split to comply with Nasdaq’s minimum bid price requirement. The reverse stock split will proportionally consolidate shares without changing shareholder percentages, save for minor adjustments due to rounding of fractional shares. This strategic financial restructuring aims to strengthen the company’s stock market position and maintain its listing status.
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