ConnectM eliminates $13.7M in debt

ConnectM Technology Solutions has completed its second tranche of a debt-to-equity swap by converting an additional $6.2 million of the Company’s outstanding debt to common equity at $2.00 per share, bringing the current total to $13.7 million. This debt-to-equity swap is part of a series of actions to deleverage the balance sheet. With the total conversions the Company has: achieved 90% of $15 million target within 30 days of the Board approved plan; prioritized balance sheet optimization in immediate action following public listing; deleveraged its balance sheet, removing $13.7 million in debt; reduced annual interest expense by more than $2 million, thereby increasing Free Cash Flow to invest in operations to grow revenue and profitability; and improved its credit profile.