One company that has engineered a lot of impressive moves this year is DPW Holdings (NYSE:DPW), and it made another major announcement today that made DPW stock one of the early winners today.
In an announcement on Wednesday morning, DPW Holdings Inc announced that it had managed to eliminate as much as $2 million worth of debts from its books by converting it to equity.
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It needs to be reiterated that the company has worked impressively towards its debt burden this year. The total amount that has either been eliminated or restructured now stands at the excess of $14.8 million. It goes without saying that this is a significant development for DPW and one that is going to free it up considerably to pursue the expansion of its business.
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The Chief Executive Officer and Chairman of the company, Milton Ault, said as much in the press release. He said, “The elimination of this debt is a milestone for the Company as we continue to improve our capital structure to one with a long-term timeline that supports our corporate initiatives and goals.
After the news broke, DPW stock started surging as investors piled on to the stock and it shot up by as much as 38% in early trading.
Earlier on in August, DPW had made a hugely important announcement when it stated that the Fintech portal Monthlyinterest.com was going to be relaunched by one of its subsidiaries. The website used to be quite popular among many users since it allows investors to gain interest on their investment on a monthly basis.
Users can invest from across a wide variety of sectors, starting from real estate and commercial lending to blockchain and hospitality. The news led to a lot of positivity about DPW stock and resulted in a 300% rise in the stock right after it was announced.
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