Indo Global Exchanges Pte Ltd (OTC:IGEX) Stock Gains Momentum: Now What?

One of the companies that could be in sharp focus this morning owing to the events of last week is Indo Global Exchanges Pte Ltd. (OTC:IGEX). The company hit the newswires on May 2 after it announced that Indo Global Exchanges had reached an agreement to restructure its convertible following months of discussions and negotiations with its note holders. The company revealed that, as per the terms of the settlement, the conversion rate had been reduced to 0.0001 and the principal had also been reduced. The conversion period had also been extended until the end of this year.

In the news release, Indo Global Exchanges noted that the agreement was a major milestone since it eliminated its only pre-existing debt and put the company in a position for steady growth and greater market presence. However, that was not all. The company also announced that it had disclosed that a preferred shareholder, IIE, had picked up 300 million Indo Global Exchanges shares. The disclosure was made to the United States Securities and Exchange Commission through a Form 4 filing. The investment was also a demonstration of the commitment of IIE to the growth prospects of Indo Global Exchanges as a company.

The Chief Executive Officer of the company, Antonio Sainz Millan, spoke about the latest developments at the time. He noted that everyone at the company was pleased at the fact that the convertible note had been restructured and at the strategic investment that had been made by IIE. He stated that the developments underlined the fact that the management was dedicated to strengthening the financial situation at Indo Global Exchanges and unlocking value for the shareholders. The management of the company believes the elimination of debt by the end of the year and the steady addition of assets would lead to long-term sustainable growth and market expansion.