Foothills Exploration Inc (OTCMKTS:FTXP) stock closed with mild fall on Friday, but it went up over 45% last week.
Major Trigger:
FOOTHILLS EXPLORATION, INC. ANNOUNCES ELIMINATION OF MORE THAN $1.6 MILLION OF OUTSTANDING VARIABLE-RATE CONVERTIBLE DEBT
Key Highlights:
- Foothills Exploration announced announce that the Company has reached settlement agreements with and/or repaid and retired convertible promissory notes with all but one of its variable-rate convertible noteholders.
- For the remainder of 2021, the Company’s intended strategy is to settle and eliminate its outstanding variable rate convertible debt to clean up its balance sheet and better position itself for future growth.
- To that end, the Company has reached settlement and mutual release agreements with and/or repaid and retired convertible promissory notes with all but one of its variable-rate convertible noteholders. Over the past 100 days, the Company has paid $1.6 million to retire 10 variable-rate convertible promissory notes.
Key Quote:
“This is a significant accomplishment, which positions the Company for tremendous future growth,” commended Kevin J. Sylla, Executive Chairman of Foothills. “Management is making good on its promise to take steps to avoid future shareholder dilution and taking strong action to reduce or completely eliminate toxic debt and future dilution risk for our shareholders. This colossal step prevents several billions of shares from coming onto the market,” continued Sylla.
Market Reaction:
On Friday, FTXP stock fell 8.33% to $0.0022 with more than 306.18 million shares, compared to its average volume of 245.41 million shares. The stock has moved within a range of $0.0020 – 0.0027 after opening the trade at $0.0027. Over the past 52-week, the stock has been trading within a range of $0.0002 – 0.0155.
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