Shares of High Wire Networks (OTCMKTS:SGSI) closed with marginal gains on Friday after the recent fall.
Market Action
On Friday, SGSI stock rose 3.34% at $0.5100 with more than 374.67K shares, compared to its average volume of 523.01K shares. The stock has moved within a range of $0.4810 – 0.5230 after opening the trade at $0.4900.
Arranges $2.5 Million Financing to Facilitate SVC Closing
Global provider of technical, electrical and cybersecurity services, High Wire Networks (OTCMKTS:SGSI), on November 5, 2021 announced that the firm had completed agreements on the acquisition of Secure Voice Corp, a wholesale network services provider with facilities in Northeast and also carrying traffic across the United States.
The acquisition was made easy by issuing a $2.5 million secured convertible note to an institutional investor. Accruing an interest rate of 9.9% per annum, the note is convertible to its firm’s common stock at fixed conversion price of $0.50 per share. Income and revenue of SVC will service the firm’s amortization schedule and the note amortization will commence ten months from issuance in 18 monthly installments.
The note and shares are being given in private placement and aren’t registered under the Securities Act of 1933. They may be sold in the United States absent registration with the Securities and Exchange Commission.
High Wire Networks has been a trusted partner to distributors, MSPs, VARs, integrators, manufacturers as well as telecom providers by enabling them to lower overheads besides extending delivery capabilities around the world. The company’s workforce delivers vendor-agnostic technical field as well as security services in over 180 countries. High Wire Networks services include installation, design as well as support for communications, wired and wireless networks and electrical systems.
Traders Note
SGSI stock is trading above the 200-Day and 50-Day Moving averages of $0.32 and $0.43 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.32. The stock is up 7% over the past month.
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