The conversion fortifies the balance sheet, while improving the capital structure by eliminating a significant portion of its debt obligations
BEAUMONT, TX / ACCESSWIRE / May 3, 2024 / MultiSensor AI Holdings, Inc. (NASDAQ:MSAI), a pioneer in AI-powered industrial predictive maintenance and process control solutions, today announced the conversion of $6,555,000 of its convertible notes to equity. Following the transaction, $250,000 of the $6,805,000 of notes originally issued in connection with the Company's business combination on December 19, 2023, remain outstanding.
David Gow, MultiSensor AI's chairman, commented, "We are very pleased to have completed the conversion of the notes to equity, and view it as a significant strategic action as we embark on our growth efforts. The conversions immediately strengthen our balance sheet, eliminating both near-term cash expenses in addition to other long-term obligations. Additionally, these transactions serve as a momentous strategic achievement, as we can now allocate more resources and time to the expansion of the business. Further, we believe that the conversions reflect investor optimism in the trajectory of the business and our prospects for sustainable growth."
The Company filed current reports on Form 8-K on April 1, 2024, April 5, 2024, and April 30, 2024, which fully detailed the conversion agreements.
As of May 3, 2024, the Company has 13,702,265 shares of common stock outstanding.
About MultiSensor AI
MultiSensor AI provides turnkey predictive maintenance and process control solutions, which combine cutting edge imaging and sensing technologies with AI-powered enterprise software. Powered by AWS, MSAI's software leverages a continuous stream of data from thermal imaging, visible imaging, acoustic imaging, vibration sensing, and laser sensing devices to provide comprehensive, real-time condition monitoring for a customer's critical assets, processes, and manufactured outputs. This full-stack solution measures heat, vision, vibration, and gas in the surrounding environment, helping companies gain predictive insights to efficiently and proactively manage their asset reliability and manufacturing processes. MSAI's cloud and edge solutions are deployed by organizations to protect critical assets across a wide range of industries including distribution & logistics, manufacturing, utilities, and oil & gas.
For more information, please visit https://www.multisensorai.com
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "plan," or their negatives or variations of these words, or similar expressions. All statements contained in this press release that do not strictly relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company management's expectations regarding its financial outlook, strategic priorities and objectives, future plans, business prospects and financial performance, ability to demonstrate stockholders equity in excess of $2.5 million as of March 31, 2024 and satisfy the conditions for continued listing set forth in the Panel Decision. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including the "Risk Factors" section of the Company's Annual Report on Form 10-K filed with the SEC on March 29, 2024, and the Company's other periodic filings with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, the Company expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Media Contact:
MultiSensor AI
Andrew Klobucar
Director of Marketing
[email protected]
Investor Contact:
Alpha IR Group
Mike Cummings or Griffin Morris
[email protected]
SOURCE: MultiSensor AI Holdings, Inc.