Crypto
AVAX One Retires $6.8M in Convertible Debentures Amid Restructuring Efforts
Avalanche (AVAX) subsidiary AVAX One Technology has completed a significant restructuring of its outstanding convertible debentures, retiring $6.8 million in principal.
The company repaid and retired two institutional investors' debentures in full, while reducing and amending the third investor's debenture by an unspecified amount.
As part of the restructuring, AVAX One Technology made repayment premiums and accrued interest payments, funded with cash on hand and a reduced escrow receivable.
The company also amended its debt covenants to raise the minimum cash and Bitcoin holding requirement to $3.5 million from $100,000.