P10 Industries, Inc. announces Plan Effective Date and closing of all items in its prepackaged plan of reorganization under Chapter 11
The key features of the plan include:
- 210/
P10 Investment LLC paid$4.65 million for approximately 21.65 million shares of the company’s common stock $10 million dollar acquisition line of credit with 210/P10 Investment LLC agreed to and in place- Satisfied all liabilities with
Langley Holdings associated with the APA including their assumption of the Braker facility lease - Shareholders of record on
May 4, 2017 will receive one share of new common stock inP10 Industries in exchange for each share of stock owned, reflecting a new charter amendment restricting certain transfers to protect the Company’s net operating losses - Board members include
Robert Alpert (Chairman),C. Clark Webb ,Daryl Dulaney ,Mark C. Hood andMark A. Ascolese , withStephen Clearman remaining as an observer - CEO agreement to a reduced salary and release from prior employment agreement in exchange for options to purchase 1.6 million shares of common stock
- PIOIQ will trade under the symbol PIOE
- The company’s headquarters has moved to:
8214 Westchester Suite 950 Dallas, Texas 75225 |
“Today we turn the page on a new era for
“We are excited about our investment in P10,” said
Certain statements in this press release are forward-looking and are based upon the company’s current belief as to the outcome and timing of future events. All statements, other than statements of historical facts, that address activities that the company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future are forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include, but are not limited to, the ability to implement the company’s business plan and known trends and uncertainties, as described in the company's Annual Report on Form 10-K for the year ended
About
P10 Press and Investor Contact:Jay Powers CFO and Vice President, Finance (214)-999-0149 jpowers@p10industries.com