ConnectM Technology (CNTM) Eliminates $13.7M Debt

ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today announced the Company has completed its second tranche of a debt-to-equity swap by converting an additional $6.2 million of the Company’s outstanding debt to common equity at $2.00 per share, bringing the current total to $13.7 million. This debt-to-equity swap is part of a series of actions to deleverage the balance sheet.

With the total conversions the Company has:

• achieved 90% of $15 million target within 30 days of the Board approved plan;
• prioritized balance sheet optimization in immediate action following public listing;
• deleveraged its balance sheet, removing $13.7 million in debt;
• reduced annual interest expense by more than $2 million, thereby increasing Free Cash Flow to invest in operations to grow revenue and profitability; and
• improved its credit profile.

Today’s announcement follows the previously announced approval from the Company’s Board of Directors and follows the previously announced initial tranche of $7.5 million debt-to-equity conversion.

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