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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
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