Digital Brands Group, Inc. announced on November 7, 2024, that it has paid off $1.3 million in outstanding convertible notes. This payment successfully retires all debt securities that were convertible into the company's common stock.
This action represents a significant step in cleaning up the company's balance sheet and removing the overhang associated with convertible debt. CEO Hil Davis stated that the company has now paid off over $3.5 million in debt during 2024.
The elimination of convertible notes is expected to improve the company's financial structure by reducing future interest expenses and removing the potential for dilution from debt conversion, allowing a greater focus on growth initiatives.
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