Southland Holdings, Inc. announced on December 27, 2024, the conversion of $20 million in promissory notes held by members of its management team into common stock. This transaction involved the issuance of 5,830,899 shares of common stock at a price of $3.43 per share.
The promissory notes were held by Frank Renda, President and CEO, Rudy Renda, Co-Chief Operating Officer and Executive Vice President, and Tim Winn, Co-Chief Operating Officer and Executive Vice President. This conversion reduces the company's outstanding debt.
Frank Renda stated that this conversion represents an important step in strengthening Southland's balance sheet. It also reinforces management's confidence in the long-term value potential of the company.
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