News of POWERBAND SOLUTIONS INC(TSX-V:PBX) stock

TORONTO, ON / ACCESSWIRE / July 15, 2022 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (FRA:IZVA) ("PowerBand" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, announces today the closing of the second tranche (the "Second Tranche") of its private placement financing (the "Financing"), previously announced on May 10, 2022. Pursuant to the Second Tranche, PowerBand issued 17,316,801 units (the "Units") at a subscription price of CAD $0.30 per unit for gross proceeds of CAD $5,195,040.30. Each Unit consists of one common share of the Company (each, a "Common Share") and one warrant (each, a "Warrant"), with each Warrant exercisable for one additional common share at an exercise price of CAD $0.40 for a period of 60 months following the date hereof.

2 years ago - ACCESSWIRE

PowerBand Solutions Inc. Announces the Closing of the Second Tranche of its Previously Announced Private Placement

2 years ago - PowerBand Solutions Inc.

PowerBand Announces Significant Reduction to Cost Structure, Integration Plan for Enterprise Customers and Licenses for Direct-to-Consumer

TORONTO, ON / ACCESSWIRE / June 29, 2022 / PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF)(FRA:1ZVA) ("PowerBand" "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, announces that the Company has already made significant progress in rationalizing its cost structure, thereby improving the long-term sustainability of the business model. PowerBand has reduced its recurring costs by CAD $2M per quarter ($8M annualized), which consists of $1.2M per quarter of expense reduction and $0.8M per quarter of capital cost avoidance. The Company has suspended spending for DrivrzLane as it conducts a comprehensive review of the business unit. PowerBand will incur an approximate charge of $0.5M for severance and other one-time costs with Q2/22 financial results. The reduction in cost structure will be partially offset by expansion of the sales team at DrivrzFinancial in the second half of 2022.

2 years ago - ACCESSWIRE

PowerBand Announces Significant Reduction to Cost Structure, Integration Plan for Enterprise Customers and Licenses for Direct-to-Consumer

2 years ago - PowerBand Solutions Inc.

PowerBand Solutions Inc. Announces:

TORONTO, ON / ACCESSWIRE / June 22, 2022 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB: PWWBF) ("PowerBand" "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, announces the closing of a first tranche (the "First Tranche") of its previously announced private placement financing (the "Financing"), announced on May 10, 2022. PowerBand today issued 62,037,560 units (the "Units") at a subscription price of CAD $0.30 per unit for gross proceeds of CAD $18,611,268 (approximately US $14,330,676). Each Unit consists of one common share of the Company and one warrant, each warrant exercisable for one additional common share at an exercise price of CAD $0.40 for a period of 60 months.

2 years ago - ACCESSWIRE

POWERBAND SOLUTIONS INC (PBX.CA)