AVAX One Restructures Debt, Retires $6.8M Convertible Debentures

AVAX One Technology Ltd. announced a significant restructuring of its convertible debt facility, retiring approximately $6.8 million in outstanding debentures. This involved fully repaying and canceling debentures held by two institutional investors. Additionally, the company amended an agreement with a third investor, increasing the principal amount of their debenture from $7.7 million to $8.47 million, while also making a partial repayment of $1.05 million and modifying covenants, including raising the minimum cash and Bitcoin requirement from $100,000 to $3.5 million. The company stated this action strengthens its balance sheet and reduces near-term liabilities.