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BATAVIA, Ill. - High Wire Networks, Inc. (OTCQB: HWNI), a company specializing in managed services and technology solutions, has announced the cancellation of its $10 million Equity Line of Credit (ELOC). The ELOC, part of a bridge financing agreement with an investment fund, was discontinued as it was deemed unnecessary for the company’s future financial strategy and to avoid shareholder dilution. According to InvestingPro data, the company’s current ratio stands at 0.27, indicating potential liquidity challenges, while revenue has shown impressive growth of 97% over the last twelve months to $27.42 million.
Mark Porter, President and CEO of High Wire Networks, emphasized that the cancellation was a strategic move to maintain a robust balance sheet and support long-term growth without compromising shareholder value. Porter stated, "We feel that the ELOC is not in the best interest of our shareholders, and we do not expect it would be necessary from now on." InvestingPro analysis reveals several financial challenges, including negative EBITDA of -$8.19 million in the last twelve months. Subscribers can access 10+ additional ProTips about HWNI’s financial health and market performance.
The company is redirecting its focus toward leveraging the increasing demand for managed services and advanced technology solutions. High Wire Networks aims to continue enhancing operational efficiencies and expanding service offerings while fostering innovation to build shareholder value. Despite operational improvements, InvestingPro data indicates the company faces cash flow challenges, with negative free cash flow in recent quarters.
High Wire Networks, recognized for its managed cybersecurity services, operates through a network of over 200 channel partners, serving more than 1,100 managed security customers globally, including Fortune 500 companies and major government agencies. The company’s 24/7 Security Operations Center is headquartered in Chicago, Illinois. High Wire has received accolades for its services, being ranked by Frost & Sullivan as a Top 15 Managed Security Service Provider in the Americas for 2024 and named in CRN’s MSP 500 and Elite 150 lists for 2023 and 2024.
This announcement is based on a press release statement and contains forward-looking statements subject to risks, uncertainties, and business conditions.
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