HIGH PERFORMANCE (OTCMKTS:TBEV) was a massive decliner in Tuesday’s trading session. The stock plunged by close to 33% on the back of 1.5 times the average daily volumes considered to be a negative sign. The sharp sell-off meant that the stock plummeted below all important daily moving averages indicative of the fact that bear are in control. The relative strength index slid into the oversold zone but is showing no signs of a reversal at the current moment. The momentum indicators continue to point towards the strong selling momentum. Traders believe the stock could head to levels of $0.0003 in the coming trading sessions.
HIGH PERFORMANCE (OTCMKTS:TBEV) is delighted to announce that it has received an equity line funding commitment worth $5 million in additional financing. The funding comprises of $450,000 in the initial bridge capital as an unsecured promissory note, which will be issued to none other than GHS Capital LLC.
Insights of The Material
The California-based GHS Capital LLC is one of the leading Private Equity Groups in the region. It will provide the entire $5 million funding in 24 monthly installments. High Performance is supposed to file a registration statement with SEC, which will authorize the shares that are to be issued to GHS. Reports claim that GHS is subject to provide financing only after the registration statement filed by High Performance becomes effective. Meanwhile, High Performance is entitled to issue Note for a bridge loan of $450,000 to GHS.
Retirement of Four Convertible Notes
Along with the funding news, High Performance also announced that it’d retired four convertible notes over the last 60 days period. It’s not the final number as High Performance looks forward to consolidating more debt tools, if its financial position permits. There are a number of financial and operational strategies that need to be implemented. The High Performance management team believes that If this debt consolidation procedure is successful, the company can successfully implement all the strategies without any hassle.
According to Toby McBride, CEO, High Performance, the financial performance of the company has been upto the mark in 2015. With GHS Capital’s commitment to offer $5 million in funding, High Performance thinks it has found a long-term financial partner. The entire senior management team is confident that this funding will be enough to create strong investor sentiments.
There are a few other steps that High Performance seeks to take in the coming months. All the details about these steps will be made public from time to time to all the shareholders.