NEW YORK, NY / ACCESSWIRE / June 21, 2021 / PhoneX Holdings, Inc. f/k/a uSell.com, Inc. (the 'Company') (OTC PINK:PXHI), today announced that its Board of Directors has adopted a stock repurchase program authorizing the Company to repurchase up to $1,000,000 of the Company's common stock.
The share repurchases may be made from time-to-time on the open market or in privately negotiated transactions. The timing, price and volume of the share repurchases will be determined by the Company's management based on its evaluation of market conditions, relevant securities laws and other factors. Repurchases in the open market are intended to be made in accordance with SEC Rule 10b-18. Additionally, the Company may repurchase shares in privately negotiated transactions. If any investor wants to discuss a private sale to the Company, email firstname.lastname@example.org or call (919) 475-1583. The share repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the Company's operating performance, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. As of June 21, 2021, the Company had 27,917,645 shares of common stock outstanding.
- The Company recently repurchased 178,269 shares of its common stock from an unaffiliated investor for a purchase price of $89,134.50.
- On June 7, 2021, the Company notified Siena Lending Group LLC of its intent to prepay the amounts outstanding and to terminate its revolving credit facility under the Loan and Security Agreement dated November 20, 2018. The Company expects to pay the balance due at that time plus interest, fees and an early payment/termination premium.
- The Company has notified the holders of $4,805,000 of convertible notes that it intends to prepay the notes, subject to prior conversion. The Company expects that most, if not all Note Holders will convert.
About PhoneX Holdings, Inc. PhoneX Holdings, Inc. is building the dominant cloud based, software as a service solution for the wholesale exchange of secondhand mobile devices. PhoneX Holdings works with major mobile carriers and mobile handset distributors to facilitate global commerce related to secondhand mobile devices. The Company operates two distinct models: 1) a Proprietary Trading Model, through which it purchases devices utilizing its own balance sheet via its subsidiary We Sell Cellular LLC, and 2) a Platform Partnership Model, through which it enables its partners to license its software via its subsidiary PhoneX, Inc. Through these licensing agreements, PhoneX enables mobile carriers and mobile handset distributors to increase selling prices and selling velocity by using a specialized, automated platform where wholesale buyers of mobile devices can purchase inventory on demand.
Chief Executive Officer
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SOURCE: PhoneX Holdings, Inc.
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