MyDx Inc (OTCMKTS:MYDX) Reaches Resolution With Convertible Debt Lenders

MyDx Inc (OTCMKTS:MYDX) has announced that it has successfully reached an agreement, with the lenders of its toxic debt, in order to unlock its true value. The company has had a strained relationship with these lenders, with MYDX filing for a restraining order, in early March, after the company believed that it had fully satisfied its obligations. However, despite the court ruling, MYDX continued to received notices from these lenders to pay-off the remaining balance.

Daniel Yazbeck, the CEO of MyDx, claimed that the last few weeks have been a battle, but the company has fought hard and won, in reaching a resolution. He reassured the investors that the company can now focus on the next phase of its business. Providing details of these plans, the CEO stated that they plan to make use of their crowdsourced data, to develop unique ailment and feelings specific products, for the cannabis market.

Mr. Yazbeck further revealed that the resolution positions the company to attract additional fixed capital, to accelerate its growth. He pointed out that MyDx has attracted over $9 million, in investments, to date. It should be noted here that following the resolution, MYDX is liable to pay a note of $35,000, which is eligible for payoff and not convertible into equity, prior to May 13, 2017.

In addition to this, MyDx has also caught the attention of news media and was recently featured on HBO’s Daily Vice. The episode aired, just prior to the Cannabis Business Expo, held on March 5-8, 2017. During the show, the company representatives talked about how they were focusing on the development and capitalization of applications, which were closely linked to MYDX’s hand-held sensors. Moreover, the management also reaffirmed that the company was working on the reduction of cash burn and retirement of debt.

MyDx Inc (OTCMKTS:MYDX) recorded a massive trade volume of 209.99 million, over 4 times its average of 52.05 million, to close at $0.00538 per share, at the end of the March 17 trading session, 41.58% higher than the session before.

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Christian Brown

Christian Brown

Christian is a keen follower of stock market and has been writing on the U.S based companies since past 7 years.