KeyOn Communications Holdings, Inc. (OTCBB: KEYO), one of the largest providers of wireless broadband, satellite video and voice over Internet protocol (VoIP) services in the United States, announced that the holders of the Company’s subordinated secured notes due August 31, 2009 have elected to convert their notes into shares of the Company’s common stock.
The Company had a series of subordinated secured notes which were issued between July and December 2008. The notes were convertible into shares of the Company’s common stock at any time prior to maturity, which afforded the Company with an opportunity to reduce its outstanding debt and provided the holders of the notes with an additional option of repayment. As of August 31, 2009, the Company has reduced notes payable and interest payable liability by $1,188,042 in exchange for the issuance of 2,376,090 shares of common stock, representing the conversion of all of the Company’s existing notes. These notes will be eliminated from the Company’s current liabilities. Read more at http://budurl.com/keyon
