Renewable Energy and Power, Inc. (OTC Pink: RBNW) operates as an LED lighting solutions provider. Shares of the renewable energy provider are surging 50%, through afternoon trading on Tuesday, April 24, 2018. Over the past month, Renewable Energy and Power, Inc. has seen average daily volume of 36.62 million shares. However, volume of 288.1 million shares or dollar volume of $86,430, has already exchanged hands on the day.
Shares of Renewable Energy and Power, Inc. are jumping today after the company announced that it has issued a conversion halt across 47% of its short term debt. Management sees this as a key moment to continue cleaning up debt holdings and focusing more on shareholder value and expanding operations. Here is the full press release detailing of the conversion halts:
Renewable Energy and Power, Inc. Press Release:
Las Vegas, NV, April 24, 2018 (GLOBE NEWSWIRE) — Renewable Energy and Power (OTC: RBNW), an LED lighting solutions company, today announced it has completed its measures to consolidate the company’s investors to a single entity committed to the long-term growth of the company.
This event has led to a limitation of short term lenders with convertible debentures available, only one remaining of the three prior lenders.
Because of the agreement of the remaining note holder to a “leak-out” provision where they will limit their conversions and stock sales as well as a commitment to further financing, management will be able to advance its important initiatives including obtaining approval for California and Texas energy incentive programs, and its patent-pending ultra-violet germicidal irradiation ceiling lighting fixtures.
“Previously, the company had a number of convertible debenture noteholders with conversion rights,” said CEO Donald MacIntyre. “As the stock price rose, they would put more shares into the market driving down the stock price. Now we’ve consolidated that pool to a single investor with conversion rights, committed to support of our efforts for long-term growth and penetration of new markets.”
About Renewable Energy and Power
REAP seeks to make the Green Energy market cost competitive with fossil fuels through innovation in solar, wind-power and LED lighting. Federal and state legislation in the United States provide for tax incentives that drive businesses and consumers to replace older technologies with new solar and LED alternatives of the types offered by REAP. www.reappower.com
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