Intellinetics converts all $4.7 million convertible notes

By Rebecca Melvin

New York, March 4 – Intellinetics Inc. has converted all of its $4.7 million in existing convertible notes into shares of common stock at a conversion price of $0.08 per share, according to a company news release.

The conversion was completed amid an equity and debt private placement financing that raised a total of $5.5 million. From the amount raised, $3.5 million was used for the initial purchase price of Graphic Sciences Inc., a Madison Heights, Mich.-based document scanning and digital conversion services company.

In addition to the capital raise and conversion of its convertible notes, Intellinetics approved a 1-for-50 reverse stock split, which will occur on March 12.

The debt conversion and reverse split were implemented to improve the liquidity and marketability of the company’s common stock as well as improve its financial flexibility, the company said.

Intellinetics is a cloud-based content services software provider based in Columbus, Ohio.

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