- INND set out to enhance balance sheet and capital structure; enters shareholder-friendly financing arrangements
- Company announces cancellation of almost half of its variable convertible notes ($1.1 million), expects to eliminate remainder in several weeks
- INND remains committed to achieving financing terms that support growth and maximize value for our shareholders
InnerScope Hearing Technologies (OTC: INND), an emerging disruptive leader in the direct-to-consumer hearing technology space, announced that it has successfully renegotiated financing agreements with the holder of its securities, GS Capital Partners, LLC, canceling a series of the variable price convertible notes (https://ibn.fm/bxtG2). As a result of the restructuring transactions, the total principal amounting to $1.1 million held by GS Capital Partners has been eliminated, equivalent to almost half of the company’s outstanding variable price convertible notes. InnerScope expects to eliminate the remainder of its current variable price convertible notes in several weeks in a bid to enhance its balance sheet towards a shareholder-friendly capital structure.
As an innovative disruptor in the hearing aid space, InnerScope focuses on providing affordable solutions to millions of Americans suffering from hearing loss. It is estimated that one in eight people in the United States aged 12 years or older has some form of hearing loss in both ears, which is equivalent to 30 million people across the nation. But for many of them, the hearing aids are out of reach due to prohibitive costs. Patients are usually required to shell out around $2,500 as most insurance doesn’t cover hearing aids. For high-end devices, these out-of-pocket costs can amount to over $8,000 (https://ibn.fm/xmQ79).
That’s where InnerScope stepped up to the challenge, deploying innovative technology to offer consumers a range of affordable hearing health products, including Bluetooth app-controlled rechargeable hearing aids, hearing and tinnitus vitamins, various hearing aid ear cleaning products, and much more. These hearing products are available for purchase online, allowing consumers to save up to 70% of costs compared to traditional brick-and-mortar clinics. In addition, the products are available through different payment plans, including one-off payments and subscriptions through www.iHeardirect.com.
Building on the progress achieved last year, when the company made key strategic moves acquiring two direct-to-consumer hearing aid competitors, iHear Medical and HearingAssist, Walmart’s largest supplier of hearing aids to position itself as a leader in the direct-to-consumer hearing aids space, InnerScope appears to remain poised for further growth. Matthew Moore, President, and CEO of InnerScope, commented upon the announcement of the debt restructuring: “InnerScope is pleased to enter into these shareholder-friendly financing arrangements, which enhances our balance sheet and capital structure. We appreciate the support from GS Capital in completing this transaction, as they continue to be a strong financial partner for us. We will work diligently to achieve the most attractive financing terms that support our growth and maximize value for our shareholders,” concluded Mr. Moore.
For more information, visit the company’s website at www.INND.com and the company’s e-commerce websites www.iHeardirect.com and www.HearingAssist.com.
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://ibn.fm/INND
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