Online debt collection system provider Debt Resolve announced this week that it has granted another extension for funding to a company that is to buy $7 million in Debt Resolve’s shares. The company also announced that its stock exchange, Amex, had informed it last week that the exchange had begun delisting procedures.
White Plains, N.Y.-based Debt Resolve (AMEX: DRV) announced in April that Harmonie International LLC agreed to purchase $7 million of the company’s shares to supply Debt Resolve with cash. In Debt Resolve’s first quarter financial report, it noted that Harmonie would need an extension to fund the deal (“Debt Resolve Revenues Fall 80% as Four Major Clients Walk,” May 21). May 30 was given as the new deadline.
Wednesday, Debt Resolve said that it would grant Harmonie another extension to come up with the money. Harmonie now has until June 20 to fund the deal. Debt Resolve said in a statement that “this and prior delays were caused by Harmonie’s regulatory and trading issues unrelated to Debt Resolve.”
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