High Wire Networks Enters into $5 Million Securities Purchase Agreement

Funding to Provide Growth Capital and Retire Higher Interest Debt

BATAVIA, Ill., Sept. 29, 2023 (GLOBE NEWSWIRE) -- High Wire Networks, Inc. (OTCQB: HWNI) (“High Wire” or the “Company”), a leading global provider of managed cybersecurity and technology enablement, has entered into a securities purchase agreement (the “Agreement”) through which the company may issue up to $5 million in senior secured convertible promissory notes (the “Notes”) and warrants to purchase the Company’s common stock (the “Warrants”) to accredited investors.

“This favorable financing, particularly in the current tight credit markets, is intended to bolster our financial position while strengthening our shareholder base with institutional investors,” commented High Wire CFO, Curtis Smith. “It is part of our broader plan to eliminate high interest debt and secure more favorable growth capital as we launch new products and prepare for our expected uplisting to a major U.S. exchange.”

Under the Agreement, the Company has issued to date $1.15 million of the principal amount of the Notes, along with the corresponding Warrants to two institutional investors.

The Notes are convertible into common stock at maturity 18 months from the date of issuance, with the conversion price set at $0.10, subject to adjustment for certain stock splits, stock combinations and dilutive share issuances. The Warrants are priced at $0.15 per share for a term ending on the 5-year anniversary of the date of issuance. For the additional terms and other further details about the financing, see High Wire’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission at www.sec.gov.

R.F. Lafferty & Co is acting as the financial advisor for the transaction, with Pryor Cashman LLP acting as legal advisor.

Proceeds from the issuance of the Notes will be used for working capital and general corporate purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

The offer and sale of the Note has not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.