Limitless X Holdings, Inc. Chairman & CEO, Jas Mathur, Converts $3.3 Million Debt into Perpetual Preferred Equity, Signaling Bold Commitment to Accelerated Growth and Market Leadership
Rhea-AI Summary
Limitless X Holdings (OTCQB: LIMX) announced that Chairman & CEO Jas Mathur has converted $3.3 million of debt into perpetual preferred equity without conversion or voting rights, marking a significant step to strengthen the company's balance sheet. Additionally, Mathur has waived all royalties for brands he contributed to the company for at least the next three years.
The company, focused on health, wellness, entertainment, fintech, and real estate, aims to leverage innovative marketing strategies for brand building and scaling. This strategic move reflects Mathur's commitment to the company's long-term success and positions Limitless X to capitalize on market opportunities in the current economic landscape.
Positive
- Conversion of $3.3M debt to preferred equity improves balance sheet strength
- CEO waiver of brand royalties for 3+ years reduces operational costs
- Preferred equity has no conversion or voting rights, protecting shareholder interests
Negative
- Existence of significant debt requiring restructuring ($3.3M)
News Market Reaction
On the day this news was published, LIMX gained 37.35%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Los Angeles, CA, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Limitless X Holdings, Inc. (OTCQB: LIMX), a company dedicated to inspiring and empowering individuals while also maximizing shareholder value through a dynamic, value-driven ecosystem that integrates health, wellness, entertainment, fintech and real estate, is excited to announce today announced that its Founder, Chairman & CEO, Jas Mathur, has converted
The conversion into perpetual preferred equity carries no conversion or voting rights, reflecting Mr. Mathur’s commitment to maintaining a solid financial foundation for Limitless X. Additionally, Mr. Mathur has waived all royalties for the brands he has contributed to the Company since its inception. This waiver will be in place for at least the next three years, underlining his dedication to the long-term success of Limitless X.
“Based on the innovative, multifaceted marketing strategies I’ve developed over the last decade, I’m confident that Limitless X is strategically positioned to lead the market in building and scaling powerful brands. These strategies are designed to tap into vast, untapped branding opportunities and are, therefore, designed to put Limitless X on a fast track to explosive growth and long-term success.” said Jas Mathur. “With the economic landscape shifting and a new administration prioritizing entrepreneurial growth, I see enormous potential for companies like ours to thrive. That’s why I’m fully committing my energy and resources to Limitless X, ensuring we continue to capitalize on the foundation we've built and unlock new, game-changing opportunities for the future.”
This strategic move is part of Mr. Mathur’s broader vision to drive innovation and long-term growth for Limitless X Holdings Inc. and all its subsidiaries, solidifying the Company’s financial position and ensuring its ability to capture new opportunities in the ever-evolving market landscape.
About Limitless X Holdings Inc.
Limitless X Holdings Inc. is building a dynamic, value-driven and recession-proof ecosystem designed to help individuals "Look Good and Feel Great" by integrating Health, Wellness, Entertainment, Fintech, Community Building, and Brand Development. Through its wholly owned subsidiary, Limitless X Inc., the company specializes in direct-to-consumer eCommerce, offering innovative products and services that empower people to reinvent themselves and become the best versions of themselves. The parent company is poised to make a significant impact in the fintech space, looking to benefit from equity instruments tied to cryptocurrency and offering unique solutions that enable investors to diversify their portfolios while effectively managing risk. Additionally, the company is expanding into the real estate industry and film production, with plans to develop and produce films that align with its core philosophy of "Feeling Great." By leveraging advanced online marketing strategies, key relationships, and a global reach, Limitless X is positioned to become a household name, delivering unmatched value to customers, driving long-term growth for shareholders, and fostering meaningful connections within communities worldwide.
Media Contact
media@limitlessx.com
Investor Relations Contact
investors@limitlessx.com
800-736-2030
FAQ
What is the value of debt Limitless X (LIMX) converted to preferred equity in February 2024?
How long has LIMX's CEO waived royalties for contributed brands?
Does the new LIMX preferred equity include conversion or voting rights?
How will the debt conversion affect LIMX's balance sheet?
