Spectrum Global Solutions (OTCQB: SGSI) announced that High Wire Networks has achieved SOC 2 Type 1 certification, validating its data security measures. This certification enhances trust among clients regarding cloud data management and security. High Wire plans to pursue SOC 2 Type 2 certification to evaluate the effectiveness of their controls over time. Additionally, High Wire is set to go public through a merger with Spectrum, pending closing conditions expected to be resolved shortly.
Spectrum Global Solutions announces the divestiture of its subsidiaries, WaveTech GmbH and TNS, to a firm controlled by former Board members. This strategic move eliminates the company’s Series C Convertible Preferred Stock, retiring over $1.7M in convertible debt and improving the balance sheet. CEO Roger Ponder states this will streamline operations and remove overhead for both Spectrum and the divested subsidiaries, allowing them to pursue independent objectives. The company focuses on telecommunications services across various regions.