Access Newswire's (ACCS) shares were up 1.7% in recent Monday trading after the company said it sold its compliance division to Equiniti Trust for $12.5 million.
The transaction, which was completed Friday, advances Access Newswire's transition to a pure-play communications Software as a Service subscription business, according to the company.
The communications company said it will use the $12 million paid at closing to pay down bank debt from $15.3 million to about $3.3 million. The company also said it has restructured its term loan, renewed its credit line, and reduced financial covenants.
Access Newswire was previously known as Issuer Direct.
Price: 9.84, Change: +0.16, Percent Change: +1.65
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