DPW Holdings (NYSE:DPW) has entered into an exchange agreement with a creditor for debt previously in default for $1 million.

The company restructured the debt by issuing new convertible debt in the principal amount of $1,492,000. Subject to the approval by the NYSE American, the new note will be convertible into shares of the company’s common stock at a conversion price equal to 22 cents.

”With this transaction, DPW has now either restructured or reduced over $15.8 million in short-term debt, has completed restructuring nearly all of the company’s short-term debt and looks forward in the current quarter to repaying the remaining outstanding balance of under $500,000,” said DPW CEO Milton Ault.

DPW's stock closed Friday's session at 23 cents per share.

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