CINCINNATI, OH, June 5, 2019 — 10XTS, a provider of financial technology solutions for investment banking and public finance, today announced that it intends to offer, subject to market conditions and other factors, $800,000 aggregate principal amount of convertible notes due 2021 (the “Convertible Notes”) in a private placement to accredited investors and qualified buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) to support the next phase of the company’s development.

10XTS CEO, Michael Hiles said, “After a wild year of development, we’ve solidified our direction and adapted our core technology as an MVP to support our target market focus.” Referring to CommuniBond, the company’s public finance solution, 10XTS has entered into numerous partnerships to rapidly scale following the launch of the platform following several initial case studies.

“This round of financing through Convertible Notes will act as a bridge for us to get into our next priced Seed round while offering investors a significant discount against that next valuation,” Hiles said, “We consider this to be a great deal for our shareholders.”

The company completed a pre-seed round of capital of Series Preferred shares early in 2018. This allowed the engineering team to solidify the platform architecture and launch the core proof-of-concept for the company’s solutions.

The company anticipates this current round of financing will allow it to finalize several major client opportunities and support the projects as it transitions into sales positive territory as an enterprise level provider of large scale public finance solutions.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Convertible Notes or the shares of common stock issuable upon conversion of the Convertible Notes, if any, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offer of these securities will be made only by means of a private offering memorandum.

The Convertible Notes and the shares of common stock issuable upon conversion of the Convertible Notes, if any, have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Forward-looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the planned offering. Words such as “anticipates,” “estimates,” “expects,” “projects,” “forecasts,” “intends,” “plans,” “will,” “believes” and words and terms of similar substance used in connection with any discussion identify forward-looking statements. These forward-looking statements are based on management’s current expectations and beliefs about future events and are inherently susceptible to uncertainty and changes in circumstances. Except as required by law, the Company is under no obligation to, and expressly disclaim any obligation to, update or alter any forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise. With respect to the planned offering, such uncertainties and circumstances include whether the Company will offer the notes or consummate the offering; the anticipated terms of the notes and the use of the net proceeds from the offering; and whether the capped call transactions will become effective. Various factors could also adversely affect the Company’s operations, business or financial results in the future and cause the Company’s actual results to differ materially from those contained in the forward-looking statements

About 10XTS

Based in Cincinnati, Ohio, 10XTS provides secure, interactive technology to more efficiently connect capital market participants. Our flagship solution, CommuniBond, helps public finance market participants like state and local governments, advisors, broker dealers, banks, custodians, and investors issue, manage, trade and report digitized municipal bonds while increasing efficiency, lowering costs, and empowering financial inclusion.


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