09:39 AM EST, 11/08/2024 (MT Newswires) -- Daktronics ( DAKT ) said Friday that its board has decided to exercise the company's right to convert an initial $7 million of the $25 million convertible promissory note held by Alta Fox into about 1.1 million shares of Daktronics ( DAKT ).

The board will deliver the notice of the conversion to Alta Fox on Nov. 11 and the conversion date will be Dec. 3, Daktronics ( DAKT ) said.

Daktronics ( DAKT ) said it will convert the rest of the convertible note over the "next several months" in tranches of up to $7 million every 30 days.

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