CEO of Wellgistics Health Converts $1.5 Million of Debt to Equity at IPO Price
Wellgistics Health (NASDAQ:WGRX) announced a significant debt-to-equity conversion, where CEO Brian Norton converted $1.5 million of debt owed by the company into common stock at the IPO price of $4.50 per share. The conversion resulted in the issuance of 333,333 shares of common stock to Norton's seller entity.
The debt, which was originally due by June 14, 2025, was part of a Membership Interest Purchase Agreement with Wellgistics The newly issued shares are subject to a 12-month lock-up agreement, restricting Norton from selling or transferring the shares except under circumstances.
Wellgistics Health (NASDAQ:WGRX) ha annunciato una significativa conversione del debito in capitale, in cui l'amministratore delegato Brian Norton ha convertito 1,5 milioni di dollari di debito della società in azioni ordinarie al prezzo di IPO di 4,50 dollari per azione. La conversione ha comportato l'emissione di 333.333 azioni ordinarie all'entità venditrice di Norton.
Il debito, originariamente previsto per il 14 giugno 2025, faceva parte di un Accordo di Acquisto di Quote di Partecipazione con Wellgistics. Le azioni appena emesse sono soggette a un accordo di lock-up di 12 mesi, che limita Norton dal vendere o trasferire le azioni salvo in particolari circostanze.
Wellgistics Health (NASDAQ:WGRX) anunció una conversión significativa de deuda a capital, donde el CEO Brian Norton convirtió 1,5 millones de dólares de deuda que la empresa tenía en acciones ordinarias al precio de la oferta pública inicial de 4,50 dólares por acción. La conversión resultó en la emisión de 333,333 acciones ordinarias a la entidad vendedora de Norton.
La deuda, originalmente con vencimiento el 14 de junio de 2025, formaba parte de un Acuerdo de Compra de Participaciones con Wellgistics. Las acciones recién emitidas están sujetas a un acuerdo de bloqueo de 12 meses, que restringe a Norton de vender o transferir las acciones salvo en circunstancias específicas.
Wellgistics Health (NASDAQ:WGRX)는 CEO 브라이언 노턴이 회사가 보유한 150만 달러의 부채를 IPO 가격인 주당 4.50달러에 보통주로 전환하는 중요한 부채-자본 전환을 발표했습니다. 이 전환으로 노턴의 판매 법인에 333,333주의 보통주가 발행되었습니다.
원래 2025년 6월 14일까지 상환 예정이었던 부채는 Wellgistics와의 멤버십 지분 구매 계약의 일부였습니다. 새로 발행된 주식은 12개월 락업 계약의 대상이며, 노턴은 특정 상황을 제외하고는 주식을 매각하거나 양도할 수 없습니다.
Wellgistics Health (NASDAQ:WGRX) a annoncé une conversion importante de dette en actions, où le PDG Brian Norton a converti 1,5 million de dollars de dette de la société en actions ordinaires au prix d'introduction en bourse de 4,50 dollars par action. Cette conversion a entraîné l'émission de 333 333 actions ordinaires à l'entité vendeuse de Norton.
La dette, initialement due le 14 juin 2025, faisait partie d'un accord d'achat d'intérêts avec Wellgistics. Les actions nouvellement émises sont soumises à un accord de blocage de 12 mois, empêchant Norton de vendre ou de transférer ces actions sauf dans certaines circonstances.
Wellgistics Health (NASDAQ:WGRX) gab eine bedeutende Umwandlung von Schulden in Eigenkapital bekannt, bei der CEO Brian Norton Schulden in Höhe von 1,5 Millionen US-Dollar, die das Unternehmen hatte, in Stammaktien zum IPO-Preis von 4,50 US-Dollar pro Aktie umwandelte. Die Umwandlung führte zur Ausgabe von 333.333 Stammaktien an Nortons Verkäufergesellschaft.
Die ursprünglich bis zum 14. Juni 2025 fälligen Schulden waren Teil eines Mitgliedschaftsanteilskaufvertrags mit Wellgistics. Die neu ausgegebenen Aktien unterliegen einer 12-monatigen Sperrfrist, die Norton daran hindert, die Aktien außer unter bestimmten Umständen zu verkaufen oder zu übertragen.
- CEO demonstrates confidence in company by converting $1.5M debt to equity at IPO price
- 12-month lock-up agreement shows long-term commitment from CEO
- Debt reduction improves company's balance sheet and cash position
- Share dilution of 333,333 new shares impacts existing stockholders
TAMPA, FLORIDA / ACCESS Newswire / April 15, 2025 / Wellgistics Health, Inc. (NASDAQ:WGRX) (the "Company"), a holding company for various existing and planned strategic businesses centered around healthcare technology and pharmaceutical services, today announced that it has entered into an amendment to the Membership Interest Purchase Agreement with Wellgistics LLC and Wellgistics LLC's former owners to convert a significant cash payment owed by the Company into shares of the Company's common stock at the initial public offering price of
This conversion reflects Mr. Norton's deep belief in the Company's strategic direction and his commitment to creating long-term shareholder value. Further reinforcing Mr. Norton's belief in the Company's long-term success, the 333,333 newly issued shares of the Company's common stock are subject to a 12-month lock-up agreement, whereby Mr. Norton is prohibited, except in certain limited exceptions, from selling or transferring such shares.
"I believe we are just getting started at Wellgistics Health," said Brian Norton. "This conversion is a public statement of my unwavering belief in our team, our mission, and the transformative impact we will have on the future of healthcare."
About Wellgistics Health, Inc.
Wellgistics Health, Inc. (NASDAQ:WGRX) is a holding company for existing and future planned operating companies centered around healthcare technology and pharmaceutical services. It seeks to be a micro health ecosystem, with a portfolio of companies consisting of a technology platform, pharmacy, and wholesale operations that provide novel prescription hub and clinical services. The Company is focused on improving the lives of patients while delivering unique solutions for pharmacies, providers, pharmaceutical manufacturers, and payors. With the successful integration of its patient-centric approach and innovative healthcare applications, the Company intends to shift the dynamic of pharmaceutical care to revolve around the patient for a wide range of therapeutic conditions by offering a full spectrum of integrated solutions as a result of leveraging the synergies of its business segments to address access, care coordination, dispensing, delivery, and clinical management of pharmaceutical products ranging from "specialty-lite" to general maintenance conditions. For more information, please visit the Company's website: https://wellgisticshealth.com/.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may", "will", "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please visit:
IR@wellgistics.com
SOURCE: Wellgistics Health, Inc.
View the original press release on ACCESS Newswire
FAQ
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