Todos Medical Announces Legacy Convertible Note Ex
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Posted On: 02/25/2020 10:06:54 AM
Todos Medical Announces Legacy Convertible Note Extension, Lock-Up Agreements, and New Debt Financing
February 25, 2020 at 8:00 AM EST
REHOVOT, Israel, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Todos Medical Ltd. (OTCQB: TOMDF), a clinical-stage in-vitro-diagnostics company focused on the development of blood tests for the early detection of cancer and neurodegenerative disorders, today announced it has entered into convertible note extension agreements and lock-up agreements with certain institutional investors who participated in the Company’s previously announced $1.35M financing round in Q1 2019 (the ‘2019 Bridge Financing’). All remaining investors who participated in the 2019 Bridge Financing have agreed to extend the maturity of those notes until mid-August 2020 and have entered into lock-up agreements with the Company that preclude them from selling common shares in the market until mid-August 2020. A new institutional investor purchased $295,000 in convertible notes from certain institutional investors who participated in the 2019 Financing in order to help facilitate the transaction. Concurrently, the Company completed a raise of $163,000 in new convertible debt financing with certain new domestic and Israel-based investors (the ‘2020 Bridge Financing’).
“As Todos is positioning itself to achieve a listing on the Nasdaq Capital Market in the coming months, we believe this series of agreements positions the Company’s capital structure properly to achieve growth as we move into the process,” said Gerald Commissiong, President & CEO of Todos Medical. “Going forward, we are staying focused on the tasks of completing our financial reporting requirements and executing on our clinical, regulatory and commercial initiatives to create value heading into the listing process.”
http://investor.todosmedical.com/news-release...nsion-lock
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February 25, 2020 at 8:00 AM EST
REHOVOT, Israel, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Todos Medical Ltd. (OTCQB: TOMDF), a clinical-stage in-vitro-diagnostics company focused on the development of blood tests for the early detection of cancer and neurodegenerative disorders, today announced it has entered into convertible note extension agreements and lock-up agreements with certain institutional investors who participated in the Company’s previously announced $1.35M financing round in Q1 2019 (the ‘2019 Bridge Financing’). All remaining investors who participated in the 2019 Bridge Financing have agreed to extend the maturity of those notes until mid-August 2020 and have entered into lock-up agreements with the Company that preclude them from selling common shares in the market until mid-August 2020. A new institutional investor purchased $295,000 in convertible notes from certain institutional investors who participated in the 2019 Financing in order to help facilitate the transaction. Concurrently, the Company completed a raise of $163,000 in new convertible debt financing with certain new domestic and Israel-based investors (the ‘2020 Bridge Financing’).
“As Todos is positioning itself to achieve a listing on the Nasdaq Capital Market in the coming months, we believe this series of agreements positions the Company’s capital structure properly to achieve growth as we move into the process,” said Gerald Commissiong, President & CEO of Todos Medical. “Going forward, we are staying focused on the tasks of completing our financial reporting requirements and executing on our clinical, regulatory and commercial initiatives to create value heading into the listing process.”
http://investor.todosmedical.com/news-release...nsion-lock
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