Huge news part 2 Note 8 --Sale of Subsidiary Comp
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Posted On: 04/15/2022 3:13:11 PM
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Huge news part 2
Note 8 --Sale of Subsidiary Company
On November 23, 2021, the Company and certain Convertible Note Holders (described as New Debt in Note 5) entered into a non-binding term sheet (the “Term Sheet”) for the sale of the Company’s subsidiary, Cutanogen Corporation, which holds certain Engineered Skin Substitute assets (ESS). This potential transaction between the Company and Convertible Note Holders will allow for the formation of a joint venture between the
Convertible Note Holders will allow for the formation of a joint venture between the Convertible Note Holders and WilCarr Ventures or its Affiliate (“WilCarr”). The Convertible Note Holders have agreed subject to completion of satisfactory final documentation for WilCarr to become the development and implementation Partner and Financier for a joint Venture to further develop the ESS asset.
The material terms contained in the Term Sheet contemplate a transaction wherein the Company sells to the Convertible Debt Holders:
Subsidiary Cutanogen Corporation
50,000,000 shares of Todos Medical Ltd.
in exchange for the extinguishment of
a minimum of $13,867,474 and up to $17,719,810 in secured and unsecured convertible debt (the “Notes”)
$7,581,828 in accounts payable associated with ESS
25% of any funds received by the Note holders from the Joint Venture after the Convertible Note Holders and potentially other debt holders are fully repaid the value of the Notes
Note 8 --Sale of Subsidiary Company
On November 23, 2021, the Company and certain Convertible Note Holders (described as New Debt in Note 5) entered into a non-binding term sheet (the “Term Sheet”) for the sale of the Company’s subsidiary, Cutanogen Corporation, which holds certain Engineered Skin Substitute assets (ESS). This potential transaction between the Company and Convertible Note Holders will allow for the formation of a joint venture between the
Convertible Note Holders will allow for the formation of a joint venture between the Convertible Note Holders and WilCarr Ventures or its Affiliate (“WilCarr”). The Convertible Note Holders have agreed subject to completion of satisfactory final documentation for WilCarr to become the development and implementation Partner and Financier for a joint Venture to further develop the ESS asset.
The material terms contained in the Term Sheet contemplate a transaction wherein the Company sells to the Convertible Debt Holders:
Subsidiary Cutanogen Corporation
50,000,000 shares of Todos Medical Ltd.
in exchange for the extinguishment of
a minimum of $13,867,474 and up to $17,719,810 in secured and unsecured convertible debt (the “Notes”)
$7,581,828 in accounts payable associated with ESS
25% of any funds received by the Note holders from the Joint Venture after the Convertible Note Holders and potentially other debt holders are fully repaid the value of the Notes
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