$PBIO Pressure BioSciences Announces the Exchange
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Posted On: 03/01/2023 10:49:43 AM
$PBIO Pressure BioSciences Announces the Exchange of Over $10 Million of Debt into Equity
https://www.accesswire.com/741423/pressure-bi...nto-equity
Company's Largest Investor Exchanges First Seniority Debt into Non-Secured Equity at 38% Above-Market Price, Expressing Confidence and Support
SOUTH EASTON, MA / ACCESSWIRE / March 1, 2023 / Pressure BioSciences, Inc. (OTCQB
BIO) ("PBIO" or the "Company"
, a global leader in the development and sale of broadly enabling, high-pressure-based products and services to the life sciences and other industries, today announced that the Company's largest shareholder has exchanged over $10 million of senior secured debt into unsecured preferred stock. The debt being converted is comprised of convertible promissory notes, accrued and unpaid interest on all promissory notes issued to the investor since November 2019, plus accrued and unpaid dividends on the Company's Series AA Convertible Preferred Stock purchased by the investor since May 2018.
The $10+ million of debt exchanged into equity represents over 50% of the total debt currently owed to the Investor by the Company and represents over 30% of the Company's total outstanding debt held by all investors through February 2023 via (i) convertible promissory notes; (ii) accrued and unpaid interest on convertible promissory notes; and (iii) accrued and unpaid dividends earned from investments in the Company's Series AA Convertible Preferred Stock financing. The exchange of debt to equity was consummated at a value of $2.50 per share of Common Stock, which is an approximate 38% premium over the Company's recent open market valuation.
The Company recently announced a number of significant achievements and collaborations, particularly related to its revolutionary Ultra Shear™ Technology ("UltraShear™" platform for its "best-in-class" nanoemulsion processing. Among these are: (i) the development of "next generation" anti-aging skincare and hair regrowth products with partner Dr. Denese SkinScience; (ii) the development of a sports performance/recovery drink with NBA legend Isiah Thomas' One World Products (OTCQB: OWPO); and (iii) the release of dramatic consumer testing results, indicating that PBIO's UltraShear platform is forging a game-changing future for the cannabis, nutraceuticals, and supplements industries.
Mr. Richard T. Schumacher, President and CEO of PBIO, commented: "The PBIO Team is delighted with the strong recent progress in multiple aspects of our business. We are redesigning our production facilities, adding to our team, strengthening our core capabilities, filing additional UltraShear patents, building instrument inventories, and expanding our list of existing and prospective 2023 customers. We are engaging deeper into building strong strategic partnerships with key companies and individuals, including several billion-dollar companies who are global best-in-class players in priority markets targeted for explosive growth. In addition, we have begun forging stronger relationships with multiple strategic and retail investors."
Mr. Schumacher continued: "It has been a long time since I've seen and felt such excitement, enthusiasm, and confidence in the future of PBIO within our shareholder base. We believe this announced conversion of debt into equity is only the beginning of continued strengthening in our financial position and outlook. We are in discussions with other large shareholders who have expressed similar interest in supporting the Company through continuing improvements in our balance sheet, by exchanging additional millions of dollars of debt into equity, following the confidence and leadership demonstrated by the Company's long-standing, largest investor. We anticipate additional similar announcements in the coming weeks."
Mr. Jeffrey N. Peterson, Chairman of PBIO, added: "The PBIO team has demonstrated tremendous dedication and execution in converting their vision and planning for our patent-protected nanoemulsions breakthrough technology into a proven reality that is already demonstrating the transformational power to restate the basis for competition in multiple multi-billion-dollar markets, spanning nutraceuticals, cosmeceuticals, pharmaceuticals, food and beverage, agrochemicals, and industrial markets. We are deeply appreciative for the patience and confidence demonstrated by our largest investor in this pivotal decision, and to all our investors who have delivered us to this inflection point, as we accelerate forward through commercialization, growth, capacity expansion, further capitalization, uplist to NASDAQ/NYSE, and our expected transition to profitability during the next year."
https://www.accesswire.com/741423/pressure-bi...nto-equity
Company's Largest Investor Exchanges First Seniority Debt into Non-Secured Equity at 38% Above-Market Price, Expressing Confidence and Support
SOUTH EASTON, MA / ACCESSWIRE / March 1, 2023 / Pressure BioSciences, Inc. (OTCQB
BIO) ("PBIO" or the "Company" , a global leader in the development and sale of broadly enabling, high-pressure-based products and services to the life sciences and other industries, today announced that the Company's largest shareholder has exchanged over $10 million of senior secured debt into unsecured preferred stock. The debt being converted is comprised of convertible promissory notes, accrued and unpaid interest on all promissory notes issued to the investor since November 2019, plus accrued and unpaid dividends on the Company's Series AA Convertible Preferred Stock purchased by the investor since May 2018. The $10+ million of debt exchanged into equity represents over 50% of the total debt currently owed to the Investor by the Company and represents over 30% of the Company's total outstanding debt held by all investors through February 2023 via (i) convertible promissory notes; (ii) accrued and unpaid interest on convertible promissory notes; and (iii) accrued and unpaid dividends earned from investments in the Company's Series AA Convertible Preferred Stock financing. The exchange of debt to equity was consummated at a value of $2.50 per share of Common Stock, which is an approximate 38% premium over the Company's recent open market valuation.
The Company recently announced a number of significant achievements and collaborations, particularly related to its revolutionary Ultra Shear™ Technology ("UltraShear™"
platform for its "best-in-class" nanoemulsion processing. Among these are: (i) the development of "next generation" anti-aging skincare and hair regrowth products with partner Dr. Denese SkinScience; (ii) the development of a sports performance/recovery drink with NBA legend Isiah Thomas' One World Products (OTCQB: OWPO); and (iii) the release of dramatic consumer testing results, indicating that PBIO's UltraShear platform is forging a game-changing future for the cannabis, nutraceuticals, and supplements industries. Mr. Richard T. Schumacher, President and CEO of PBIO, commented: "The PBIO Team is delighted with the strong recent progress in multiple aspects of our business. We are redesigning our production facilities, adding to our team, strengthening our core capabilities, filing additional UltraShear patents, building instrument inventories, and expanding our list of existing and prospective 2023 customers. We are engaging deeper into building strong strategic partnerships with key companies and individuals, including several billion-dollar companies who are global best-in-class players in priority markets targeted for explosive growth. In addition, we have begun forging stronger relationships with multiple strategic and retail investors."
Mr. Schumacher continued: "It has been a long time since I've seen and felt such excitement, enthusiasm, and confidence in the future of PBIO within our shareholder base. We believe this announced conversion of debt into equity is only the beginning of continued strengthening in our financial position and outlook. We are in discussions with other large shareholders who have expressed similar interest in supporting the Company through continuing improvements in our balance sheet, by exchanging additional millions of dollars of debt into equity, following the confidence and leadership demonstrated by the Company's long-standing, largest investor. We anticipate additional similar announcements in the coming weeks."
Mr. Jeffrey N. Peterson, Chairman of PBIO, added: "The PBIO team has demonstrated tremendous dedication and execution in converting their vision and planning for our patent-protected nanoemulsions breakthrough technology into a proven reality that is already demonstrating the transformational power to restate the basis for competition in multiple multi-billion-dollar markets, spanning nutraceuticals, cosmeceuticals, pharmaceuticals, food and beverage, agrochemicals, and industrial markets. We are deeply appreciative for the patience and confidence demonstrated by our largest investor in this pivotal decision, and to all our investors who have delivered us to this inflection point, as we accelerate forward through commercialization, growth, capacity expansion, further capitalization, uplist to NASDAQ/NYSE, and our expected transition to profitability during the next year."
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