Generex Biotechnology repaid a nine-year debt of $3,150,972.
Three things to know:
1. The company used newly issued restricted common voting shares in full satisfaction of all debts and obligations owed to its debt holders.
2. The debt holders agreed to waive any stock dividend linked with any up-listing of Generex within the next year.
3. The Generex shares are restricted pursuant to Rule 144 of the Securities Act.
"I greatly appreciate the debt holders and thank them for retiring this loan in exchange for GNBT stock, as it reinforces belief in our vision for the future of Generex," said Joe Moscato, president and CEO of Generex. "By satisfying this debt obligation, we add over $3.1 million to shareholder equity, further enhancing our up-list application to Nasdaq, which we plan to file in the coming days."