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Amarantus Completes Tender Exchange of Convertible Securities; CEO attending CNBC's Healthy Returns conference in New York City
Amarantus Completes Tender Exchange of Convertible Securities; CEO attending CNBC's Healthy Returns conference in New York City.
About this update from Amarantus Bioscience Holdings, Inc.
[{"type":"text","content":"\n\n SAN FRANCISCO, March 28, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Amarantus Bioscience Holdings, Inc. (OTC Pink:AMBS) (the \"Company\" or AMBS), a US-based biotechnology holding company with wholly-owned subsidiaries developing first-in-class orphan neurologic, regenerative medicine and ophthalmic therapies, and a JLABS alumnus company, today announced that it has completed an exchange of outstanding securities with holders of approximately 96% of the outstanding convertible securities eligible to participate in such exchange (the \"Tender Exchange\") in accordance with the binding letter of intent that was previously executed with such holders on October 12, 2017. Concurrent with this announcement, the Company announced that its CEO is attending CNBC's Healthy Returns conference in New York City.\n Pursuant to the terms of the letter of intent and exchange agreements, holders of an aggregate of approximately $8.43M in senior secured convertible debt (\"Old Debt\") received new secured convertible notes in the aggregate principal amount of approximately $6.74M (\"New Secured Debt\") and holders of an aggregate of approximately $13.91M in Series E and Series H Convertible Preferred Stock received new unsecured convertible note in the aggregate principal amount of approximately $10.43M (\"New Unsecured Debt\" and together with the New Secured Debt, the \"New Debt\"). The New Debt holders have agreed to a moratorium of conversion of the New Debt into equity securities for a period of nine months from the closing of the Tender Exchange. Upon closing and settlement of capital equal to or greater than $5 million in Amarantus, there will be a release by holders of the New Secured Debt of all security interests in the Company's assets, and holders of New Debt will convert into a newly designated class of preferred stock (the \"New Preferred Stock\") (with such conversion being subject to the reduction of Company accounts payable balance to less than $2M with no single account payable exceeding $100,000), thereby improving the Company's equity balance sheet in preparation for the listing of the Company's common stock on a national exchange. Additionally, upon completion of a capital raise equal to or greater than $1 million at any subsidiary level to independently fund such subsidiaries' operations, the holders of the N...