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Avalon GloboCare’s Chairman Converts Debt into Common Stock at 45% Premium to Market
Avalon’s Chairman converts $3.0 million of debt into common stock at $1.25 per share showing continued confidence and support of the business FREEHOLD, N.J.,
About this update from Avalon Globocare Corp.
[{"type":"text","content":"Avalon’s Chairman converts $3.0 million of debt into common stock at $1.25 per share showing continued confidence and support of the business\nFREEHOLD, N.J., Dec. 22, 2021 (GLOBE NEWSWIRE) -- Avalon GloboCare Corp. (NASDAQ: AVCO) (Avalon or The Company), a clinical-stage global developer of cell-based technologies and therapeutics, today announced the Company’s Chairman, Daniel Lu, has converted $3.0 million of debt owed to him under the Line of Credit into 2.4 million shares of the Company’s common stock at $1.25 per share. The conversion price represents a 45% premium to yesterday’s closing price. “We are grateful for our Chairman’s continued support and tremendous confidence in the outlook for the business, as illustrated by his willingness to convert his loan at a significant premium to market, thereby further strengthening our balance sheet,” said David Jin, M.D., Ph.D., President and Chief Executive Officer of Avalon. “We continue to make rapid progress advancing our immune effector cell therapies, including CAR-T and CAR-NK, our S-layer coated emulsome technology (SLET), our exosome-based regenerative therapeutics (ACTEX™), as well as our liquid biopsy diagnostic and drug delivery platforms. Importantly, we look forward to reporting a number of important milestones that we believe will drive significant shareholder value heading into the new year.” About Avalon GloboCare Corp. Avalon GloboCare Corp. (NASDAQ: AVCO) is a clinical-stage, vertically integrated, leading CellTech bio-developer dedicated to advancing and empowering innovative, transformative immune effector cell therapy, exosome technology, as well as COVID-19 related diagnostics and therapeutics. Avalon also provides strategic advisory and outsourcing services to facilitate and enhance its clients' growth and development, as well as competitiveness in healthcare and CellTech industry markets. Through its subsidiary structure with unique integration of verticals from innovative R&D to automated bioproduction and accelerated clinical development, Avalon is establishing a leading role in the fields of cellular immunotherapy (including CAR-T/NK), exosome technology (ACTEX™), and regenerative therapeutics. For more information about Avalon GloboCare, please visit www.avalon-globocare.com. For the latest updates on Avalon GloboCare's developments, please follow our ...