Business
Cosmos Holdings CEO Greg Siokas Converts $3.0 Million of Debt into Common Stock at $6.00 Per Share
The conversion price represents a premium to market CHICAGO, June 28, 2021 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (“the Company") (OTCQX: COSM), an
About this update from Cosmos Health Inc.
[{"type":"text","content":"The conversion price represents a premium to market\nCHICAGO, June 28, 2021 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (“the Company\") (OTCQX: COSM), an international pharmaceutical company with a proprietary line of branded and generic pharmaceuticals, nutraceuticals, OTC medications and an extensive, established European Union distribution network, is pleased to announce that Mr. Greg Siokas, Chief Executive Officer, has reduced the debt of the Company by converting $3.0 million of related party debt personally owed to him in exchange for 500,000 shares of common stock at $6.00 per share on June 25, 2021. The conversion price represents a premium to the previous day’s closing price and is a direct reflection of the commitment of the CEO to the long-term objective of building a diversified pharmaceutical company with an established distribution network worldwide. Greg Siokas, Chief Executive Officer of Cosmos Holdings, stated, “We have made tremendous progress over the past year by growing our pharmaceutical and nutraceutical business, as well as establishing our distribution network. I strongly believe in Cosmos’ upside potential, and believe this conversion of debt into equity is in the best interest of the Company and our shareholders. This conversion also facilitates our goal of uplisting to the Nasdaq Capital Market, which should elevate our exposure within the investment community.” “Our goal is to aggressively expand into new markets by adding distributors worldwide in Europe, Asia and North America. We are investing heavily in R&D and marketing of our proprietary line of branded pharmaceuticals, nutraceuticals and food supplements. The introduction of new branded pharmaceuticals and new nutraceuticals into international markets should become major drivers of our revenue growth and profitability in coming quarters. Another important growth initiative that we are actively working on is the roll-out of our e-commerce and online global distribution strategy. We launched Sky Premium Life, our proprietary high-end brand of nutraceuticals and food supplements, on Amazon United Kingdom and we are working on expanding our e-commerce and online global distribution strategy in other major markets, starting in Germany and launching in China thereafter, as well as continuing our expansion in the EU. Overall, I could not be more exci...