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Endonovo Therapeutics Announces Effectiveness of Registration of Equity Credit Line and Ceasing Variable Convertible Note Financing
Endonovo Therapeutics Announces Effectiveness of Registration of Equity Credit Line and Ceasing Variable Convertible Note Financing.
About this update from Endonovo Therapeutics, Inc.
[{"type":"text","content":"\n Los Angeles, CA, July 21, 2020 (GLOBE NEWSWIRE) -- Endonovo Therapeutics, Inc. (OTCQB: ENDV) (\"Endonovo\" or the \"Company\"), today announced the Company’s registration statement on Form S-1 relating to its equity credit line with Calvary Fund I LP has been ordered effective by the Securities and Exchange Commission. This equity line reduces the amount of dilution experienced by existing financing measures and allows the Company access to capital without the use of less favorable variable rate convertible notes. The long-term equity and financing options available to the Company have been significantly improved. Endonovo (ENDV) will not be accepting conversions of variable rate notes as they had in the past, because either: (i) the holders thereof have signed an agreement with Endonovo not convert these notes while the equity credit line is available; or (ii) because the Company is being guided by the SEC’s apparent position that the note holders cannot convert unless they are registered broker dealers. Alan Collier, Endonovo’s Chief Executive Officer, states, “The removal of the downward pressure on our stock associated with the variable rate notes will enable the Company to move forward with planned projects showing the positive benefits of our SofPulse® propriety technology. The Equity Credit line will enable us to begin pre-clinical studies related to COVID-19 for possible new markets, as well as enabling us to initiate digital marketing to promote planned seminars and other events illustrating positive results in the reduction of opioids usage with our SofPulse® product.” Endonovo believes the end of note conversions will be beneficial to our stockholders. Collier continues, “We are working to position Endonovo to capitalize on our SofPulse® product which has an FDA Clearance and an opportunity to be the model for the standard of care in postoperative recovery moving forward on many surgical procedures including Open Heart Surgery and coronary artery bypass graft, CABG Surgeries, nationwide. Continuing research and development of PEMF (Pulsed Electromagnetic Technology) for uses to combat and offer treatment and benefits for COVID-19 research positions our company to be in the forefront of offering solutions to treatment of damage and other long-term health effects COV...