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Endonovo Therapeutics Provides Update on Variable Convertible Notes
Endonovo Therapeutics Provides Update on Variable Convertible Notes.
About this update from Endonovo Therapeutics, Inc.
[{"type":"text","content":"\n \n \n Endonovo Therapeutics Provides Update on Variable Convertible Notes\n \n \nEndonovo Therapeutics Provides Update on Variable Convertible Notes\n\nEndonovo Receives Temporary Restraining Order Against Kodiak Capital, COR Clearing and BMA Securities\n\n \n LOS ANGELES, CA--(Marketwired - Jun 15, 2016) - Endonovo Therapeutics, Inc. (OTCQB: ENDV) (\"Endonovo\" or the \"Company\"), a developer of bioelectronic medicine and therapies, announced it has retired two variable conversion rate notes for $55,000 and $50,750 respectively, which the Company believes sets the stage for a new financing plan. Additionally, the Company announced it has received a temporary restraining order against Kodiak Capital, COR Clearing and BMA Securities barring their ability to trade, lend or hypothecate all the remaining shares under the Equity Purchase Agreement with Kodiak Capital, including 1.89 million freely traded shares and 215,000 \"Commitment Shares\" issued to Kodiak Capital.\n Additionally, the Company is providing information regarding its convertible promissory note with Regal Consulting (\"Regal\" and the \"Regal Note\"), which was issued November 30, 2015 and recently disclosed in an 8-K filing. The Regal Note contains a Leak Out Provision allowing Regal to sell a maximum of 20% of the given volume in a given day and prevents Regal from making trades after 3:30 PM EST. Regal Consulting has assisted the Company with certain corporate awareness services, including management interviews, direct mail pieces to shareholders, follow up phone support with shareholders, and news articles on the Company providing significant value to shareholders.\n When asked to comment, Alan Collier, the Company's Chairman and Chief Executive Officer, stated, \"As a major requirement for securing the financing required to develop our bioelectronic medicine platform, we are working with our financial advisor to retire all variable convertible notes in order to preserve shareholder value and maintain confidence in our company. The Temporary Restraining Order allows us to preserve value by removing the 1.89 million shares from our publicly traded float while we continue to position the company for a larger round of institutional financing.\"\n About Endonovo Therapeutics\n Endonovo Therapeutics, Inc. is an innovative biotechnology company developing bioelec...