Business
Jaguar Health Completes Transactions that Increase Stockholders' Equity Above $5,000,000
Amount Exceeds Minimum Stockholders' Equity Requirement for Initial Listing on The Nasdaq Capital MarketSAN FRANCISCO, CA / ACCESSWIRE / September 2, 2020 /
About this update from Jaguar Health, Inc.
[{"type":"text","content":"Amount Exceeds Minimum Stockholders' Equity Requirement for Initial Listing on The Nasdaq Capital MarketSAN FRANCISCO, CA / ACCESSWIRE / September 2, 2020 / Jaguar Health, Inc. (NASDAQ:JAGX) (\"Jaguar\" or the \"Company\") announced today that the Company has completed transactions that it believes increase Jaguar stockholders' equity as of September 2, 2020, to an amount above $5,000,000, which is the minimum stockholders' equity requirement for initial listing on The Nasdaq Capital Market.\"We're very pleased to have executed the two transactions this week that are described below,\" said Lisa Conte, Jaguar's president and CEO. \"These transactions led to an increase of Jaguar stockholders' equity above the $1,544,000 figure the Company reported on Form 10‑Q for the quarterly period ended June 30, 2020.\"As previously disclosed, on August 17, 2020, Jaguar received a letter from the Listing Qualifications staff of The Nasdaq Stock Market LLC notifying the Company that it no longer complied with Nasdaq Listing Rule 5550(b)(1) due to the Company's failure to maintain a minimum of $2,500,000 in stockholders' equity (or meet the alternatives of market value of listed securities of $35 million or net income from continuing operations). The Company has (i) exchanged 5,524,926 shares (the \"Original Shares\") of the Company's Series A Convertible Participating Preferred Stock for 842,500 shares of the Company's Series C Perpetual Preferred Stock and 842,500 shares of the Company's Series D Perpetual Preferred Stock pursuant to an Exchange Agreement, dated September 1, 2020, by and between the Company and Iliad Research and Trading, L.P. and (ii) issued 2,289,474 shares of the Company's common stock to Sagard Capital Partners, L.P. pursuant to the Stock Plan Agreement for Payment of Consulting Services, dated September 1, 2020, by and among Jaguar, Sagard Capital Partners Management Corp, and Sagard Capital Partners, L.P., which transactions were consummated on September 1, 2020. Based on these transactions and on available interim financial data, the Company believes the Company's stockholders' equity as of September 2, 2020 exceeds $5 million.About Jaguar Health, Inc. and Napo Pharmaceuticals, Inc.Jaguar Health, Inc. is a commercial stage pharmaceuticals company focused on developing novel, plant-based, non-opioid, and sustainably de...