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Todos Medical Announces 90-Day Moratorium on Conversions of Convertible Notes and Lockup of Common Stock Sales with Convertible Note Holders
Todos Medical Announces 90-Day Moratorium on Conversions of Convertible Notes and Lockup of Common Stock Sales with Convertible Note Holders.
About this update from Todos Medical Ltd.
[{"type":"text","content":"\n  Univest Securities retained for proposed financing & uplist to national stock exchange Company to present at today’s Emerging Growth Conference at 2:30 PM EDT New York, NY, and Tel Aviv, ISRAEL, Sept. 15, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Todos Medical, Ltd. (OTCQB: TOMDF), a comprehensive medical diagnostics and related solutions company, today announced that it has entered into an agreement with holders of the Company’s convertible notes that provides for a 90-day moratorium on conversions and a 90-day prohibition on sales of common shares by those noteholders issued as a result of conversion notices submitted after September 1st, 2021 (collectively the “Lockup”). Additionally, the Company has retained the services of Univest Securities for a proposed underwritten public offering of securities that is expected to be completed in conjunction with a listing of the Company’s common shares on a national stock exchange. “We are very pleased to have received the support from our existing convertible note holders with this lockup agreement,” said Gerald E. Commissiong, President & CEO. “We have recently seen a significant increase in interest in the Company from individual and institutional investors as a result of significant advancements we have made in terms of our COVID related test offering at our highly automated CLIA/CAP lab Provista Diagnostics based in the Atlanta area. Moving forward, we expect even greater interest in our programs from the investment community as we make progress with our clinical-stage Tollovir® oral antiviral 3CL protease inhibitor therapeutic programs for both hospitalized and non-hospitalized patients, as well as our Tollotest™ companion biomarker that measures 3CL protease activity. We expect to release results later this quarter from an observational study Phase 1/2 study of Tollovir that was conducted in Israel in 2020, provide updates on the ongoing randomized, double-blind, placebo-controlled Phase 2 clinical trial in hospitalized COVID patients for Tollovir currently enrolling in Israel, as well as provide updates on the initiation of Phase 2/3 clinical trials planned for Tollovir in both hospitalized and non-hospitalized patients. We believe this lockup agreement will provide confidence to the m...