CEO of Wellgistics Health Converts $1.5 Million of Debt to Equity at IPO Price

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[{"type":"text","content":"TAMPA, FL / ACCESS Newswire / April 15, 2025 / Wellgistics Health, Inc. (NASDAQ:WGRX) (the "Company"), a holding company for various existing and planned strategic businesses centered around healthcare technology and pharmaceutical services, today announced that it has entered into an amendment to the Membership Interest Purchase Agreement with Wellgistics LLC and Wellgistics LLC's former owners to convert a significant cash payment owed by the Company into shares of the Company's common stock at the initial public offering price of $4.50 per share. Specifically, the Company has converted $1.5 million in debt that the Company owed to a seller entity controlled by Brian Norton, its Chief Executive Officer, and that the Company would have needed to pay by June 14, 2025. The $1.5 million in debt was converted into 333,333 shares of the Company's common stock.","length":890,"tagName":"p"},{"type":"text","content":"This conversion reflects Mr. Norton's deep belief in the Company's strategic direction and his commitment to creating long-term shareholder value. Further reinforcing Mr. Norton's belief in the Company's long-term success, the 333,333 newly issued shares of the Company's common stock are subject to a 12-month lock-up agreement, whereby Mr. Norton is prohibited, except in certain limited exceptions, from selling or transferring such shares.","length":463,"tagName":"p"},{"type":"text","content":""I believe we are just getting started at Wellgistics Health," said Brian Norton. "This conversion is a public statement of my unwavering belief in our team, our mission, and the transformative impact we will have on the future of healthcare."","length":263,"tagName":"p"},{"type":"text","content":"About Wellgistics Health, Inc.Wellgistics Health, Inc. (NASDAQ:WGRX) is a holding company for existing and future planned operating companies centered around healthcare technology and pharmaceutical services. It seeks to be a micro health ecosystem, with a portfolio of companies consisting of a technology platform, pharmacy, and wholesale operations that provide novel prescription hub and clinical services. The Company is focused on improving the lives of patients while delivering unique solutions for pharmacies, providers, pharmaceutical manufacturers, and payors. With the succe...

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