Senior management elects restricted common stock at $0.27 per share in lieu of repayment of amounts owed, including more than $552,362 of personal cash previously advanced to IGC
POTOMAC, MD / ACCESS Newswire / July 7, 2026 / IGC Pharma, Inc. (NYSE American:IGC) ("IGC" or the "Company"), a clinical-stage biotechnology company developing therapeutics for Alzheimer's disease, today announced that Chief Executive Officer Ram Mukunda and Principal Financial Officer Claudia Grimaldi have purchased an aggregate of 4,274,853 shares of IGC common stock directly from the Company at $0.27 per share.
The shares were purchased through the cancellation of approximately $1.15 million of outstanding amounts owed by the Company to Mr. Mukunda and Ms. Grimaldi, including more than $552,362 of personal cash previously advanced to IGC and additional amounts deferred over multiple years. The $0.27 purchase price equaled the closing price of IGC common stock on the NYSE American on June 29, 2026, the trading day immediately preceding the transaction.
Mr. Mukunda purchased 2,226,475 shares of common stock through the cancellation of $601,148 owed to him by the Company, including $283,639 of personal cash previously advanced to IGC. Ms. Grimaldi purchased 2,048,378 shares of common stock through the cancellation of $553,062 owed to her by the Company, including $268,723 of personal cash previously advanced to IGC.
"This is an insider purchase in the most direct form: common stock, no discount, no special rights," said Ram Mukunda, Chief Executive Officer of IGC Pharma. "Claudia and I had personal capital and other deferred amounts tied up in IGC over multiple years. We chose to turn that commitment into restricted common shares at the prior day's closing price because we believe deeply in the Company's Alzheimer's therapeutic program, our AI-enabled healthcare technology platform, and the long-term opportunity ahead. We did not receive preferred stock, warrants, liquidation preference, or special voting rights. We bought common stock because that is where we want our interests aligned, with our shareholders."
The transactions did not involve any cash payment by the Company and reduced outstanding obligations by approximately $1.15 million while increasing management's direct common equity ownership.
The shares were issued in a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933 and are restricted securities. The transactions were approved in advance by the independent directors and the Audit Committee, with the interested officers recused, including for purposes of Rule 16b-3 under the Securities Exchange Act of 1934.