Chairman Converts $105.8M Debt to Equity, Eliminating Nearly All Debt
GALT sits 59% above its 52-week low of $2.025.
Summary
Chairman Richard Uihlein converted $105.8 million in debt to equity, eliminating nearly all of Galectin's debt and issuing 34.4 million shares at a blended average of $3.07 per share. The conversion covers five credit facilities, leaving only a $10 million undrawn facility. This follows the 8-K filed earlier today and the recent positive FDA feedback on belapectin's Phase 3 trial design. The balance sheet is now significantly strengthened, removing a major overhang and demonstrating the chairman's conviction. With 100.8 million shares outstanding post-conversion, the company is better positioned to advance belapectin toward a pivotal trial.
At the time of this announcement, GALT was trading at $3.21 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $199.5M. The 52-week trading range was $2.03 to $7.13. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.