Wellgistics Health, Inc. (NASDAQ:WGRX) reported several share issuances related to warrant exercises and debt conversion agreements, according to a statement released Thursday based on a recent SEC filing. The company’s stock, currently trading at $0.79, has seen a remarkable 54.9% surge over the past week, though InvestingPro data shows it remains down 83.6% over the past year.
On October 24, certain holders exercised warrants at an exercise price of $0.70 per share, resulting in the issuance of 3,111,429 shares of common stock.
On Thursday, the company entered into two separate debt conversion agreements. The first, with Integra Health Inc., converted $1,300,000 of debt owed by WoodSage LLC, a wholly owned subsidiary of Wellgistics Health , into 1,857,143 shares of Wellgistics Health common stock at $0.70 per share. The debt originated from a promissory note dated August 22, 2023.
The second agreement, with Integra Pharma Solutions, LLC, converted $4,019,859 of debt owed by WoodSage LLC in connection with a sale of goods agreement dated August 2023. This conversion was executed at a price of $0.70 per share, resulting in the issuance of 5,742,656 shares of Wellgistics Health common stock.
All conversions and exercises were completed at the same price per share. The aggregate result of these transactions is the issuance of 10,711,228 new shares of Wellgistics Health common stock.
The company is incorporated in Delaware and is listed on the Nasdaq Capital Market under the symbol WGRX.
This information is based on a press release statement included in the company’s latest SEC filing.
In other recent news, Wellgistics Health has announced a series of executive leadership changes. Prashant Patel has returned as President and Interim CEO, following the resignations of CEO Brian Norton, CFO Mark DiSiena, and COO Tony Madsen. Eric Sherb has been appointed as Interim CFO, and three new members have joined the Board of Directors. Additionally, stockholders removed Rebecca Shanahan and Michael Peterson from the board, leading to further shifts in the company’s leadership structure.
Wellgistics Health has also entered into a strategic collaboration with TheracosBio to increase the accessibility of the diabetes medication Brenzavvy across the United States. This partnership will leverage Wellgistics Health’s extensive distribution network to enhance drug availability. In another development, Wellgistics Health and DataVault AI have signed a non-binding letter of intent to implement blockchain-enabled smart contracts for prescription drug tracking. This initiative, named PharmacyChain, aims to ensure accurate and timely delivery of medications.
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