The effective conversion rate is $7.50 per share, 117% higher than the $3.45 closing price of Cosmos’ shares Thursday, according to a statement.
The Chicago-based international pharmaceutical company said the conversion will pay for a $500,000 loan to the company by CEO Grigorios Siokas. He will get 66,667 company shares as a result.
Cosmos now will have a total of 13,154,145 outstanding shares of stock.
“The conversion strengthens our balance sheet and improves shareholders’ equity,” Siokas said. “We believe that the $7.50 conversion rate signals confidence in the value and future prospects of the company.”
Cosmos is a pharmaceutical wholesaler with offices and warehouses in Greece and the UK. The company conducts business in 16 countries.
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