The conversion rate came to $7.50 per share, nearly double the company’s Monday close.
Its stock ticked down less than 1% Tuesday to $3.80.
The conversion will repay a loan from CEO Grigorios Siokas by providing him with 73,334 shares.
“In the first half of 2019, Cosmos has taken substantial steps to strengthen its balance sheet and improve cash-flow coverage,” Siokas said. “Debt-to-equity conversions now total $1.05 million in Q2 2019 and $2.38 million over the last 12 months,”
Cosmos Holdings is a Chicago-based wholesaler that distributes pharmaceuticals, food supplements and medical devices to a network of 160 clients in 16 countries.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel