Ozop Surgical Corp (OTCMKTS:OZSC) has agreed to a $7 million Equity Purchase Agreement with GHS Investments LLC, the company announced Tuesday.
The deal allows the medical device company to sell $7 million worth of stock to GHS over the next 36 months. Under the terms of the agreement, Ozop can sell shares in chunks as large as $400,000.
The price per share will be set at 85% of its market price. On Tuesday morning, the company’s stock rose 20% to $0.03.
“We are excited to have such a quality financing partner like GHS Investments to be part of the OZOP story,” CEO Michael Chermak said. “Since the Equity Agreement is on a look-back basis and there are no make-up provisions, this is truly a non-toxic equity investment. Proceeds received from the sale of common stock under this agreement will enable us to retire debt, including toxic convertible notes and continue to invest in our pipeline products.”
Ozop Surgical Corp is a Florida-based company that manufactures endoscopic instruments, surgical implants and other devices focused on neurological issues and pain management.
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