EMMA - Emmaus Life Sciences announces sale of Telcon shares against bond

Emmaus Life Sciences ([[EMMA]] -5.7%) sells off its entire stake in South Korea-based Telcon RF Pharmaceutical as agreed upon last year for replacing the owned shares with the convertible bond collateral. Total net proceeds come to ~$36.6M (KRW 42B), out of which ~$25.1M will be used against convertible bonds and remaining for Emmaus' working capital purposes.The company says this transaction will eliminate the volatility and negative impact the Telcon shares periodically had on Emmaus' stockholders' equity and better position Emmaus for a potential future up-listing of its common stock to the NASDAQ or the NYSE.

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Emmaus Life Sciences announces sale of Telcon shares against bond