2023-07-21 17:56:59 ET
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AgeX Therapeutics ( NYSE: AGE ) said Friday it entered into a shares-for-debt exchange agreement with Juvenescence Limited.
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The company agreed to issue to Juvenescence 211,600 shares of newly authorized Series A preferred stock and 148,400 shares of newly authorized Series B preferred stock to cancel $36 million in debt.
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The debt is comprised of the outstanding principal amount of certain loans made by Juvenescence to AgeX and loan origination fees accrued with respect to those loans.
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The shares-for-debt exchange will be implemented to regain compliance with the continued listing requirements of the NYSE American.
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The transaction is expected to be completed on or around July 25, 2023.
For further details see:
AgeX issues preferred stock to Juvenescence to nix $36M debt