- Novan ( NASDAQ: NOVN ) reached an agreement with Evening Post for payment, satisfaction and termination of its secured promissory note and security agreement related to Mar.11, 2022 acquisition of EPI Health.
- Novan and EPG agreed that on the latter's receipt of $10M, which Novan subsequently paid, all outstanding indebtedness and obligations of Novan under the promissory note are fully satisfied, and accordingly, the promissory note and related security agreements are terminated.
- The termination and release will provide $11.1M in savings to shareholders.
- "We are pleased to announce that the satisfaction of Novan's only outstanding debt, at a substantive 39% discount, and by avoiding $4.6M in future interest payments represents a tremendous opportunity for us," president & CEO Paula Brown Stafford commented.
- Shares trading 12.7% higher premarket.
For further details see:
Novan pays off $16.5M in outstanding promissory note related to EPI Health acquisition