Scinai Immunotherapeutics (SCNI) has released an update.
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Scinai Immunotherapeutics Ltd. has received an updated Letter of Intent from the European Investment Bank indicating a potential conversion of a significant loan into equity, which could not only resolve the company’s shareholders’ deficit but also ensure compliance with Nasdaq’s Equity Requirement. The proposed terms suggest converting approximately $28 million of debt into preferred shares, leaving a nominal loan balance, and cancelling variable remuneration rights, positively impacting the company’s financial standing. This move is subject to approval and would involve amending the company’s articles of association.
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