Scinai Immunotherapeutics (SCNI) has released an update.
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Scinai Immunotherapeutics has successfully restructured its loan with the European Investment Bank, converting approximately $29 million of debt into preferred equity and reducing its debt balance to $273,000. This financial maneuver has elevated the company’s stockholders’ equity above the Nasdaq’s minimum requirement of $2.5 million, potentially bringing it back into compliance with listing standards. The preferred shares issued in the deal have specific terms, including a 12-month lock-up period and conversion restrictions to maintain the company’s investment profile.
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