Avalon (ALBT) GloboCare announced the conversion of the majority of its outstanding debentures, significantly strengthening the Company’s balance sheet. The debentures originated from a June 2024 institutional investor convertible note financing with an aggregate principal amount of $2.8M. Of this amount, $288l of principal was repaid in cash, while the remaining $2.6M of principal was converted into shares of Avalon’s common stock in accordance with the terms of the debentures, eliminating the majority of Avalon’s outstanding debt. The Company believes that substantially all of the converted shares have been sold.
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