Galectin Therapeutics announces $10M credt line from Richard Uihlein

Galectin Therapeutics (GALT) entered into a new $10M unsecured line of credit facility with Richard E. Uihlein, Chairman of Galectin Board of Directors, and its largest individual stockholder. Borrowings under the new credit line are unsecured and at the Company’s discretion through April 30, 2026. Advances under the line of credit bear interest at the Applicable Federal Rate for short-term loans, which is currently 4.05%, plus 2%. Principal and interest are due on September 30, 2026, and are evidenced by convertible promissory notes that may be converted into shares of the Company’s common stock at a conversion price equal to the closing price of the common stock on the date of such promissory note, but in no event less than $3.00 per share. The Company will issue up to 200,000 stock purchase warrants to Mr. Uihlein ratably, at the time of borrowings under the line of credit, with exercise prices equal to 150% of the closing price of the common stock on the date of the Promissory Note evidencing such draw, but in no event more than $10.00 per share nor less than $3.00 per share. Additionally, the maturity dates of each of the Company’s three existing $10 million convertible notes payable to Mr. Uihlein and the aggregate borrowings of $81 million under several lines of credit, also provided by Mr. Uihlein, have been extended to September 30, 2026.