Wellgistics Health CEO converts $1.5M of debt to equity

Wellgistics Health (WGRX) has entered into an amendment to the Membership Interest Purchase Agreement with Wellgistics and Wellgistics former owners to convert a significant cash payment owed by the Company into shares of the Company’s common stock at the initial public offering price of $4.50 per share. Specifically, the Company has converted $1.5M in debt that the Company owed to a seller entity controlled by Brian Norton, its CEO and that the Company would have needed to pay by June 14, 2025. The $1.5M in debt was converted into 333,333 shares of the Company’s common stock. This conversion reflects Mr. Norton’s deep belief in the Company’s strategic direction and his commitment to creating long-term shareholder value. Further reinforcing Mr. Norton’s belief in the Company’s long-term success, the 333,333 newly issued shares of the Company’s common stock are subject to a 12-month lock-up agreement, whereby Mr. Norton is prohibited, except in certain limited exceptions, from selling or transferring such shares.