Benzinga | Dec 22, 2021 09:04AM EST

Avalon GloboCare Reports Chairman Converted Debt Into Common Stock

Avalon GloboCare Corp. (NASDAQ:AVCO) (Avalon or The Company), a clinical-stage global developer of cell-based technologies and therapeutics, today announced the Company's Chairman, Daniel Lu, has converted $3.0 million of debt owed to him under the Line of Credit into 2.4 million shares of the Company's common stock at $1.25 per share. The conversion price represents a 45% premium to yesterday's closing price.

"We are grateful for our Chairman's continued support and tremendous confidence in the outlook for the business, as illustrated by his willingness to convert his loan at a significant premium to market, thereby further strengthening our balance sheet," said David Jin, M.D., Ph.D., President and Chief Executive Officer of Avalon. "We continue to make rapid progress advancing our immune effector cell therapies, including CAR-T and CAR-NK, our S-layer coated emulsome technology (SLET), our exosome-based regenerative therapeutics (ACTEX(tm)), as well as our liquid biopsy diagnostic and drug delivery platforms. Importantly, we look forward to reporting a number of important milestones that we believe will drive significant shareholder value heading into the new year."