Cosmos Health Enters into a Warrant Exchange Agreement, Replacing Structured Warrants with Plain-Vanilla Warrants Provides Additional Financial Flexibility in Exchange for New Warrants
CHICAGO, IL / ACCESSWIRE / October 4, 2022 / Cosmos Holdings d/b/a Cosmos Health, Inc. ("Cosmos") (NASDAQ:COSM), a global healthcare group with proprietary lines of nutraceuticals and distributor of pharmaceuticals, branded generics, OTC medications and medical devices, today announced that it has entered into an agreement to replace its previously structured warrants with new vanilla warrants.
Cosmos Health announced that it has entered into an agreement to replace its previously structured warrants with new vanilla warrants.They will exchange the existing warrants for new warrants to purchase twice the number of shares of Common Stock. The new warrants will be exercisable at $0.205 per share for a five-year period from the date of issuance. The existing warrants contained anti-dilution protection which effectively prevented future financings. In consideration of the exchange of warrants, the existing holders will receive an aggregate of $2 million from future financings as well as any liquidated damages and certain rights of participation in future financings.
A more detailed discussion of the amendments is contained in a Current Report on Form 8-K that Cosmos filed on October 3, 2022 with the U.S. Securities and Exchange Commission. Greg Siokas, Chief Executive Officer of Cosmos Health stated: "We are pleased to have entered this agreement with our investors, which provides more financial flexibility going forward. This agreement alleviates investors' concerns about the financial structure of the Company, allowing them to focus on the strong fundamentals of our business. As Cosmos continues on the path of robust growth through the global expansion of our products as well as various acquisition and business development opportunities, this agreement can help facilitate more favorable terms for future transactions with financial and strategic investors."
About Cosmos Health, Inc.
Cosmos Health Inc. (Nasdaq:COSM) is a global healthcare group that was incorporated in 2009 and is headquartered in Chicago, Illinois. Cosmos Health is engaged in the nutraceuticals sector through its own proprietary lines of products "Sky Premium Life" and "Mediterranation." Additionally, the Company is operating in the pharmaceutical sector through the provision of a broad line of branded generics and OTC medications and is involved in the healthcare distribution sector through its subsidiaries in Greece and UK serving retail pharmacies and wholesale distributors. Cosmos Health is strategically focused on the R&D of novel patented nutraceuticals (IP) and specialized root extracts as well as on the R&D of proprietary complex generics and innovative OTC products. Cosmos has developed a global distribution platform and is currently expanding throughout Europe, Asia and North America. Cosmos Health has offices and distribution centers in Thessaloniki and Athens, Greece and Harlow, UK. More information is available at www.cosmosholdingsinc.com and www.skypremiumlife.com.
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact: Lytham Partners, LLC Ben Shamsian E: firstname.lastname@example.org P: 646-829-9701
SOURCE: Cosmos Health, Inc.