CLN’s29 Nov 2020 08:41
Have these $8m been converted yet?
According to the terms of the agreement, Orgenesis and/or one or more qualified investors (the “Investors”) will advance to Immugenyx a convertible loan in an amount of not less than US$1,000,000 (the “Convertible Loan”). As part of the Agreement, the Investors shall have the right to convert the outstanding Convertible Loan amount into either: (i) shares of Immugenyx at a price per share based on a pre-money valuation of US$8,000,000; or (ii) shares of Orgenesis’ common stock at a price per share equal to the weighted average trading price of Orgenesis’ common stock for the three trading days preceding conversion.