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Todos Medical Enters Into Moratorium on Conversions Agreement With Convertible Note Holders

Tuesday, March 14, 2023

Todos Medical, Ltd., a comprehensive medical diagnostics and related solutions company, today announced the Company has entered into a new agreement with holders of its convertible notes that provides for a 21-day moratorium on conversion of those convertible notes. Strategic investor Yozma Group Korea (“Yozma”) has not converted any securities.  The Company’s objective is to find the optimum path that balances the immediate capital requirements with a balanced plan that moves the Company forward and maintains its OTCQB listing requirement over $.001.  This agreement is designed to provide sufficient time for the Company to negotiate a new financing agreement with its existing noteholders in order to help finance the Company’s ongoing operations and certain key strategic transactions.

“Given the recent sharp decline in the Company’s share price against the backdrop of recent bank failures that have created uncertainty in the biotech securities marketplace, we are pleased that our existing financiers recognize the importance of the Company being able to address the situation,” said Gerald E. Commissiong, President & CEO of Todos Medical. “We are hopeful to work out a longer term agreement that will create a roadmap for the Company to continue its pursuit of its crowdfunding capital raise for its majority-controlled subsidiary 3CL Pharma.  The plan will also create a roadmap to accelerate revenue generation at its diagnostic lab Provista Diagnostics and its supplement manufacturing lab Todos Botanicals.”

 

Source: globenewswire.com

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