Avalon GloboCare Enters Agreement to Repurchase 100% of Outstanding Warrants
October 21 2019 - 08:00AM
Avalon GloboCare Corp. (NASDAQ: AVCO), a leading global developer
of cell-based technologies and therapeutics, today announced plans
to repurchase all of the Company’s outstanding warrants, totaling
approximately 1.7 million warrants, for approximately $1.4
million. The warrants were originally issued to third party
institutional investors in connection with the registered direct
offering on April 25, 2019. The transaction is expected to close on
or before November 8, 2019, at which time the repurchased warrants
will be retired and cancelled.
“We believe the repurchase of these warrants, combined with the
recently announced $20 million non-convertible line of credit from
our Chairman, provides a platform for significant growth with less
potential dilution. This repurchase enhances our capital
structure and demonstrates the confidence that we have in the
future of the Company. We are advancing towards the next phase of
growth as an active clinical-stage company. We have a strong
pipeline of cellular immunotherapy candidates and we look forward
to continuing to advance our clinical studies using our cellular
therapeutic platforms in CAR-T and stem cell derived exosomes. We
believe that our strong balance sheet leaves us well-positioned to
take advantage of future opportunities to create value for our
shareholders,” stated David Jin, M.D., Ph.D., President and Chief
Executive Officer of Avalon GloboCare.
About Avalon GloboCare Corp.
Avalon GloboCare Corp. (NASDAQ: AVCO) is a clinical-stage,
leading CellTech bio-developer dedicated to advancing and
empowering innovative, transformative exosome technologies and
cellular therapeutics. Avalon also provides strategic advisory and
outsourcing services to facilitate and enhance its clients' growth,
development, as well as competitiveness in healthcare and CellTech
industry markets. Through its subsidiary structure with
unique integration of verticals from innovative R&D to
automated bioproduction and accelerated clinical development,
Avalon is establishing a leading role in the fields of in vitro
diagnostics (''liquid biopsy''), immune effector cell therapy
(including CAR-T/CAR-NK), and regenerative therapeutics. For more
information about Avalon GloboCare, please visit
www.avalon-globocare.com.
Forward-Looking Statements Certain statements
contained in this press release may constitute "forward-looking
statements." Forward-looking statements provide current
expectations of future events based on certain assumptions and
include any statement that does not directly relate to any
historical or current fact. Actual results may differ materially
from those indicated by such forward-looking statements as a result
of various important factors as disclosed in our filings with the
Securities and Exchange Commission located at their website
(http://www.sec.gov). In addition to these factors, actual future
performance, outcomes, and results may differ materially because of
more general factors including (without limitation) general
industry and market conditions and growth rates, economic
conditions, and governmental and public policy changes. The
forward-looking statements included in this press release represent
the Company's views as of the date of this press release and these
views could change. However, while the Company may elect to update
these forward-looking statements at some point in the future, the
Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company's views as of any date subsequent to the
date of the press release.
Contact Information: Avalon GloboCare Corp.4400
Route 9, Suite 3100Freehold, NJ 07728PR@Avalon-GloboCare.com
Investor Relations:Crescendo Communications,
LLCTel: (212) 671-1020 Ext. 304avco@crescendo-ir.com
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