Wellgistics Health Refinances $21M Convertible Debt and Raises $6.5M
WGRX•Wellgistics Health completed a $21 million convertible debt refinancing that eliminates all existing convertible debt and provided $6.5 million of new working capital. The new zero-interest debt converts at $6 per share and will force-exchange into preferred stock convertible at $50 per share.
1. Financing Details
Wellgistics Health issued a new $21 million convertible debt instrument to refinance all existing convertible obligations and secure $6.5 million in fresh capital. The offering was oversubscribed, ensuring funding for working capital and general corporate purposes.
2. Conversion Mechanics
The new debt carries no interest and converts into common shares at $6 each. Upon registration statement effectiveness and shareholder approval, it will automatically exchange into Funding Preferred shares that convert at $50 per share, subject to customary adjustments.
3. Strategic Impact
The financing satisfies the closing condition for the DelivMeds AI Transaction with Datavault AI, EOS Technology Holdings, Scilex Pharma and HealthBridge Advisors. This capital infusion positions the company to advance its integrated AI and blockchain-based pharmacy platform and execute its growth strategy.
