Medipharm Labs Corporation (OTCMKTS: MEDIF) has announced the completion of all payments necessary as per the 2020 $41 million unsecured convertible debt. The company specializes in precision-based CBD products.
Medipharm is on the path to profitability by paying the debt
Bryan Howcroft, CEO, MediPharm Labs, said, “MediPharm continues on its plan and path to profitability, and paying off our convertible debt in full is a major milestone on that path. Being essentially debt free with a strong cash position adds even more longevity to our business. As part of our growing nascent industry, this advantageous position differentiates us from some of our peers who may not have the runway to realize the industry’s full potential.”
The company executed a $37.8 million private placement with a US institutional investor on June 8, 2020, through the issuing of two senior debt convertible notes. The notes began to be amortized in October 2020, with bi-monthly installment payments due on the 1st and 10th business days of every month before the date of maturity of June 8, 2023, in cash or shares. The notes holder of had the opportunity to convert expedited installment sums in full or in part at a conversion price computed in line with the provisions of the notes during the time between payment dates. The total debt has been serviced in full through share accelerations and cash installments as of December 31, 2021.
Debt payments extinguished ahead of the maturity date
The debt is fully extinguished 18 months ahead of the maturity date. MediPharm Labs doesn’t have any other significant liabilities and complete ownership of its properties, which comprise two GMP facilities, one in Ontario, Canada, and the other in Victoria, Australia. Manufacturing infrastructure and machinery are also significant assets.
The company is currently debt-free, with a good cash position and a clean balance sheet. MediPharm Labs has the longevity to deliver on its contracts of sale and pipeline thanks to this position and a solid plan to cut overhead, operating expenses, and general and administrative costs.
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