Zomedica Retires Preferred Shares
Effective March 7, 2021, Zomedica completed the exchange of all 12 of its outstanding Series 1 Preferred Shares, stated value $1.0 million per share, (the Preferred Shares) for 24,719,101 common shares of the Company, equivalent to $44 million based on a $1.78 per share closing price of the common shares on March 5, 2021.
- Effective March 7, 2021, Zomedica completed the exchange of all 12 of its outstanding Series 1 Preferred Shares, stated value $1.0 million per share, (the Preferred Shares) for 24,719,101 common shares of the Company, equivalent to $44 million based on a $1.78 per share closing price of the common shares on March 5, 2021.
- Robert Cohen, Chief Executive Officer of Zomedica, commented: As you know, since our fundraising round in July of 2020, we have wanted to rationalize the Preferred Shares.
- For historical reasons, although the Company received $12 million in exchange for the Preferred Shares, the Preferred Shares were entitled to a $108 million liquidation preference and a 9% royalty on the net sales of Zomedica and its affiliates.
- We are appreciative that Wickfield Bridge Fund LLC, holders of the Preferred Shares, agreed with us that the elimination of the punitive terms of the Preferred Shares was in the best interests of all shareholders.