Tuesday, June 05, 2018 12:48:08 PM
Company Further Reduces Debt and Avoids Dilution to Stockholders
LAS VEGAS, April 04, 2018 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the "Company", "CV Sciences", "our" or "we") announced today that it has paid the April 2018 installment obligation under its March 1, 2017 Convertible Promissory Note (the "Note") in cash, thus avoiding the lender's conversion of this amount under the terms of the Note. The Company issued the Note on March 1, 2017 in the original principal amount of $770,000, which provided the Company the right to satisfy installment obligations in cash or by conversion of the installment amount into shares of our Common Stock at a price determined upon the trading price of our stock during the period immediately prior to conversion. On April 2, 2018, the Company made payment to the holder of the Note equal to $100,000 and the lender accepted this payment.
"As recently reported in our Form 10-K filed on March 29, 2018, we made three monthly $100,000 repayments on this Note during the first quarter of 2018. We are continuing this monthly repayment schedule with this most recent payment. Our financial position continues to be very strong and has well-positioned the Company to satisfy all remaining debt obligations under this Note in cash," said Joseph Dowling, CFO of CV Sciences. "By repaying this debt obligation in cash, we will be able to avoid further dilutive issuances of our stock to the lender."
After payment of the April 2018 installment, the amount remaining due under the Note is approximately $224,600. The Company will continue to utilize cash flow in a manner that puts the interest of stockholders first, both in terms of continued growth and managing dilution.
Recent CVSI News
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 01:10:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/12/2023 02:36:49 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2023 08:21:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/14/2023 01:32:15 PM
Last Shot Hydration Drink Announced as Official Sponsor of Red River Athletic Conference • EQLB • Jun 20, 2024 2:38 PM
ATWEC Announces Major Acquisition and Lays Out Strategic Growth Plans • ATWT • Jun 20, 2024 7:09 AM
North Bay Resources Announces Composite Assays of 0.53 and 0.44 Troy Ounces per Ton Gold in Trenches B + C at Fran Gold, British Columbia • NBRI • Jun 18, 2024 9:18 AM
VAYK Assembling New Management Team for $64 Billion Domestic Market • VAYK • Jun 18, 2024 9:00 AM
Fifty 1 Labs, Inc Announces Acquisition of Drago Knives, LLC • CAFI • Jun 18, 2024 8:45 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM