$AVCO
Company to Remain with Zero Warrants Outstanding
FREEHOLD, N.J., Oct. 21, 2019 (GLOBE NEWSWIRE) -- 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.
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