HealthLynked Corp (HLYK)

[Gan]

$HLYK - Nice news out on $1.3M Debt to equity conversion..

HealthLynked Corp. Converts $1.3 Million of Investor Debt to Equity, Further Strengthening the Companys Balance Sheet
8:00 AM ET 1/15/21 | Dow Jones

NAPLES, Fla., Jan. 15, 2021 /PRNewswire/ -- HealthLynked Corp. (OTCQB: HLYK), a global healthcare network focused on care management of its members and a provider of healthcare technologies that connects doctors, patients and medical data, announced today that it has converted $1.3 million of its debt to equity, eliminated the security interest on its assets. This will allow the company to obtain a bank line of credit at current low interest rates.

Iconic Holdings, LLC, an early investor in HealthLynked, agreed to convert all of its convertible debt totaling $1.3 million, including principal and accrued interest, into 13.5 million HealthLynked common shares and 13.5 million five-year warrants with an exercise price of $0.30 per share in exchange for a 180 day leak out provision, 5% of daily volume for the first 90 days and 10% of daily volume for the next 90 days.

George O'Leary, HealthLynked's Chief Financial Officer, stated, "This conversion from debt to equity allows us to further strengthen our balance sheet and reallocates $1.3 million in working capital that will not be required for retirement of Iconic's debt in cash. Iconic Holdings has been a great partner over the last four years, and we are thrilled that they are converting their debt to equity as they continue to support HealthLynked's planned growth."