VRA - news from the 20th - For those that have been trading for a while, we all know how good this is. Ups and dowsn will occur. But AMEX stock will just dandy one year from now.
Viragen, Inc. (Amex: VRA; VRA.U; VRA.WS) today announced that the Company has entered into an equity-for-debt restructuring agreement with seven institutional investors who had previously held approximately $9.2 million in convertible notes and debentures, as well as related warrants. By exchanging this debt, related accrued interest and warrants for common shares, Viragen's Stockholders' Equity now exceeds the $6 million minimum required for continued listing on the American Stock Exchange (Amex). The Company expects to file a Form 8-K with the Securities and Exchange Commission containing a pro forma balance sheet, anticipating the filing will demonstrate compliance with Amex's continued listing criteria.
The terms of this debt restructuring agreement permitted the holders of the notes, debentures and related warrants to immediately exchange those securities for common shares of Viragen. The exchange was effected at a rate of one share of common stock for each $0.10 per share of outstanding notes and debentures, resulting in the issuance of approximately 93 million shares.
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