BELLEVUE, Wash. - Novo Integrated Sciences, Inc. (NASDAQ: NVOS) announced Monday it has been granted a Limited Waiver regarding Nasdaq's Minimum Bid Price Requirement rule. The waiver, specific to Section 3 of the Securities Purchase Agreement (SPA) dated April 26, 2023, with RC Consulting Group LLC, is in favor of SCP Tourbillion Monaco. It exempts Novo from any determination of non-compliance related to the rule but does not protect against potential delisting.
The waiver allows Novo to avoid immediate risk of default under the SPA terms, enabling the company to proceed with its financial strategies. This includes the right of first draw on a 15-year, $70 million unsecured promissory note, which Novo intends to use for a lump sum debt funding of $57 million.
Robert Mattacchione, CEO and Board Chairman of Novo, expressed gratitude towards RC for the waiver, which he believes will support the company's ongoing operations and financial health. All other terms of the SPA remain unaffected by this waiver.
Novo Integrated Sciences is focused on a holistic, patient-first approach to health and wellness. The company aims to decentralize healthcare delivery, particularly for non-critical care, by integrating medical technology, advanced therapeutics, and rehabilitative science. Novo's business model is built on three pillars: service networks, technology, and products, each contributing to a shift towards more accessible and cost-effective healthcare.
This announcement is based on a press release statement from Novo Integrated Sciences.
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