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BELLEVUE, Wash. – Novo Integrated Sciences, Inc. (NASDAQ: NVOS) announced Monday that it has been granted a limited exemption from Nasdaq's minimum bid price requirement rules. This waiver is specific to Section 3 of the Securities Purchase Agreement (SPA) dated April 26, 2023 with RC Consulting Group LLC and is in favor of SCP Tourbillon Monaco. This exempts Novo from non-compliance determinations related to the Regulations, but does not protect it from potential delisting.
This waiver protects Novo from any immediate risk of default under the terms of the SPA and allows the company to move forward with its financial strategy. This includes a right of prepayment on a 15-year, $70 million unsecured promissory note, which Novo intends to use for lump sum debt financing of $57 million.
Robert Mattacchione, Novo's CEO and Chairman of the Board, thanked RC for the waiver and said he believes it will support the company's continued operations and financial health. All other terms of the SPA are unaffected by this waiver.
Novo Integrated Sciences focuses on a holistic, patient-first approach to health and wellness. The company aims to decentralize healthcare delivery, especially in non-critical care, by integrating medical technology, advanced therapies and rehabilitation science. Novo's business model is built on three pillars: service network, technology and products, each contributing to the transition to more accessible and cost-effective healthcare.
This announcement is based on a press release statement from Novo Integrated Sciences.
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