CHICAGO, May 31, 2019 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (“Cosmos” or the “Company”) (OTCQB: COSM), an international pharmaceutical company, announced today it agreed to issue 66,667 shares of common stock to Grigorios Siokas, the Company’s CEO, in exchange for the repayment of $500,000 of loans due to Mr. Siokas. The effective conversion rate is $7.50 per share, 117% higher than the $3.45 closing share price of Cosmos on May 29, 2019. Following the conversion of the loans, Cosmos will have a total of 13,154,145 shares of common stock outstanding.
“The conversion strengthens our balance sheet and improves shareholders’ equity. We believe that the $7.50 conversion rate signals confidence in the value and future prospects of the Company,” said Grigorios Siokas, CEO of Cosmos Holdings.
About Cosmos Holdings, Inc.
Cosmos Holdings Inc. is an international pharmaceutical wholesaler distributing branded and generic medicines, over-the-counter (OTC) pharmaceuticals, food supplements, and medical through its trans-European network of over 160 pharmaceutical wholesale clients and vendors and approximately 400 independent retail pharmacies which extends to 16 countries including: Germany, the United Kingdom, France, Italy, Poland, the Netherlands, Greece, Hungary, Denmark, Ireland, and Croatia. More information is available at www.cosmosholdingsinc.com.
FORWARD LOOKING STATEMENTS
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.
Investor Relations Contact:
Nathan Abler
Phone: 714-742-4180
E-mail: nabler@dresnerco.com