Corporate ActionAug 4, 2026, 07:56 AM
Galectin Therapeutics Converts $105.8M Debt to Equity
AI Summary
Galectin Therapeutics Inc. announced the conversion of $105.8 million in debt to equity by its Chairman and largest stockholder, Richard E. Uihlein. This transaction, effective July 31, 2026, involved the issuance of 34,376,167 shares of common stock, significantly strengthening the company's balance sheet by eliminating substantial debt. The conversion covered five line of credit facilities, while a $10 million supplemental facility remains undrawn and available.
Key Highlights
- Eliminated $105.8 million in total debt obligations.
- Converted $91.0 million in principal and $14.8 million in accrued interest.
- Issued 34,376,167 shares of common stock to Richard E. Uihlein.
- Blended average conversion price was approximately $3.07 per share.
- Total shares outstanding after conversion are 100,849,644.
- Chairman Richard E. Uihlein now beneficially owns 44.3% of outstanding voting power.
- A $10 million supplemental credit facility remains undrawn and available.
Price Impact
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