NLS Pharma Converts Debt to Equity, Issues Shares
Ticker: NCEL · Form: 6-K · Filed: Oct 22, 2024 · CIK: 1783036
| Field | Detail |
|---|---|
| Company | Nls Pharmaceutics LTD. (NCEL) |
| Form Type | 6-K |
| Filed Date | Oct 22, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $5.65, $492,006.94, $115 million, $700 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt-conversion, equity-issuance, financial-restructuring
TL;DR
NLS Pharma just wiped out ~$2.8M in debt by issuing ~494K shares at $5.65 each.
AI Summary
NLS Pharmaceutics Ltd. announced on October 22, 2024, that it entered into Debt Forgiveness Agreements with certain lenders during October 2024. The company issued 493,986 common shares at a conversion price of $5.65 per share to satisfy CHF 2,089,944.95 and $492,006.94 in loans.
Why It Matters
This action reduces the company's outstanding debt by converting it into equity, which can improve its balance sheet and financial flexibility.
Risk Assessment
Risk Level: medium — Debt conversion can dilute existing shareholders' ownership and may indicate financial pressure, though it also reduces liabilities.
Key Numbers
- 493,986 — Common Shares Issued (Issued in exchange for debt forgiveness)
- $5.65 — Conversion Price (Price per share for debt conversion)
- CHF 2,089,944.95 — CHF Debt Converted (Amount of Swiss Franc debt forgiven)
- $492,006.94 — USD Debt Converted (Amount of US Dollar debt forgiven)
Key Players & Entities
- NLS Pharmaceutics Ltd. (company) — Registrant
- CHF 2,089,944.95 (dollar_amount) — Debt forgiven
- $492,006.94 (dollar_amount) — Debt forgiven
- 493,986 (dollar_amount) — Common shares issued
- $5.65 (dollar_amount) — Conversion price per share
FAQ
What was the total value of debt forgiven in USD?
The total debt forgiven was CHF 2,089,944.95 and $492,006.94, which equates to approximately $2,555,951.89 and $492,006.94 respectively, totaling roughly $3,047,958.83.
What is the par value of the common shares issued?
The par value of the common shares issued is CHF 0.80 per share.
When did NLS Pharmaceutics Ltd. enter into these Debt Forgiveness Agreements?
The company entered into these agreements during the month of October 2024.
What is the SEC file number for NLS Pharmaceutics Ltd.?
The SEC file number is 001-39957.
What is the principal executive office address of NLS Pharmaceutics Ltd.?
The principal executive offices are located at The Circle 6, 8058 Zurich, Switzerland.
Filing Stats: 916 words · 4 min read · ~3 pages · Grade level 12.7 · Accepted 2024-10-22 16:01:31
Key Financial Figures
- $5.65 — f the Company, at a conversion price of $5.65 (rounded) per share, in full satisfacti
- $492,006.94 — ggregate amount of CHF 2,089,944.95 and $492,006.94 in loans and advances previously provid
- $115 million — tober 2023 to May 2024, contributing to $115 million in capital raises and securing a $700 m
- $700 million — illion in capital raises and securing a $700 million contract with New York’s Metropol
Filing Documents
- ea0218016-6k_nlspharma.htm (6-K) — 19KB
- ea021801601ex10-1_nlspharma.htm (EX-10.1) — 23KB
- ea021801601ex99-1_nlspharma.htm (EX-99.1) — 262KB
- ea021801601ex99-2_nlspharma.htm (EX-99.2) — 12KB
- 0001213900-24-089638.txt ( ) — 317KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NLS Pharmaceutics Ltd. Date: October 22, 2024 By: /s/ Alexander Zwyer Name: Alexander Zwyer Title: Chief Executive Officer 2