Cosmos Holdings pays off all its convertible debt

Cosmos Holdings Inc (OTCQB:COSM) announced Wednesday that the international pharmaceutical company has paid off the remaining balance of its convertible notes.

The aggregate initial principal amounts of the notes totaled $5,583,333.

“We are excited to announce the repayment of all our convertible debt,” said Cosmos Holdings CEO Gregory Siokas. “With the acquisition of Cosmofarm that closed in December of last year, and this note repayment, we believe are well-positioned for growth in 2019.” 

READ: Cosmos posts 3Q profit and strong profit margins on booming drug sales and bolstered balance sheet

Established in 1994, Cosmofarm is a pharmaceutical wholesale company in Athens, which provides a comprehensive range of products. Its core business focuses on sourcing and distributing branded and generic medicines, over-the-counter pharmaceuticals, food supplements and medical devices to more than 1,130 pharmacies.

Cosmofarm conducts business with as many as 250 pharmaceutical manufacturers and wholesalers and reported sales of about $14 million for the 2017 fiscal year.

Cosmos Holdings specializes in acquiring, developing, and commercializing medicines. Cosmos Holdings has offices and distribution centers in Thessaloniki, Greece and in the UK.

Shares in Cosmos Holdings traded flat at $2.89.

Contact Uttara Choudhury at [email protected]

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Story by ProactiveInvestors