Wellgistics Health Converts $1.5 Million Debt to Equity

Wellgistics Health, Inc. (NASDAQ:WGRX), based in Tampa, Florida, has converted $1.5 million of debt into equity at its IPO price of $4.50 per share. The conversion results in the issuance of 333,333 shares to CEO Brian Norton, stemming from an amendment to the Membership Interest Purchase Agreement with Wellgistics LLC's former owners. This transaction was necessary to fulfill a financial obligation due by June 2025.

This move showcases Mr. Norton's confidence in Wellgistics Health's strategic direction and commitment to shareholder value. The shares are subject to a 12-month lock-up period. Mr. Norton emphasized the potential growth and impact of the company, particularly in healthcare technology and pharmaceutical services.