Nature's Miracle Holding Inc. Announces $2.0 Million Debt to Equity Conversion by Management and Related Debt Holders

November 20, 2024 | 20:30

(0) user say

Nature's Miracle Holding Inc., a leader in vertical farming technology and infrastructure, announced today that the Company's management team and other debt holders have signed agreements to convert $2.0 million of debt to equity at a price of $0.088 per share, the closing price at the end of November 19, 2024 .

ONTARIO, Calif., Nov. 20, 2024 /PRNewswire/ -- Nature's Miracle Holding Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, announced today that the Company's management team and other debt holders have signed agreements to convert $2.0 million of debt to equity at a price of $0.088 per share, the closing price at the end of November 19, 2024.

To demonstrate alignment with shareholders, James Li, Chairman and CEO, is converting $577,000 of his personal loans into equity. Additionally, Jonathan Zhang, President, is converting the remaining outstanding trade payables due to Uninet Inc., a supplier to the Company, into equity.

James Li, Chairman and CEO of Nature's Miracle, commented, "We are truly excited to announce this debt to equity conversion agreement by key management and certain creditors which will reduce our debt by $2.0 million and increases our stockholder's equity by the same amount, and is in line with our strategy to optimize our capital structure. This debt conversion by the senior management team demonstrates our long term commitment to the Company's development and potential."

By PR Newswire

Nature's Miracle Holding Inc.

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional