China Pharma Holdings, Inc. Completes Full Redemptions Under Convertible Note Agreement with Streeterville

Rhea-AI Summary

China Pharma Holdings (NYSE American: CPHI) has announced the successful completion of all redemptions under its Convertible Promissory Note agreement with Streeterville Capital, as of December 11, 2024. The note, originally issued on November 17, 2021, had a principal amount of $5,250,000 and was later amended to extend its maturity date to August 19, 2025.

CEO and Chairwoman Zhilin Li emphasized that this milestone strengthens the company's financial foundation. The completion of these redemptions positions the company to pursue its growth objectives and continue developing innovative pharmaceutical solutions for the Chinese healthcare market.

Positive

• Full redemption of $5.25M convertible note ahead of maturity date
• Reduction in debt obligations strengthens financial position
• Elimination of potential future share dilution from convertible note

Negative

• None.

HAIKOU, China, Dec. 18, 2024 /PRNewswire/ -- China Pharma Holdings, Inc. (NYSE American: CPHI) ("China Pharma", the "Company" or "We"), an NYSE American-listed corporation with a fully-integrated specialty pharmaceuticals subsidiary based in China, today announced successful completion of all redemptions under its Convertible Promissory Note agreement (the "Convertible Promissory Note") with Streeterville Capital, LLC as of December 11, 2024. This marks a significant step in strengthening the company's financial position and reflects its commitment to sound fiscal management.

The Convertible Promissory Note was originally issued on November 17, 2021, with a principal amount of $5,250,000. Following a series of amendments, including an extension of the maturity date to August 19, 2025, China Pharma has fulfilled its obligations under the Convertible Promissory Note. The Company's proactive measures to meet its financial commitments underscore its dedication to maintaining investor confidence and operational stability.

"We are delighted to announce the completion of all redemptions under the Convertible Promissory Note," said Ms. Zhilin Li, CEO and Chairwoman of the Company "This achievement highlights our continued efforts to strengthen our financial foundation as we advance our strategic initiatives. We appreciate the ongoing support of our partners and stockholders during this process."

With the redemptions now complete, China Pharma is well-positioned to pursue its growth objectives and deliver long-term value to its stockholders. The Company remains focused on its mission to develop its product portfolios and bring to market innovative pharmaceutical solutions that address critical healthcare needs of Chinese patients.

About China Pharma Holdings, Inc.

China Pharma Holdings, Inc. (NYSE American: CPHI) is a specialty pharmaceutical company that develops, manufactures and markets a diversified portfolio of products, focusing on conditions with high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company's cost-effective business model is driven by market demand and supported by new GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company's wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. For more information about China Pharma Holdings, Inc., please visit www.chinapharmaholdings.com. The Company routinely posts important information on its website.

Safe Harbor Statement 

Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties may include, but are not limited to: the achievability of financial guidance; success of new product development; unanticipated changes in product demand; increased competition; downturns in the Chinese economy; uncompetitive levels of research and development; and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations, except as required by applicable law or regulation.

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SOURCE China Pharma Holdings, Inc.

FAQ

What is the value of the convertible note CPHI fully redeemed in December 2024?

China Pharma Holdings (CPHI) fully redeemed a convertible promissory note with a principal amount of $5,250,000, which was originally issued on November 17, 2021.

When was the maturity date for CPHI's convertible note with Streeterville Capital?

The convertible note's maturity date was extended to August 19, 2025, though CPHI completed all redemptions by December 11, 2024, ahead of schedule.

How does the convertible note redemption affect CPHI's financial position?

The completion of all redemptions strengthens CPHI's financial position by reducing debt obligations and eliminating potential future share dilution, positioning the company better for pursuing growth objectives.

When did CPHI complete the redemptions of its convertible note with Streeterville?

China Pharma Holdings completed all redemptions under the convertible note agreement with Streeterville Capital on December 11, 2024.