Immune Therapeutics, Inc. (OTC:BB IMUN) announced the expansion of its Board of Directors from two to five members, effective May 31, 2022. New appointees include Dr. Stephen Wilson, Dr. Clifford Selsky, and Mr. Robert Wilson, who will serve interim terms until a formal shareholder vote. Dr. Wilson, an immunologist, brings extensive experience from Statera Biopharma; Dr. Selsky is a pediatrician and founder of a cancer center; Mr. Wilson has over 25 years in business strategy. CEO Kevin Phelps expressed confidence in their contributions during a critical phase for the company.
Immune Therapeutics (OTC-PINK: IMUN) announced a non-binding term sheet to secure $700,000 to $1,500,000 from existing shareholders to restructure its debt. The funding will come through non-convertible promissory notes at 5% interest. The company aims to settle other debts with former employees and management while restructuring prior toxic debt totaling $697,000. A 14A Proxy will be filed within 30 days for a new slate of directors. CEO Kevin Phelps emphasized that this restructuring is crucial for the company's growth and improving its balance sheet.
Immune Therapeutics Inc. (OTC-PINK: IMUND) announced a non-binding term sheet that aims to restructure its debt and secure working capital through existing shareholders. The terms involve a loan of $700,000 to $1,500,000 at a 5% interest rate, with provisions for noteholders to exercise warrants. The company is also negotiating debt settlements with past employees and aims to improve its financial standing. A 14A Proxy will be filed for a new slate of directors. CEO Kevin Phelps emphasized that this restructuring is crucial for the company's growth and advocates for the value of their biotech prospects.