Novo Integrated Sciences, Inc. (NASDAQ:NVOS) shares are blasting higher Thursday after-hours after the company announced it received notice of the commencement of disbursement for the complete monetization of a Standby Letter of Credit (SBLC) and monetization program.
The Details: As previously reported, Novo entered into an application whereby the company is projected to receive gross funding proceeds of approximately $78 million under the SBLC monetization program.
Novo said the initial disbursement represents the first payment as per the arrangement creating a release of lien resulting in the subsequent final advance to the company. With this initial disbursement, the Novo expects final distribution to follow on or before August 2.
"The commencement of distribution marks the first payments in the process of full monetization of the SBLC. This step will now lead us to receiving our full expected payout as identified in the transaction documents. We look forward to engaging in our intended initiatives," said Robert Mattacchione, Novo's CEO.
NVOS Price Action: According to Benzinga Pro, Novo Integrated Sciences shares are up 34.73% after-hours at 81 cents at the time of publication Thursday.
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