On Friday, Novo Integrated Sciences Inc (NASDAQ:NVOS) announced it received notice of the commencement of disbursement for the complete monetization of a Standby Letter of Credit (SBLC).
The initial disbursement represents the first payment per the arrangement, creating a release of lien and resulting in the subsequent final advance to the company.
With this initial disbursement, the company expects final distribution to follow on or before Aug. 2.
As previously reported, the company entered into an application for the monetizing program whereby the company is projected to receive gross funding proceeds of approximately $78 million under the SBLC monetization program.
Robert Mattacchione, Novo's CEO and board chairman, stated, "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."
Price Action: NVOS stock is up 9.56% at $0.66 at last check Friday.
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