Medovex Corp. Enters Into Modification Agreement for Previous Loan Financing With Company Co-Founder Steve Gorlin

Medovex Corp. (NASDAQ: MDVX)  announced that it has entered into a modification agreement with its co-founder Steve Gorlin.
According to the company press release, terms of the modification agreement include:

• To amend the conversion price of the promissory note issued to Mr. Gorlin on November 9, 2015 from $2.00 per share to $1.75 per share. In turn, Mr. Gorlin agreed to immediately convert the promissory note into an aggregate of 571,429 shares of its Common Stock eliminating the Company’s $1,000,000 debt obligation to Mr. Gorlin.

• Mr. Gorlin irrevocably agreed to acquire 571,429 additional shares of Common Stock at a price of $1.75 per share for a total purchase price of $1,000,000 within two months of the date hereof;

• To amend the exercise price of the Warrant issued to Mr. Gorlin on November 9, 2015 from $2.20 per share to $2.00 per share.

• Mr. Gorlin agreed to act as Co-Chair of the Company’s Board of Directors for a period of two years.

Mr. Patrick Kullmann, Medovex President and COO, stated:

We’re very pleased that Mr. Gorlin continues to demonstrate his support by agreeing to swap his debt for equity at above market pricing. We think it self-evident that these new terms are extremely favorable to existing shareholders.

Click here to view the full press release.