Melodiol Global Health Limited

Corporate Update

Melodiol Global Health Limited (ASX:ME1) (‘Melodiol’ or ‘the Company’) is pleased to provide the following corporate update.


Highlights:

  • Two independent appraisals received for Mernova land and building, with values ranging from $10.4 million to $12.0 million (C$9.5 million to C$11.0 million)
  • Appraisals follow strong revenue progress at Melodiol, with $21.6m in revenue delivered for FY23 (a 148% increase on the PCP) and $4.4m of unaudited revenue for Q1 FY24 (a 91% increase on the PCP)
  • Health House group has been a strong contributor to group revenues since acquisition in FY23
  • Up to $5m convertible note facility entered into with Harbour Capital Opportunities Fund Pty Ltd
Mernova Valuation / Group Operational Progress

During May 2024, Mernova engaged two independent third party appraisal firms to ascertain the market value of the Mernova land and building. After a significant review process, these firms placed a market value on the Mernova property at a range of $10.4 million to $12.0 million. The Company is pleased with the result, which validates the significant investment it has made in this facility over the preceding years. The appraisals are subject to several assumptions and contain a reasonable exposure time of 3 to 6 months, further noting that that the estimate of market value is based on its continued operation for its intended use as a cannabis production facility. As such, the Company is considering strategic alternatives to utilise the land and building valuation to simplify and improve its balance sheet, including, but not limited to a potential sale leaseback transaction or a new secured loan. The intention of this process would be to replace the existing secured noteholders with one group to simplify the structure of the Company’s balance sheet, and to pursue a lower interest rate than the current secured note structures and potentially provide additional working capital above and beyond the refinancing. The Company is reviewing the credentials of various well renowned groups for this purpose and expects to engage one of them in the near term. The Company will provide further updates on this project in due course.

The appraisals underpin the value that the Company is driving at its core operational subsidiaries, Mernova and Health House. During FY23, the Company generated $21.6m of revenue (a 148% increase on the PCP) and during Q1 FY24, the Company generated $4.4m of unaudited revenue (a 91% increase on the PCP). The Company’s strategy remains to focus on these business units in an effort to drive profitability as quickly as possible.

Convertible Notes

Further to the Company’s announcement dated 21 February 2024, the Company is pleased to advise that it has entered into definitive agreements for an up to $5m convertible note facility with Harbour Capital Opportunities Fund Pty Ltd (“HCOF”). Full details of the convertible notes are set out in Appendix A. The issue of the HCOF convertible notes is subject to shareholder approval, which will be sought at an upcoming General Meeting.


Click here for the full ASX Release

This article includes content from Melodiol Global Health, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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(PRNewsfoto/Seelos Therapeutics, Inc.)

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Forward-Looking Statements:

Statements made in this press release, which are not historical in nature, constitute forward-looking statements for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements include, among others, those regarding the reverse stock split and the timing thereof, the potential impact of the reverse split on the bid price of the Company's common stock, the potential for the Company to regain compliance with the minimum bid price requirement of $1.00 per share of common stock for continued listing on the Nasdaq Capital Market and the expected number of shares of common stock to be outstanding following the reverse stock split. These statements are based on our current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties involved include those associated with general economic and market conditions, as well as other risk factors and matters set forth in our periodic filings with the SEC, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q . Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contact Information

Anthony Marciano
Chief Communications Officer
Seelos Therapeutics, Inc. (Nasdaq: SEEL)
300 Park Avenue, 2 nd Floor
New York, NY 10022
(646) 293-2136
anthony.marciano@seelostx.com

Mike Moyer
Managing Director
LifeSci Advisors, LLC
250 West 55th St., Suite 3401
New York, NY 10019
(617) 308-4306
mmoyer@lifesciadvisors.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/seelos-therapeutics-announces-1-for-8-reverse-stock-split-302144966.html

SOURCE Seelos Therapeutics, Inc.

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