CHICAGO, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (“the Company") (OTCQX: COSM), an international pharmaceutical company with a proprietary line of branded and generic pharmaceuticals, nutraceuticals, OTC medications and medical devices, and an extensive, established European Union distribution network, today announced that the Company has entered into a debt exchange agreement with its senior lender (Lender) to further reduce the Company’s debt. Under the terms of the agreement, the Company will issue the Lender 321,300 shares of common stock at $5.00 per share in exchange for the principal amount of debt of EUR $1.35 million (US $1.60 million). An additional EUR $1.00 million of debt (US $1.19 million) will be converted effective upon approval of listing of the Company’s common stock to Nasdaq Capital Market in exchange for 238,000 shares of common stock at $5.00 per share, or at market value upon listing if the price is above $5.00 per share at the time of conversion. With this conversion, the Company has reduced the remaining balance of its senior debt to EU $350,000 (US $414,000).

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Cosmos Holdings Announces Voluntary Conversion of Debt to Equity by the Company’s Senior Lender, Further Enhancing the Balance Sheet