Medical diagnostics and associated solutions firm Todos Medical Ltd (OTCMKTS:TOMDF) was in the news yesterday after it announced that it signed an agreement with the convertible note holders in the company.
The notes in question have a moratorium of 90 days with regards to conversions and a prohibition of 90 days with regards to sales of common shares by the holders owing to conversion notices. It was a major announcement from the company but the Todos Medical investors did not actually seem to be too excited about the announcement. The stock actually declined by as much as 6% yesterday as a result of the announcement.
In addition to the agreement with the note holders, Todos also announced that it decided to hire the services of the company Univest Securities for the purposes of a possible underwritten public offering of its securities. The public offering of these securities is going to be conducted at the same as the listing of the Todos stock on a major national stock exchange. However, it should be noted that the lock up agreement with the note holders was a significant development for Todos and one that could eventually benefit the company.