By Stephen Nakrosis
Shares of Navidea Biopharmaceuticals Inc. were trading higher in Tuesday’s latest session after the company said it had reached a loan agreement with Vice Chairman John K. Scott, Jr., the largest shareholder of the society.
The loan deal will see Mr Scott provide initial funding of $1.5m as a bridging loan. The company and Mr. Scott have agreed terms for a secured bridge loan of up to $2.5 million, Navidea said.
Navidea also said its board of directors adopted a rights agreement designed to protect the availability of the company’s net operating loss carryforwards and other tax assets.
As of 4:41 p.m. ET, Navidea shares were trading about 12% higher at 85 cents. The stock ended the day’s regular session with a loss of 4.94%, closing at 76 cents.
Also on Tuesday, the company said it received a letter from NYSE American saying its plan to return to compliance with the stock exchange standard of $6 million in equity was accepted. However, the letter advised the company that it was not in compliance with other sections of the exchange’s rules relating to equity and loss reporting. The company has until July 28, 2023 to come into compliance, she said.
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