Novo Integrated Sciences Receives ~$78M Commencement Of Disbursement Notice For Standby Letter Of Credit Leasing And Monetizing Program

Author: Benzinga Newsdesk | July 18, 2024 04:10pm

Novo Integrated Sciences, Inc. (NASDAQ:NVOS) (the "Company" or "Novo") announced today that it has received notice of the commencement of disbursement for the complete monetization of a Standby Letter of Credit ("SBLC"). The initial disbursement represents the first payment as per the arrangement creating a release of lien resulting in the subsequent final advance to the Company. With this initial disbursement the Company expects final distribution to follow on or before August 2. As previously reported, the Company entered into an application for the monetizing program whereby the Company is projected to receive gross funding proceeds of approximately $78 million under the SBLC monetization program.

Posted In: NVOS