SAN CLEMENTE, Calif., April 12, 2021 /PRNewswire/ -- Global WholeHealth Partners Corp (OTC: GWHP) is pleased to advise that the Company has entered into an At-The-Market Subscription Agreement (ATM) with EMC2.
The ATM provides the Company with up to $100 million of standby equity capital with the expiry of the ATM being July 2023.
Under the ATM, the Company retains full control of all aspects of the subscription process: having sole discretion as to whether or not to utilize the ATM, the maximum number of shares to be issued, the minimum issue price of shares and the timing of each subscription (if any). There are no requirements on the Company to utilize the ATM. EMC2 and the ATM does not place any restrictions at any time on the Company raising capital through other methods.
If the Company does decide to utilize the ATM, it is able to set an issue price floor with the final issue price being calculated as the greater of that floor price set by the Company and up to a 5% discount to a Volume Weighted Average Price (VWAP) over a period of the Company's choosing (again at the sole discretion of the Company). The company has over 8 million shares available for the ATM, and Global is planning on using the shares through the ATM at the most opportune monument.
Global is planning on using the funds for growth and expansion. Mr. Strongo states, "Global continues to do research on all new strains of the COVID-19 virus to make sure the tests we offer are a useful and reliable diagnostic test. Mr. Strongo states that, "Global is continuing to do research on new types of tests, to keep Global on the cutting edge of science."
GWHP develops, manufactures, and markets in vitro diagnostic (IVD) tests for OTC, or consumer-use as well as professional rapid diagnostic point-of-care (POC) test kits for hospitals, physicians' offices, and medical clinics in the US and abroad. Notably, GWHP offers a CE Mark for its high quality, rapid antibody test for COVID-19 and an EUA filing with the FDA is pending approval. In the interim, the Company has the capacity to deliver hundreds of thousands of tests, ramping up to 1 million per day. Currently, the Company has 56 products FDA approved and many are Approved for OTC use, and 9 POC products approved by the FDA.
Forward-Looking Statements This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xiii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.