Qualigen (NASDAQ:QLGN) stock is rocketing higher on Friday after the clinical-stage therapeutics company secured a new loan.
Qualigen reached an agreement with an investor for a $2 million Senior Note due July 8, 2025, with an 18% annual interest rate. This note grants the company an extra $2 million of cash to work with.
There are some stipulations that come with this new investor loan. That includes changes to the Qualigen board of directors. Richard David, Sidney Emery, Kurt Kruger, and Ira Ritter have resigned from their board seats.
Following that, the board of directors appointed three new members to replace the outgoing ones: Campbell Becher, Robert Lim and Cody Price. The roles of these board members haven’t been determined yet.
https://investorplace.com/2024/07/why-is-qualigen-qlgn-stock-up-141-today/
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