on Avenir Wellness Solutions, Inc. (f/k/a Cure Pharmaceutical Holding Corp.) (NASDAQ:AVRW)
Avenir Wellness Solutions Settles Dispute with Ionic Ventures
Avenir Wellness Solutions, Inc., based in Sherman Oaks, CA, has announced a global settlement with Ionic Ventures LLC, addressing ongoing disputes over convertible debt. The agreement involves converting part of $8.7 million in convertible notes to 8.3 million shares of Avenir stock, valued at $233,000. The remaining debt will be replaced with a $2.85 million two-year note. This move is expected to result in a $5 million gain for Avenir in Q4 2024.
Avenir also withdrew its lawsuit against Ionic, acknowledging Ionic's compliance with past agreements. CEO Nancy Duitch stated that eliminating the debt was vital to align the company's market value with its business performance. This settlement is seen as a strategic step to strengthen Avenir's financial position ahead of expected growth in 2025.
R. H.
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