Novo Integrated Sciences, Inc. (NASDAQ: NVOS) announced today the initiation of disbursement for the full monetization of a Standby Letter of Credit (“SBLC”). This initial disbursement marks the first payment under the arrangement, leading to a release of lien and subsequent final advance to the Company. The final distribution is anticipated by August 2, following the initial disbursement. As previously disclosed, Novo entered into an application for the SBLC monetization program, expecting gross funding proceeds of approximately $78 million.
Robert Mattacchione, CEO and Board Chairman of Novo, commented, “The commencement of distribution marks the first payments in the process of full SBLC monetization. This step sets the stage for receiving our complete expected payout as outlined in the transaction documents. We are eager to pursue our planned initiatives.”
About Novo Integrated Sciences, Inc.
Novo Integrated Sciences, Inc. pioneers a holistic approach to patient-first health and wellness through a multidisciplinary healthcare ecosystem integrating medical technology, advanced therapeutics, and rehabilitative science. The company aims to decentralize healthcare by leveraging medical technology and interconnectivity, enhancing ease-of-access to non-critical care diagnosis and treatment. Novo’s decentralized healthcare model focuses on service networks, technology integration, and personalized health products to support transformative healthcare delivery.
Novo Integrated Sciences continues to innovate through science and advanced technology, ensuring cutting-edge advancements in patient-first platforms.
