By Chris Wack
Moolec Science shares were up 13%, to $2.85, after the company entered into an agreement to issue a convertible note due 2026 to Grupo Insud.
The stock hit its 52-week low of $2.50 on Monday, and is down 72% in the past 12 months.
The convertible note, which has a principal amount of $21 million, with a strike price of $6 a share, will be issued against a cash payment of $10 million and in-kind contributions to be made by Insud to Moolec.
In-kind contributions include credits to access Insud’s industrial capabilities, operational services, and the incorporation of joint venture participation, started with Moolec in 2021. At maturity, Moolec will hold the option to deliver ordinary shares, cash, or a combination of cash and ordinary shares.
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