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Precipio Issues $1.9M in Shares to Cancel Debt

NEW YORK (GenomeWeb) – Precipio announced late on Tuesday it issued more than 1.8 million shares of its common stock in order to cancel debt totaling $1.9 million.

In a document filed with the US Securities and Exchange Commission, the company said that it issued the shares on Feb. 12 to several of its trade creditors to settle the debt. Precipio did not identify the creditors.

Separately, the company said in an SEC document last week that it had reached a deal with Leviston Resources to sell it, from time to time, shares of Precipio's common stock having an aggregate offering price of up to $8 million.

Last week, the company also announced preliminary fourth quarter revenues of $945,000, a 200 percent increase year over year from the year-ago period.