NEXGEL Announces Noteholder Participation in Strategic Recapitalization and Approximately $1.2 Million in New Capital Funding
Globe Newswire•11/11/2026•09:00 ET
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Key Highlights
- ➤$14.125M of $14.885M convertible notes committed for conversion
- ➤$1.2M funded, including $732,000 from Sequence LifeScience
- ➤New financing priced at $5.50 per share with 100% warrant coverage
- ➤Up to $1.75M additional savings and loss reductions are being pursued
- ➤Merger deadline March 31, 2027; otherwise conversions do not occur
Expert Statements
Kevin Harris, Chair of the Special Committee for Strategic Review and Value Creation, NEXGEL Board of Directors
“Achieving approximately 95% participation from our noteholders represents a significant milestone in NEXGEL’s recapitalization and reflects strong support for the path we are pursuing”
Kevin Harris, Chair of the Special Committee for Strategic Review and Value Creation, NEXGEL Board of Directors
“The conversion of approximately $14.1 million of existing debt would substantially reduce the debt burden on NEXGEL’s balance sheet. Combined with the new capital received and additional commitments, we believe we are establishing a significantly stronger financial foundation from which to pursue our contemplated strategic merger.”
Brian Kieser, Interim Chief Executive Officer and director, NEXGEL
“Our progress extends beyond the balance sheet. Since beginning the strategic review and leadership transition, we have implemented approximately $2.25 million of annualized cost savings and are pursuing up to an additional $1.75 million of savings and reductions in losses from underperforming operations. Together, these actions are creating a leaner operating structure and positioning NEXGEL to execute on its next phase of growth.”
Approximately 95% of Outstanding Convertible Note Principal Committed to Conversion, Subject to Completion of a Strategic Merger
Sequence LifeScience(™ )Provides $732,000, Representing 61% of Approximately $1.2 Million Funded to Date, in Support of a Strategic Merger
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