Quipt Home Medical converts debt 

CINCINNATI – Quit Home Medical has exercised its right under the debenture indenture dated March 7, 2019, which governs all of the company’s 8% unsecured convertible debentures issued on that date, to convert all of the principle amount outstanding of the remaining debentures on Sept. 8, 2022, into common shares of the company. “The conversion of this debenture is an exciting milestone for the company, as we continue to execute on our aggressive growth strategy,” said Greg Crawford, Chairman and CEO of Quipt. “The conversion of the debentures further ‎strengthens our balance sheet, eliminates the interest payments ‎ associated with the debentures, and simplifies our debt structure. As we continue to drive each area of the business, the conversion ‎of this convertible debenture is another testament to our positive momentum.” Pursuant to the terms of the indenture, the company may force conversion of the outstanding principal amount (less ‎any tax required by law to be deducted or withheld) of the debentures into common shares at the conversion price of $5.20 per common ‎share, if the volume weighted average trading price of the common shares on the TSX ‎Venture Exchange (the “TSXV”) for 20 consecutive trading days equals or exceeds $6.48. As of close of markets on Aug. 8, 2022, the volume weighted average trading price exceeded $6.48 for a period of 20 consecutive trading days. As a result of the conversion, the estimated remaining total of approximately $9,771,000 (face value) of debentures outstanding will be converted into approximately 1,879,038 common shares, and accrued and unpaid interest (less any required deductions or withholdings) will be paid by the company in cash to the applicable holders of the debentures.