Lakewood-Amedex Biotherapeutics Inc. (NASDAQ: LABT) has completed the redemption of all outstanding shares of its Series C Convertible Preferred Stock. The transaction, finalized on November 4, 2026, involved the cancellation of 127,097 shares of Series C Preferred Stock.
Under the terms of a Share Redemption Agreement dated November 2, 2026, the Company paid an aggregate redemption price of $1,270,970 to Shakawe Capital LLC, the holder of the preferred shares. The payment was made in cash from the Company's available funds, at a rate of $10.00 per share, which represents the face value of the securities.
Following the closing of the transaction, the redeemed shares were returned to the Company's treasury. As a result, there are no longer any outstanding shares of Series C Preferred Stock, nor is there any outstanding indebtedness for borrowed money. The redemption also eliminates all restrictions associated with the Series C Preferred Stock, including those related to financing.
In a statement regarding the transaction, Kelvin Cooper, Ph.D., Chief Executive Officer of Lakewood-Amedex Biotherapeutics, noted that the move simplifies the Company's capital structure and removes the potential for future dilution from conversion of the preferred stock.
