TAMPA, FL / ACCESS Newswire / March 19, 2026 / Wellgistics Health, Inc. (NASDAQ:WGRX) ("Wellgistics"), a health information technology leader, integrating proprietary pharmacy dispensing optimization artificial intelligence (AI) platform EinsteinRx into its patented blockchain-enabled smart contracts platform PharmacyChain, today announced that its President and Interim Chief Executive Officer, Prashant Patel, together with an additional participant from the Company's Board of Directors, entered into agreements with the Company to convert an aggregate of approximately $2.0 million of accrued compensation into shares of the Company's common stock at a conversion price of $0.20 per share, representing a premium to the Company's recent trading price. In connection with the conversion, the Company will issue approximately 10,000,000 shares of common stock.
In addition, the Company issued an aggregate of 10,000,000 warrants to purchase shares of common stock at an exercise price of $0.01 per share (the "Warrants"), which were issued as additional consideration in connection with the conversion. The Warrants are exercisable immediately, have a term of 5 years from issuance, and are subject to customary anti-dilution adjustments.
This conversion, which was approved by the disinterested directors of the Board, reflects Mr. Patel's confidence in the Company's strategic direction and his commitment to creating long-term shareholder value. Further reinforcing Mr. Patel's belief in the Company's long-term success, the newly issued shares of the Company's common stock are subject to a lock-up agreement restricting transfers for a period of 6 months, subject to customary exceptions.
The structure of the transaction, including the issuance of Warrants, was designed to align management and director incentives with long-term shareholder value creation.
"I believe Wellgistics has the potential to build upon its vision and bring long lasting value to all healthcare stakeholders," said Mr. Patel. "This conversion reinforces my unwavering belief in our team, our mission, and the transformative impact we will have on the future of healthcare."
About Wellgistics Health, Inc.
Wellgistics Health (NASDAQ:WGRX) is a health information technology leader, integrating proprietary pharmacy dispensing optimization artificial intelligence platform EinsteinRx into its patented blockchain-enabled smart contracts platform PharmacyChain to optimize the prescription drug dispensing journey. Its integrated platform connects 6,500+ pharmacies (the "Wellgistics Pharmacy Network") and 200+ manufacturers, offering wholesale distribution, digital prescription routing, direct-to-patient delivery, and AI-powered hub services such as eligibility, adherence, onboarding, prior authorization, and cash-pay fulfillment as needed to optimize patient access. Wellgistics provides end-to-end solutions designed to restore access, transparency, and trust in the U.S. prescription drug market for independent pharmacies.
For more information, visit www.wellgisticshealth.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the Company's future financial or operating performance and may include, without limitation, statements regarding the expected benefits of the debt conversion transaction, including its anticipated impact on the Company's balance sheet, liquidity, capitalization, and alignment of management and director interests with those of stockholders, as well as the Company's strategic plans, growth initiatives, and long-term value creation.
In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "continue," or the negative of these terms or other comparable terminology. These statements are based on current expectations, estimates, and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These risks and uncertainties include, without limitation, risks related to the Company's ability to realize the anticipated benefits of the debt conversion transaction; the potential dilutive impact of the issuance of common stock and warrants, including upon exercise of the warrants; the Company's ability to maintain compliance with Nasdaq listing standards; market conditions and volatility in the Company's stock price; the Company's ability to execute its business strategy and growth initiatives; and other risks and uncertainties described from time to time in the Company's filings with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Wellgistics Media & Investor Contact
Media:
media@wellgisticshealth.com
Investor Relations:
IR@wellgisticshealth.com
SOURCE: Wellgistics Health, Inc.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/healthcare-and-pharmaceutical/wellgistics-management-converts-2-million-in-deferred-compensation-in-1149194
