Endonovo gets restraining order vis-ŕ-vis equity purchase agreement

Kodiak prevented from trading remaining shares under $3 million deal

By Devika Patel

Knoxville, Tenn., June 15 – Endonovo Therapeutics Inc. said it has received a temporary restraining order against Kodiak Capital Group, LLC, COR Clearing and BMA Securities. The order prevents the entities from trading, lending or hypothecating the remaining shares under the company’s equity purchase agreement with Kodiak, including 1.89 million freely traded shares and 215,000 commitment shares issued to Kodiak.

The $3 million equity purchase agreement was negotiated with Kodiak on Jan 21.

“The temporary restraining order allows us to preserve value by removing the 1.89 million shares from our publicly traded float while we continue to position the company for a larger round of institutional financing,” said Alan Collier, the company’s chairman and chief executive officer, in a news release.

The biotechnology company is based in Los Angeles.

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