--- title: "IGC Pharma issues shares to two officers at $0.27 to settle $1,154,210 owed" url: "https://aibio.space/news/igc-pharma-issues-shares-two-officers-0-27-settle-1-154-210-owed-them/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-07-06" section: "Financings" tickers: "AMEX:IGC" source: "https://www.sec.gov/Archives/edgar/data/1326205/000118518526002808/igc8k070626.htm" summary: "The CEO and the principal financial officer paid for the shares by cancelling amounts the company owed them, including personal cash advances. IGC Pharma p" --- By the aibio.space news desk. Sources - [IGC Pharma, Inc. 8-K (2026-07-06)](https://www.sec.gov/Archives/edgar/data/1326205/000118518526002808/igc8k070626.htm) - [IGC Pharma, Inc. 10-K (2025-06-27): business](https://www.sec.gov/Archives/edgar/data/1326205/000118518525000706/igc10k033125.htm) [IGC](https://aibio.space/companies/igc-pharma/) 2026-07-06 # IGC Pharma issues shares to two officers at $0.27 to settle $1,154,210 owed to them Tickers [IGC](https://aibio.space/companies/igc-pharma/) The CEO and the principal financial officer paid for the shares by cancelling amounts the company owed them, including personal cash advances. IGC Pharma paid no cash. ## Key facts - **Company**: IGC Pharma, Inc. (AMEX: IGC) - **News type**: Financings - **Primary source**: [IGC Pharma, Inc. 8-K (2026-07-06)](https://www.sec.gov/Archives/edgar/data/1326205/000118518526002808/igc8k070626.htm) *A conference room set for a meeting. CC0, via rawpixel. The picture shows the field, not the companies named.* IGC Pharma, Inc. said in an 8-K filed on July 6, 2026 that on June 30, 2026 it signed separate Stock Purchase Agreements with Ram Mukunda, its Chief Executive Officer, and Claudia Grimaldi, its Vice President and Principal Financial Officer. Each bought common stock directly from the company at $0.27 per share. The company took payment by cancelling amounts it owed to each of them, so no cash changed hands. The stock trades on the NYSE American under the symbol IGC. ## The amounts settled Mr. Mukunda received 2,226,475 shares in exchange for the cancellation and satisfaction of $601,148 owed to him, including about $283,639 of personal cash advances he had made to the company. Ms. Grimaldi received 2,048,378 shares for $553,062 owed to her, including about $268,723 of personal cash advances. Together the cancelled amounts total $1,154,210. The 8-K says the amounts included other sums deferred over multiple years, in addition to the cash advances. It gives June 30, 2026 as the date of the earliest event reported, and its cover lists the principal executive offices in Potomac, Maryland. The 8-K says the transactions did not involve any cash payments by the company, and that they reduced its outstanding obligations by $1,154,210, with a corresponding increase in stockholders' equity. The filing does not say when each amount was first owed, how the deferrals were agreed, or whether interest was charged on the advances. ## Approval and the terms of the shares The 8-K says the independent directors and the Audit Committee approved the transactions in advance. The interested directors recused themselves, including for purposes of Rule 16b-3 under the Securities Exchange Act of 1934. The filing does not name the directors who voted or give the vote count. The shares were issued in private transactions under Section 4(a)(2) of the Securities Act of 1933. The recipients are executive officers who acquired the shares for investment. No general solicitation was used, and no underwriting discounts or commissions were paid. The shares are restricted securities and may not be resold without registration or an exemption, including Rule 144. The form of Stock Purchase Agreement is filed as Exhibit 10.1 to the 8-K. The 8-K names no placement agent, underwriter or financial advisor for these transactions. The 8-K does not say how the $0.27 price was set. ## Scale and the company's finances The 10-K for the fiscal year ended March 31, 2025, filed June 27, 2025, reports revenue of $1.3 million for that year, a net loss of $7.1 million and cash used in operations of $4.8 million. Research and development expense was $3.7 million, against $3.8 million in fiscal 2024. Cash and cash equivalents were $405,000 at March 31, 2025, which is less than the $1,154,210 owed to the two officers. The 10-K describes the company's mission as improving the lives of people affected by Alzheimer's disease. Its lead candidate, IGC-AD1, is in a Phase 2 trial for agitation in Alzheimer's patients. The company says it is also investing in an early-stage pipeline and in AI models meant to find early markers of the disease. The 8-K does not discuss the company's cash position, its spending plans or any later financing. The two issues total 2,226,475 and 2,048,378 shares, and the company removes the cancelled obligations from its balance sheet. The 8-K gives no share count for the company before or after the issues, so the effect on total shares outstanding cannot be measured. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story IGC IGC Pharma, Inc. AMEX ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/igc-pharma-issues-shares-two-officers-0-27-settle-1-154-210-owed-them/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "IGC Pharma issues shares to two officers at $0.27 to settle $1,154,210 owed", 2026-07-06, https://aibio.space/news/igc-pharma-issues-shares-two-officers-0-27-settle-1-154-210-owed-them/