On August 11, 2020 Nascent Biotech, Inc. (OTCQB:NBIO) reported that It has significantly reduced its liabilities through stock conversion and payment of accrued liabilities (Press release, Nascent Biotech, AUG 11, 2020, View Source [SID1234563439]). The reduction was achieved through the conversion of $1,600,000 in debt to equity and the payment of over $200,000 of liabilities.

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Nascent’s CFO Lowell Holden stated, "I believe the Company has continued to be undervalued and the debt reduction allows the Company to invest funds into opening the clinical trials for brain cancer.

Nascent’s CEO Sean Carrick added," Shareholder confidence in the Senior Management team and the Company’s asset along with this significantly reduce of Company debt will help to move our assets forward. This reduction of debt should result in a positive market impact, as Nascent continues to monetize its assets."