T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced the conversion of approximately 20% of its term loan with entities affiliated with CRG Servicing LLC (“CRG”) into T2 Biosystems common stock and Series B convertible preferred stock.
The conversion reduces the outstanding principal amount of the term loan by $10 million, or approximately 20%, in exchange for 48,345,798 shares of T2 Biosystems common stock and Series B Convertible Preferred Stock convertible into 93,297,259 shares of common stock, based on the June 30, 2023 close of business price of $0.0706 per share. The Series B Preferred shares will be eligible to be converted into common stock upon shareholder approval. The December 30, 2024 interest-only period end and maturity date of the term loan is unchanged. Following this transaction, CRG is now a 19.99% beneficial owner of T2 Biosystems’ outstanding common stock.
https://finance.yahoo.com/news/t2-biosystems-announces-conversion-approximately-120000899.html
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