Summary by Moomoo AI
On April 12, 2024, T2 Biosystems, Inc., a Delaware-incorporated company, reported entering into a significant transaction involving the issuance of equity to settle outstanding loans. The company issued 3,280,618 shares of Common Stock and 17,160.48 shares of Series A Convertible Preferred Stock to a group of lenders led by CRG Partners III L.P. and its affiliates in exchange for the cancellation of $15.0 million in loans. This transaction was part of a Securities Purchase Agreement dated February 15, 2024. Concurrently, T2 Biosystems entered into a Consent and Amendment No. 10 to its Term Loan Agreement, which included the lenders' consent to the equity issuance and an extension of the interest payment period on the term loans. The shares issued in this transaction were not registered under the Securities Act of 1933, as the sale was made to accredited investors and relied on exemptions from registration requirements. Additionally, the company filed a Certificate of Designation with the State of Delaware, detailing the rights and preferences of the Series A Convertible Preferred Stock, including conversion rights, dividend entitlements, and liquidation participation.