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Biora Therapeutics | 8-K: Current report

SEC announcement ·  Mar 11 08:11
Summary by Moomoo AI
On March 8, 2024, Biora Therapeutics, Inc. entered into a series of debt exchange transactions, which are set to close on March 12, 2024. The company agreed to acquire $5,625,000 of its 7.25% Convertible Senior Notes due 2025 in exchange for $3,825,000 of new 11.00%/13.00% Convertible Senior Secured Notes due 2028, plus accrued interest. Additionally, Biora Therapeutics entered into a note purchase agreement where an investor agreed to purchase $2,812,500 of the new notes at par value and was granted warrants to purchase 2 million shares of common stock. The notes will be governed by an indenture dated December 19, 2023, and secured by substantially all of the company's assets. In connection with these transactions, Biora Therapeutics also entered into a Registration Rights Agreement with the investor to register the resale of shares...Show More
On March 8, 2024, Biora Therapeutics, Inc. entered into a series of debt exchange transactions, which are set to close on March 12, 2024. The company agreed to acquire $5,625,000 of its 7.25% Convertible Senior Notes due 2025 in exchange for $3,825,000 of new 11.00%/13.00% Convertible Senior Secured Notes due 2028, plus accrued interest. Additionally, Biora Therapeutics entered into a note purchase agreement where an investor agreed to purchase $2,812,500 of the new notes at par value and was granted warrants to purchase 2 million shares of common stock. The notes will be governed by an indenture dated December 19, 2023, and secured by substantially all of the company's assets. In connection with these transactions, Biora Therapeutics also entered into a Registration Rights Agreement with the investor to register the resale of shares issuable upon conversion or exercise of the notes or warrants. Furthermore, Biora Therapeutics announced the monetization of its investment in Enumera Molecular, Inc., resulting in $3 million of nondilutive funding. This move, along with the debt exchange, is part of Biora's strategy to optimize its capital structure and fund its therapeutic programs.
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