Biora announced an agreement with institutional investors Athyrium Capital Management, Davidson Kempner Capital Management, and Highbridge Capital Management to reduce the company’s net debt by 60% through a convertible note exchange which also brings $16.7 million in new capital. The company has agreed to exchange an aggregate of $72.5 million principal amounts of its senior convertible notes due 2025 for a combination of new convertible senior secured notes due 2028, shares of common stock, and common stock purchase warrants. The transaction is expected to close on December 19, 2023. Details of the transaction can be found in the company’s separate filing on SEC Form 8-K.
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