Biora Therapeutics Enhances Financial Position Through $50M Equity Swap Agreement with Athyrium Capital
Portfolio Pulse from Benzinga Newsdesk
Biora Therapeutics, Inc. (NASDAQ:BIOR) has entered into a $50 million equity swap agreement with Athyrium Capital Management. The deal involves exchanging senior convertible notes due 2025 for a combination of common stock and pre-funded warrants. The exchange price is $3.01 per share, a 44% premium to the closing price on September 18, 2023.
September 19, 2023 | 12:09 pm
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POSITIVE IMPACT
Biora Therapeutics' equity swap agreement with Athyrium Capital Management could improve the company's balance sheet and increase its equity exposure. The deal is at a premium to the current stock price, which could be positive for the stock.
The equity swap agreement allows Biora Therapeutics to increase its equity exposure while improving its balance sheet. The exchange price of $3.01 per share represents a 44% premium to the closing price on September 18, 2023, which could be seen as a positive signal by the market and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
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