Standard BioTools Announces Exchange Of All Outstanding Series B Convertible Preferred Stock For Common Stock Pursuant To An Agreement With Stockholders Affiliated With Viking Global Investors And Casdin Capital
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Standard BioTools Inc. (NASDAQ:LAB) has exchanged all its Series B Convertible Preferred Stock for common stock with Viking Global Investors and Casdin Capital. This move, aimed at streamlining the capital structure, issued approximately 93 million shares of common stock at $2.75 per share, resulting in about 17.8 million additional shares compared to the original conversion price of $3.40 per share. This represents less than 5% dilution and eliminates all Series B Preferred senior rights. The company now has around 382.5 million shares of common stock outstanding.
March 18, 2024 | 12:17 pm
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Standard BioTools exchanged Series B Preferred Stock for common stock, aiming to streamline capital structure and attract investors. Issued ~93M shares at $2.75/share, resulting in less than 5% dilution.
The exchange of Series B Preferred Stock for common stock by Standard BioTools is likely to be viewed positively by the market. Streamlining the capital structure and eliminating senior rights of Series B Preferred could make the company more attractive to investors and potential M&A partners. The dilution is minimal (<5%), which is generally favorable for existing shareholders. However, the impact on the stock price will depend on market perception of the company's future growth prospects and operational efficiency.
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IMPORTANCE 90
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