Bionano Genomics (BNGO) stock soared 8.28% in intraday trading on Tuesday, outperforming the broader market. The rally was driven by the company's announcement of a debt restructuring deal and a lower conversion price for its outstanding convertible debentures.
According to the announcement, Bionano Genomics agreed to settle and amend its senior secured convertible debentures due in May 2024. The key changes include deferring the December 2024 amortization payment, reducing monthly payments from January to July 2025, and increasing payments starting in August 2025 until the debt is fully paid.
Furthermore, the company decreased the conversion price of the debentures from $2 to $0.27 per share and agreed to issue 5 million common shares to the debtholders. This move was seen as a positive development by investors, as it improves the company's financial flexibility and reduces the potential dilution impact on existing shareholders.
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