Bionano Genomics, Inc. (BNGO): restructuring charge — Bionano Genomics closes $80M convertible note financing with High Trail; plans 17% workforce reduction

Bionano Genomics, Inc.

Entered securities purchase agreement to issue $45M registered and $35M private senior secured convertible notes due 2025; warrants to buy up to 21.66M shares at $3.1855.
Net proceeds estimated at $75.6M; proceeds used for working capital and general corporate purposes including R&D and capex.
Reduces headcount by ~66 employees (17% of full-time staff) as part of corporate reorganization to save ~$33M annually starting 2024.
Notes carry initial conversion price of ~$2.8638 per share; no regular interest; repayment at 115% of principal at maturity.
Issued press release announcing preliminary Q3 2023 results; specific figures not provided in filing.

item 1.01 item 2.02 item 2.03 item 2.05 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.85

Bionano Genomics, Inc. incurred senior notes of up to an additional $25.0 million aggregate principal amount of Private Placement Notes with High Trail Special Situations LLC maturing 2025.

Instrument: senior notes
Principal: up to an additional $25.0 million aggregate principal amount of Private Placement Notes
Counterparty: High Trail Special Situations LLC
Maturity: 2025
Event: incurrence

Exact text from the filing

and together with the Registered Notes, the “Notes”). Pursuant to the Purchase Agreement, the Company also granted the Purchaser an option to purchase up to an additional $25.0 million aggregate principal amount of Private Placement Notes initially convertible into 8,729,813 shares of the Company’s common stock (the “Subsequently Purchased Notes”) and warrants

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.85

Bionano Genomics, Inc. incurred senior notes of $35.0 million aggregate principal amount of senior secured convertible notes due 2025 with High Trail Special Situations LLC maturing 2025.

Instrument: senior notes
Principal: $35.0 million aggregate principal amount of senior secured convertible notes due 2025
Counterparty: High Trail Special Situations LLC
Maturity: 2025
Event: incurrence

Exact text from the filing

securities purchase agreement (the “Purchase Agreement”) with High Trail Special Situations LLC (the “Purchaser”) pursuant to which the Company agreed to issue and sell , (i) in a

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.85

Bionano Genomics, Inc. incurred senior notes of $45.0 million aggregate principal amount of senior secured convertible notes due 2025 with High Trail Special Situations LLC maturing 2025.

Instrument: senior notes
Principal: $45.0 million aggregate principal amount of senior secured convertible notes due 2025
Counterparty: High Trail Special Situations LLC
Maturity: 2025
Event: incurrence

Exact text from the filing

securities purchase agreement (the “Purchase Agreement”) with High Trail Special Situations LLC (the “Purchaser”) pursuant to which the Company agreed to issue and sell , (i) in a

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

Bionano Genomics, Inc. reported preliminary financial results for the third quarter of 2023.

Period: the third quarter of 2023
Result: preliminary results

Exact text from the filing

On October 11, 2023, the Company issued a press release announcing certain preliminary performance results for the third quarter of 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bionano Genomics, Inc. entered into Securities Purchase Agreement with High Trail Special Situations LLC valued at $45.0 million aggregate principal amount of senior secured convertible notes due 2025; $35.0 million (effective 2023-10-11).

Action: entry
Agreement: equity purchase
Counterparty: High Trail Special Situations LLC
Value: $45.0 million aggregate principal amount of senior secured convertible notes due 2025; $35.0 million
Effective: 2023-10-11

Exact text from the filing

On October 11, 2023, Bionano Genomics, Inc. (the “Company,” “we,” “us,” and “our”) entered into a securities purchase agreement (the “Purchase Agreement”) with High Trail Special Situations LLC (the “Purchaser”)

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Bionano Genomics, Inc. announced a restructuring with charges of approximately $0.8 million to $1.0 million affecting corporate reorganization plan (approximately 66 employees, which represents 17% of its full-time employees).

Type: restructuring
Charge: approximately $0.8 million to $1.0 million
Affected area: corporate reorganization plan
Headcount: approximately 66 employees, which represents 17% of its full-time employees

Exact text from the filing

in stock-based compensation, and an expected reduction in cost of goods sold of approximately $1.4 million. The Company expects to incur non-recurring charges of approximately $0.8 million to $1.0 million related to the Reduction, consisting primarily of cash severance payments, employee benefits and related costs. Of the total charges, substantially all charges

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26 debt financings filed in the last 30 days. Browse all debt financings →

Bionano Genomics, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-047688

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