secwatch.observer — SEC 8-K summary
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Issuer:     T2 Biosystems, Inc. (—)
CIK:        0001492674
Form:       8-K
Filed at:   2023-07-06T23:59:59+00:00
Accession:  0001193125-23-182430
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 5.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

T2 Biosystems exchanges $10M debt for equity; issues voting preferred to facilitate reverse split
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- Exchanged $10.0M of outstanding loan debt for 48,345,798 common shares and 93,297.26 Series B Preferred shares (each convertible into 1,000 common shares).
- Issued 1,000 Series A Preferred shares to CRG for $100; shares carry 400M votes but only on reverse stock split proposals.
- Series A votes must be cast proportionally with common shares, but only if at least 1/3 of common shares are present at the meeting.
- Series B Preferred has no voting rights except as required by law; both issuances are exempt from registration.
- Consent to Term Loan Agreement cancels $10.0M of term loan; Loan Agreement otherwise unchanged.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1492674/000119312523182430/0001193125-23-182430-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1492674/000119312523182430/d486699d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-182430

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