T2 Biosystems converts $15M of debt to equity; extends PIK interest option to Dec 2025

T2 Biosystems, Inc.

$15M of term loans converted into 3,280,618 common shares and 17,160.48 Series A Convertible Preferred shares.
Each Series A share convertible into 100 common shares; outstanding loan principal reduced to ~$26.79M.
Consent and Amendment No. 10 extends PIK period through earlier of Dec 31, 2025 or default.
Change of Control definition amended to exclude stock acquisitions by CRG lenders.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

T2 Biosystems, Inc.: Filed a Certificate of Designation for Series A Convertible Preferred Stock, establishing its preferences, rights, and limitations (effective 2024-04-12).

Change: charter amendment
Effective: 2024-04-12

Exact text from the filing

On April 12, 2024, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock (the “ Certificate of Designation ”) with the Secretary of State of the State of Delaware pursuant to the Securities Purchase Agreement.

View on SEC.gov

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

T2 Biosystems, Inc. entered into Securities Purchase Agreement with CRG Partners III L.P., CRG Partners III - Parallel Fund "A" L.P., CRG Partners III (Cayman) Unlev AIV I L.P., CRG Partners III (Cayman) Lev AIV I L.P. and CRG Partners III Parallel Fund "B" (Cayman) L.P. valued at $15.0 million (effective 2024-02-15).

Action: entry
Agreement: equity purchase
Counterparty: CRG Partners III L.P., CRG Partners III - Parallel Fund "A" L.P., CRG Partners III (Cayman) Unlev AIV I L.P., CRG Partners III (Cayman) Lev AIV I L.P. and CRG Partners III Parallel Fund "B" (Cayman) L.P.
Value: $15.0 million
Effective: 2024-02-15

Exact text from the filing

The Exchange was completed pursuant to the Securities Purchase Agreement (the “ Securities Purchase Agreement ”), dated as of February 15, 2024, with CRG Partners III L.P., CRG Partners III - Parallel Fund “A” L.P., CRG Partners III (Cayman) Unlev AIV I L.P., CRG Partners III (Cayman) Lev AIV I L.P.

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Source: SEC EDGAR

accession 0001193125-24-100790

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