T2 Biosystems amendments enable CRG debt-to-equity conversion; CRG now owns 69%

T2 Biosystems, Inc.

Removed beneficial ownership limitations on Series A and B Preferred Stock on May 9, 2024.
CRG converted all preferred shares into 1,824,800 common shares, raising its ownership to ~69%.
This follows prior conversions of $15M (May 2024) and $10M (July 2023) debt from CRG into equity.
As a result, CRG now holds a controlling stake, significantly diluting other shareholders.

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.: Amended and restated the Series A and Series B Certificates of Designation to remove beneficial ownership limitations on conversion of preferred stock into common stock (effective 2024-05-09).

Change: charter amendment
Effective: 2024-05-09

Exact text from the filing

On May 9, 2024, the Company amended and restated each of the Series A Certificate of Designation and the Series B Certificate of Designation, in each case to remove the beneficial ownership limitations regarding the ability to convert the Series A Preferred Stock and Series B Preferred Stock, respectively, into shares of Common Stock without regarding to the beneficial ownership of the shareholder following such conversion.

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-24-138321

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