ATHERSYS, INC / NEW: debt financing — Athersys restructures $30.7M supplier debt; issues $15M convertible note at 10%

ATHERSYS, INC / NEW

Restructured $20.9M past-due and $9.8M future obligations under supplier agreements, less $3.9M in credits.
Pays $11.8M via monthly $250K cash payments starting Oct 2023; supplier forbears from remedies.
Issued $15M convertible note due May 2026, interest 10%, convertible at $1.30/share after 18 months.
Supplier granted exclusive option to supply 50% of material for MultiStem for 5 years after regulatory approval.
CEO Dan Camardo says restructuring reflects post-TREASURE trial needs and aligns with MASTERS-2 timeline after FDA Type B meeting.

item 1.01 item 2.03 item 2.02 item 3.02 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 0.9

ATHERSYS, INC / NEW incurred convertible notes of $15.0 million with a supplier at 10.0% per annum maturing May 17, 2026.

Instrument: convertible notes
Principal: $15.0 million
Counterparty: a supplier
Rate: 10.0% per annum
Maturity: May 17, 2026
Event: incurrence

Exact text from the filing

the Company issued a convertible promissory note to the supplier in the principal amount of $15.0 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.4

ATHERSYS, INC / NEW entered into new agreement with the supplier valued at $15 million convertible note.

Action: entry
Agreement: supply
Counterparty: the supplier
Value: $15 million convertible note

Exact text from the filing

Under the new agreement, Athersys will pay the supplier $11.8 million in monthly cash payments of $250,000 each, beginning October 2023. In addition, Athersys has issued a $15 million convertible note.

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Source: SEC EDGAR

accession 0001368148-23-000055

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