BioLife Solutions sells SciSafe for $73M cash; closes Nov 12, 2024

BIOLIFE SOLUTIONS INC

Sold all SciSafe shares to Subzero Purchaser Corp. for $73M; repaid $0.9M of SciSafe debt and paid $3.3M to waive earn-out rights.
Entered transition services agreement with SciSafe for up to 6 months post-close.
Amended SVB loan agreement; added $750K non-refundable termination fee upon early loan termination.
Amended bylaws: quorum reduced to one-third voting power; added exclusive forum for derivative/Securities Act claims.
Pro forma shows continuing ops net income of $9.5M for H1 2024 vs. historical loss of $11.4M; net loss per share improved to $(0.22).

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