Business
Blackstone Converts $51 million of Cryoport Series C Preferred Stock Into Common Stock
NASHVILLE, Tenn., Feb. 8, 2021 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX) ("Cryoport" or the "Company"), a global leader in temperature-controlled supply
About this update from Cryoport, Inc.
[{"type":"text","content":"NASHVILLE, Tenn., Feb. 8, 2021 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX) (\"Cryoport\" or the \"Company\"), a global leader in temperature-controlled supply chain solutions for the life sciences industry, today announced that funds affiliated with Blackstone Tactical Opportunities (NYSE: BX) (\"Blackstone\"), elected to convert 50,000 shares of 4.0% Series C Convertible Preferred Stock of Cryoport (\"Preferred Stock\") into common stock of Cryoport pursuant to the Preferred Stock certificate of designations. The 50,000 shares are a part of the 250,000 shares of Preferred Stock that were originally purchased by Blackstone for $250 million. In connection with the conversion, Cryoport agreed to waive its right under the Preferred Stock certificate of designations to redeem for cash up to 50,000 shares of Preferred Stock prior to March 30, 2021, the 180-day anniversary of the issuance date. The forgoing conversion resulted in the issuance of an aggregate of 1,312,860 shares of common stock of Cryoport on February 5, 2021.\n\n \n \n \n \n \n \n\n \nRam Jagannath, Senior Managing Director and Global Head of Healthcare for Blackstone Growth and Tactical Opportunities, and Member of Cryoport's Board of Directors, said, \"We are enthusiastic about the recent acquisitions of CRYOPDP and MVE Biological Solutions, which positions Cryoport as a lynchpin in the life sciences industry, providing comprehensive supply chain solutions. We believe the demand for Cryoport's advanced temperature-controlled supply chain solutions will continue to expand as cell and gene therapies are rolled out to patients around the world and more regenerative therapies approach commercialization.\"\nJerrell Shelton, CEO of Cryoport, said, \"As a result of our recent strategic initiatives, including the acquisitions of CRYOPDP and MVE Biological Solutions, we are now composed of an unrivalled family of companies focused on the temperature-controlled supply chain for the life sciences. Cryoport is in a unique position to continue its growth as the industry expands and, simultaneously, command greater market share through its superior services and products. We think that, as a significant shareholder in Cryoport, Blackstone understands the quality of our company and our future. We are pleased by Blackstone's confidence in our vision and management's ability to exe...