Business
Cryoport, Inc. Prices Registered Direct Placement of Common Stock
NASHVILLE, Tenn., Nov. 9, 2021 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX), a global leader in temperature-controlled supply chain solutions for the life
About this update from Cryoport, Inc.
[{"type":"text","content":"NASHVILLE, Tenn., Nov. 9, 2021 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX), a global leader in temperature-controlled supply chain solutions for the life sciences industry, today announced the pricing of its registered direct placement of 3,072,038 shares of common stock, at a price of $81.10 per share, in a direct placement registered under the Securities Act of 1933, as amended. The issuance and sale of the common stock are scheduled to settle on November 12, 2021, subject to customary closing conditions.\n\n \n \n \n \n \n \n\n \nCryoport estimates that the net proceeds from the placement will be approximately $248.6 million, after deducting estimated offering expenses. Cryoport intends to use the net proceeds from the placement and a portion of the net proceeds from the offering of notes referred to below to repurchase approximately $100.7 million principal amount of its outstanding 3.00% Convertible Senior Notes due 2025 (the \"2025 convertible notes\") in separate, privately negotiated repurchase transactions with a limited number of holders of the 2025 convertible notes for an aggregate repurchase price of approximately $351.1 million, which includes accrued and unpaid interest on the repurchased 2025 convertible notes. Cryoport intends to use the remainder of the net proceeds for general corporate purposes.\nHolders of the 2025 convertible notes that participate in any of these repurchases may purchase or sell shares of Cryoport's common stock in the open market to unwind any hedge positions they may have with respect to the 2025 convertible notes or to hedge their exposure in connection with these transactions. These activities may adversely affect the trading price of Cryoport's common stock and the notes being offered. Moreover, market activities by holders of the 2025 convertible notes may impact the initial conversion price of the notes being offered.\nJefferies LLC and SVB Leerink LLC are acting as joint placement agents for the placement.\nThe placement is being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the \"SEC\"). The placement will be made only by means of a prospectus supplement and an accompanying prospectus. An electronic copy of the preliminary prospectus supplement, together with the accompanying prospectus, is available on the SEC's ...