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WESTMINSTER, Colo. - TriSalus Life Sciences Inc. (Nasdaq:TLSI), a $176 million market cap biotech company, announced Thursday it has completed its previously disclosed exchange offer and consent solicitation for its Preferred Stock, with approximately 98.82% of outstanding preferred shares tendered. According to InvestingPro data, the company has maintained a healthy current ratio of 2.14, though it faces challenges with cash burn.
Under the terms of the offer, which expired one minute after 11:59 p.m. EDT on Wednesday, preferred shareholders were given the option to exchange each preferred share for 3.3 shares of common stock. Trading at $4.67, TLSI shares have shown resilience despite market challenges, with analysts setting price targets between $9 and $16. InvestingPro subscribers can access 6 additional key insights about TLSI’s financial health and growth prospects.
The company expects to settle all validly tendered shares by August 1, 2025. Due to the high participation rate exceeding the required threshold, TriSalus received approval to amend the terms of the Preferred Stock. As a result, any remaining outstanding preferred shares will be automatically converted to common stock at a rate 11.3% lower than what was offered in the exchange. Despite operating with moderate debt levels, the company has demonstrated strong revenue growth of 46.2% in the last twelve months.
The Securities and Exchange Commission declared effective the company’s Registration Statement on Form S-4 on July 22, which registered the shares issuable in the offer and pursuant to the amendment.
TriSalus, which focuses on improving outcomes for patients with solid tumors, was assisted in the process by Sodali LLC as Information Agent and Continental Stock Transfer & Trust Company as Exchange Agent.
The company had previously disclosed that parties representing approximately 55% of the preferred shares had agreed to tender their shares in the offer and consent to the amendment pursuant to tender and support agreements.
This information is based on a press release statement from TriSalus Life Sciences.
In other recent news, TriSalus Life Sciences Inc. has initiated an exchange offer for its Series A Convertible Preferred Stock. This move allows preferred shareholders to exchange their holdings for common stock, with the company offering up to 11,860,206 shares to complete the exchange. Additionally, at the company’s Annual Meeting of Shareholders, the election of directors and the ratification of its independent registered accounting firm were confirmed. Mats Wahlström and David J. Matlin were elected to the board for three-year terms. In terms of analyst perspectives, Cantor Fitzgerald has maintained its Overweight rating on TriSalus, keeping the price target steady at $9.00. This rating comes after TriSalus launched its TriNav FLX Infusion System, an advancement in its drug delivery technology. Furthermore, the company announced a leadership change with the appointment of David B. Patience as the new Chief Financial Officer, effective July 1, 2025. Patience succeeds James E. Young, who is stepping down for personal reasons.
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