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WESTMINSTER, Colo. - TriSalus Life Sciences Inc. (NASDAQ:TLSI), a $202.82 million market cap oncology-focused medical technology company, has initiated an exchange offer and consent solicitation for its Series A Convertible Preferred Stock, the company announced Monday. According to InvestingPro data, the company has demonstrated strong revenue growth of 46.2% over the last twelve months, though analysts anticipate continued unprofitability this year.
The offer allows preferred shareholders to exchange their holdings for common stock based on the total value they would accrue, including dividends through August 10, 2027, divided by $4.00 per share. TriSalus is offering up to 11,860,206 shares of common stock to complete the exchange. InvestingPro analysis reveals the company operates with moderate debt levels and maintains healthy liquidity, with a current ratio of 2.14.
Alongside the exchange offer, the company is seeking approval from preferred shareholders for an amendment to the Certificate of Designations. If approved, this would enable TriSalus to automatically convert all remaining preferred shares into common stock after the offer closes, at a slightly lower exchange ratio.
According to the company, investors holding approximately 55% of the outstanding preferred stock have already agreed to exchange their shares and approve the proposed changes through tender and support agreements.
The exchange offer expires at 12:01 a.m. Eastern Time on July 23, 2025, unless extended. As of June 13, 2025, there were 3,594,002 shares of preferred stock outstanding.
TriSalus stated that the initiative aims to simplify its capital structure and reduce potential dilution from preferred stock. By eliminating complex capital layers and potential preferential claims, the company seeks to provide investors with a clearer view of its equity value. While the stock currently trades at $5.29, analyst targets range from $9 to $16, suggesting potential upside. Get deeper insights into TriSalus’s financial health and growth prospects with a comprehensive Pro Research Report, available exclusively on InvestingPro.
The complete details of the offer are described in the Prospectus/Offer to Exchange and Schedule TO filed with the Securities and Exchange Commission on June 23, 2025.
Morrow Sodali LLC has been appointed as the Information Agent for the offer, while Continental Stock Transfer & Trust Company will serve as the Exchange Agent.
This information is based on a press release statement from the company.
In other recent news, TriSalus Life Sciences reported first-quarter revenues of $9.2 million for 2025, representing a 42% increase from the previous year. Although this revenue figure slightly missed Cantor Fitzgerald’s projection of $9.5 million, it exceeded the FactSet consensus estimate of $9.0 million. The revenue growth was largely driven by the increased use of TriSalus’s TriNav system. The company also expanded its customer base, adding 32 new accounts and achieving a 39% rise in ordering accounts year-over-year. However, TriSalus experienced a slight decline in gross margin by 100 basis points to approximately 84%, attributed to reduced product output during the expansion of its clean-room facilities. In leadership updates, TriSalus appointed David B. Patience as the new Chief Financial Officer, effective July 1, 2025, following the departure of James E. Young for personal reasons. Cantor Fitzgerald reiterated its Overweight rating and $9.00 price target on TriSalus, reflecting confidence in the company’s future prospects. Additionally, TriSalus launched its TriNav FLX Infusion System, an advancement in its Pressure-Enabled Drug Delivery technology, with potential financial incentives for healthcare providers. The company also successfully raised $22.0 million in gross proceeds through a private placement to support its operational goals.
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