CorMedix completes $150 million convertible notes offering on Nasdaq

CorMedix Inc . (NASDAQ:CRMD), a healthcare company with a market capitalization of approximately $860 million and strong financial health according to InvestingPro data, announced Tuesday that it has completed a private placement of $150 million aggregate principal amount of its convertible senior notes due 2030. The offering, which was previously announced, closed with the company entering into an indenture agreement with U.S. Bank Trust Company, National Association, as trustee.

The notes were issued in a transaction exempt from registration under Section 4(a)(2) of the Securities Act of 1933. According to the company’s statement, the initial conversion rate for the notes is set at 74.2515 shares of common stock per $1,000 principal amount of notes.

The notes and the shares of common stock issuable upon conversion have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States without registration or an applicable exemption. The company stated that the sale did not involve a public offering and was conducted without general solicitation or advertising.

CorMedix, which is incorporated in Delaware and headquartered in Berkeley Heights, New Jersey, filed the information in a Form 8-K with the U.S. Securities and Exchange Commission. The filing noted that the terms of the notes and the indenture are detailed in the exhibits attached to the report.

This article is based on a press release statement contained in a recent SEC filing.

In other recent news, CorMedix Inc. has announced a definitive agreement to acquire Melinta Therapeutics (OTC:MLNTQ) for $300 million. This acquisition will expand CorMedix’s commercial portfolio by adding seven additional drug products. The deal includes a payment structure of $260 million in cash and $40 million in equity, with potential milestone payments and royalties on specific products. Furthermore, CorMedix has priced an underwritten public offering of 6.6 million shares of its common stock, aiming to raise approximately $85 million. This offering has led D. Boral (OTC:BOALY) Capital to downgrade CorMedix’s stock rating from Buy to Hold. Conversely, H.C. Wainwright has reiterated its Buy rating for CorMedix, maintaining a price target of $20.00. The public offering is expected to close by June 30, 2025, pending customary conditions. These developments highlight significant financial and strategic moves by CorMedix in its recent operations.

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