PR Newswire·Nov 13, 2026, 5:10 PM ET

Accuray Closes TCW Transaction, Strengthening Balance Sheet to Support Long-Term Value Growth

Accuray Incorporated completed a financing transaction with TCW Asset Management Company LLC to reduce debt, add capital, and restructure its balance sheet.
TCW exchanged $40 million in term loan principal for convertible preferred stock as part of the deleveraging process.
TCW's prior $15 million cash investment was exchanged for additional shares of convertible preferred stock.
Certain financial covenants under the existing term loan are waived through December 31, 2027, with the first covenant test date set for March 31, 2028.
Accuray gained access to a delayed draw term loan of up to $5 million, subject to specific conditions.
The company's board of directors was reduced from 8 to 7 members, with TCW entitled to appoint two directors, currently Steven Mayer and Chan Galbato.
A 1-for-40 reverse stock split of Accuray's common stock took effect on November 9, 2026.
The transaction follows stockholder approval at a special meeting on October 6, 2026.
The deal is a key component of Accuray's Transformation Phase II strategy, which focuses on innovation, cost reduction, and market expansion.
Accuray will file a Current Report on Form 8-K with the SEC to provide additional details regarding the transaction.