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Stereotaxis Announces Convertible Note Financing of Up To $24 Million

  • Stereotaxis, Inc. announced a definitive agreement for a convertible note financing of up to $24 million.
  • The deal includes an initial upfront closing of $12 million and a potential additional $12 million draw option following specific regulatory milestones.
  • The notes carry a 10% annual interest rate with interest accrued and due upon maturity in three years.
  • Conversion into common stock is available at $1.21 per share, representing a 30% premium to the prior 10-day volume weighted average price.
  • The financing results in $16 million in proforma cash and cash equivalents, providing total availability of $28 million.
  • Net proceeds will fund working capital, accelerate product commercialization, support research and development, and cover general corporate purposes.
  • Stereotaxis views this financing as a bridge to profitability.
  • Additional details will be disclosed in a Form 8-K filed with the Securities and Exchange Commission.
Company
Stereotaxis, Inc.
Keywords
NYSE:STXS, Stereotaxis, Inc., FINANCIAL NEWS, INVESTMENT, Healthcare Technology