SOUTH SAN FRANCISCO, Calif. - Standard BioTools Inc. (NASDAQ:LAB), a provider of next-generation technologies for biomedical research, announced today that it has completed an exchange of its Series B Convertible Preferred Stock for common stock. The agreement involved stockholders affiliated with Viking Global Investors and Casdin Capital.
Thomas Carey, Chairman of Standard BioTools' Board of Directors, expressed satisfaction with the transaction, emphasizing its potential to attract new investors and M&A partners. Michael Egholm, President and CEO, highlighted the company's strategic focus on operational excellence and disciplined mergers and acquisitions as a means to drive growth and stockholder value.
Under the terms of the agreement, approximately 93 million shares of common stock were issued at $2.75 per share in exchange for all outstanding Series B Preferred Stock. This exchange rate resulted in the issuance of around 17.8 million additional common shares compared to the original conversion price of $3.40 per share, representing less than 5% dilution.
The transaction also eliminated the Series B Preferred's senior rights, including a $250 million liquidation preference and certain governance rights, simplifying the company's capital structure.
The completion of this exchange has increased the total outstanding common stock to approximately 382.5 million shares. TD Cowen and Mintz, Levin, Cohn, Ferris, Glovesky, and Popeo provided financial and legal advisory services, respectively, to the Special Committee of the Board of Directors during the transaction.
This move is part of Standard BioTools' broader strategy to streamline operations and enhance value for stockholders in a competitive market. The company, formerly known as Fluidigm (NASDAQ:LAB) Corporation, is known for its mass cytometry and microfluidics technologies, which are utilized in various research fields including oncology, immunology, and immunotherapy.
The information in this article is based on a press release statement from Standard BioTools Inc.
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