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Outset Medical Announces $169 Million Private Placement Financing From Leading Mutual Funds and Healthcare Institutional Investors
Monday, 6th January at 8:30 am
Secures New Debt Financing of up to $125M Maturing in 2030 with Plans to Retire $200M in Prior Debt
Reports Unaudited Fourth-Quarter Revenue of $29 million and 2024 Revenue of $113 million
SAN JOSE, Calif., Jan. 06, 2025 (GLOBE NEWSWIRE) -- Outset Medical, Inc. (NASDAQ: OM) ("Outset"), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today announced that it has entered into a definitive securities purchase agreement for a private placement of 843,908 shares of its Series A Non-Voting Convertible Preferred Stock at a price of $200.00 per share. Subject to Outset stockholder approval and beneficial ownership limitations, each share of Series A Non-Voting Convertible Preferred Stock will automatically convert to 250 shares of common stock for an aggregate of 210,977,000 shares of common stock. The gross proceeds to Outset from the private placement, before deducting placement agent fees and other offering expenses payable by Outset, are expected to be $168.8 million. An additional $3.9 million, for 19,432 shares of Series A Non-Voting Convertible Preferred Stock, will be invested by certain members of the board and management, including Chair and CEO Leslie Trigg, upon shareholder approval.
Monday, 6th January at 8:30 am
Secures New Debt Financing of up to $125M Maturing in 2030 with Plans to Retire $200M in Prior Debt
Reports Unaudited Fourth-Quarter Revenue of $29 million and 2024 Revenue of $113 million
SAN JOSE, Calif., Jan. 06, 2025 (GLOBE NEWSWIRE) -- Outset Medical, Inc. (NASDAQ: OM) ("Outset"), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today announced that it has entered into a definitive securities purchase agreement for a private placement of 843,908 shares of its Series A Non-Voting Convertible Preferred Stock at a price of $200.00 per share. Subject to Outset stockholder approval and beneficial ownership limitations, each share of Series A Non-Voting Convertible Preferred Stock will automatically convert to 250 shares of common stock for an aggregate of 210,977,000 shares of common stock. The gross proceeds to Outset from the private placement, before deducting placement agent fees and other offering expenses payable by Outset, are expected to be $168.8 million. An additional $3.9 million, for 19,432 shares of Series A Non-Voting Convertible Preferred Stock, will be invested by certain members of the board and management, including Chair and CEO Leslie Trigg, upon shareholder approval.
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