Stereotaxis announces up to $24 million convertible note financing
STXS•Stereotaxis entered definitive agreements for up to $24 million in convertible note financing, including an initial $12 million closing and another $12 million available at its option after certain regulatory milestones. The notes carry 10% annual interest and a $1.21-per-share conversion price.
1. Financing terms
Stereotaxis entered definitive agreements for up to $24 million in convertible note financing. The initial closing is $12 million, with another $12 million available at the company’s option following certain regulatory milestones. The notes carry 10% annual interest, accrued and payable at maturity in three years, and a conversion price of $1.21 per share, a 30% premium to the stock’s 10-day volume-weighted average price before closing.
2. Use of proceeds
Proceeds will support working capital, product commercialization and research and development, alongside general corporate purposes.
