Vapotherm Announces Closing of Merger
Vapotherm, Inc. (OTCQX: VAPO) has closed its merger with a newly-formed entity organized and funded by an affiliate of Perceptive Advisors, The merger, announced on June 17, 2024, involves Perceptive's Discovery Fund and the Company's existing lender, SLR Capital Partners. Key aspects of the deal include:
- SLR converting approximately $83.0 million of term debt into preferred equity of the new entity
- Perceptive investing $50.0 million of new preferred equity capital
- SLR retaining $40.0 million of term debt post-closing
As a result of the merger, Vapotherm's common stock trading has been suspended on OTCQX, and the company has requested delisting from OTCQX.
Vapotherm, Inc. (OTCQX: VAPO) ha concluso la sua fusione con un'entità recentemente formata, organizzata e finanziata da un'affiliata di Perceptive Advisors. La fusione, annunciata il 17 giugno 2024, coinvolge il Discovery Fund di Perceptive e l'attuale creditore della società, SLR Capital Partners. I punti chiave dell'accordo includono:
- SLR che converte circa $83,0 milioni di debito a termine in capitale azionario preferito della nuova entità
- Perceptive che investe $50,0 milioni di nuovo capitale azionario preferito
- SLR che mantiene $40,0 milioni di debito a termine dopo la chiusura
Di conseguenza, il trading delle azioni ordinarie di Vapotherm è stato sospeso su OTCQX e la società ha richiesto la cancellazione dalla quotazione su OTCQX.
Vapotherm, Inc. (OTCQX: VAPO) ha cerrado su fusión con una entidad recién formada, organizada y financiada por una afiliada de Perceptive Advisors. La fusión, anunciada el 17 de junio de 2024, involucra el Discovery Fund de Perceptive y el prestamista existente de la compañía, SLR Capital Partners. Los aspectos clave del acuerdo incluyen:
- SLR convirtiendo aproximadamente $83,0 millones de deuda a plazo en capital preferente de la nueva entidad
- Perceptive invirtiendo $50,0 millones de nuevo capital preferente
- SLR reteniendo $40,0 millones de deuda a plazo después del cierre
Como resultado de la fusión, el comercio de acciones ordinarias de Vapotherm ha sido suspendido en OTCQX, y la compañía ha solicitado su exclusión de OTCQX.
Vapotherm, Inc. (OTCQX: VAPO)는 Perceptive Advisors의 계열사에 의해 조직되고 자금을 지원받은 신설 법인과 합병을 마쳤습니다. 2024년 6월 17일에 발표된 이 합병은 Perceptive의 Discovery Fund와 회사의 기존 대출 기관인 SLR Capital Partners를 포함합니다. 거래의 주요 내용은 다음과 같습니다:
- SLR이 약 $83.0 백만의 만기 채무를 새로운 법인의 우선주로 전환
- Perceptive가 $50.0 백만의 새로운 우선주 자본을 투자
- SLR이 합병 후 $40.0 백만의 만기 채무를 유지
합병의 결과로 Vapotherm의 보통주 거래가 OTCQX에서 일시 중지되었습니다 및 회사는 OTCQX에서의 상장 폐지를 요청했습니다.
Vapotherm, Inc. (OTCQX: VAPO) a achevé sa fusion avec une entité récemment formée, organisée et financée par un affilié de Perceptive Advisors. La fusion, annoncée le 17 juin 2024, implique le Discovery Fund de Perceptive et le prêteur actuel de l'entreprise, SLR Capital Partners. Les principaux aspects de l'accord comprennent:
- SLR convertissant environ 83,0 millions de dollars de dette à terme en actions privilégiées de la nouvelle entité
- Perceptive investissant 50,0 millions de dollars de nouveau capital d'actions privilégiées
- SLR conservant 40,0 millions de dollars de dette à terme après la clôture
Suite à la fusion, le commerce des actions ordinaires de Vapotherm a été suspendu sur OTCQX et la société a demandé à être radiée de la cote de OTCQX.
Vapotherm, Inc. (OTCQX: VAPO) hat seine Fusion abgeschlossen mit einer neu gegründeten Einheit, die von einer Tochtergesellschaft von Perceptive Advisors organisiert und finanziert wurde. Die Fusion, die am 17. Juni 2024 angekündigt wurde, umfasst den Discovery Fund von Perceptive und den bestehenden Kreditgeber des Unternehmens, SLR Capital Partners. Wichtige Aspekte des Geschäfts umfassen:
- SLR wandelt etwa $83,0 Millionen an Termindarlehen in Vorzugsaktien der neuen Einheit um
- Perceptive investiert $50,0 Millionen als neues Vorzugsaktienkapital
- SLR behält $40,0 Millionen an Termindarlehen nach dem Abschluss
Infolge der Fusion wurde der Handel mit den Stammaktien von Vapotherm auf OTCQX ausgesetzt, und das Unternehmen hat eine Delistung von OTCQX beantragt.
- Merger with Perceptive Advisors' affiliate provides new capital injection
- Conversion of $83.0 million term debt to preferred equity improves balance sheet
- $50.0 million new preferred equity investment from Perceptive
- Suspension and potential delisting of Vapotherm's common stock from OTCQX
- Remaining $40.0 million term debt with SLR post-closing
On June 17, 2024, the Company announced that it had signed a definitive agreement and plan of merger with a newly-formed entity organized and funded by an affiliate of Perceptive Advisors, LLC, a leading health care investment firm ("Perceptive"), and its Perceptive Discovery Fund. Concurrently with the entry into the definitive agreement and plan of merger, the Company's existing lender, investment affiliates managed by SLR Capital Partners ("SLR") agreed to convert approximately
Effective as of the closing of the merger, trading of Vapotherm's common stock has been suspended on OTCQX, and Vapotherm has requested that its common stock be delisted from OTCQX.
Cooley LLP acted as legal counsel to Perceptive and Latham & Watkins LLP acted as legal counsel to SLR. Scalar, LLC acted as financial advisor to the Special Committee and Ropes & Gray LLP acted as legal counsel to the Company.
About Vapotherm
Vapotherm, Inc. is a developer and manufacturer of advanced respiratory technology based in
Vapotherm high velocity therapy is mask-free non-invasive respiratory support and is a front-line tool for relieving respiratory distress—including hypercapnia, hypoxemia, and dyspnea. It allows for the fast, safe treatment of undifferentiated respiratory distress with one tool. The HVT 2.0 and Precision Flow systems' mask-free interface delivers optimally conditioned breathing gases, making it comfortable for patients and reducing the risks and care complexities associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication.
Investor Relations Contacts:
John Landry, SVP & CFO, ir@vtherm.com, +1 (603) 658-0011
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SOURCE Vapotherm, Inc.
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