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Monday, July 03, 2017 3:32:07 PM
1) Most of the debt has been exchanged for common shares. So you can't say there is $35M of debt when the vast majority of it has been converted per the terms of the agreement.
2) The "Series C" warrants have also been extinguished/
The current situation is one where the company will need more cash to get past 2017, but as has been mentioned on this site earlier, I don't think it is likely there will be another toxic financing round. A partnership or buyout is far more likely.
Additionally, today's news means that an additional $4.2M of debt has been extinguished in exchange for the preferred stock.
The debt is not a major concern. Moreover, let's assume that there is $35M worth of debt, which would mean that none of the notes had been converted (Which we know isn't true from the filings but let's presume the full debt was intact)...
Even with $35M of debt tacked on, that is nothing for an acquiring company to pay off. We're not talking about Valeant here, with something like $30-$40B worth of debt that has to be navigated.
If anyone wants the company's assets, and I believe there are many potential suitors, resolving any outstanding debt issues to a max of $35M is nothing more than a notational blip on the balance sheet.
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