Brief: Molecular Templates Announces Debt Payoff And Restructuring

Molecular Templates

17/06/2023 02:00

June 16 (Reuters) - Molecular Templates Inc  MTEM.O :
    * MOLECULAR TEMPLATES ANNOUNCES DEBT PAYOFF AND
RESTRUCTURING
    * SAYS ADDITIONAL REDUCTION-IN-FORCE BY APPROXIMATELY 44% AS
IT
CONTINUES TO EXPLORE STRATEGIC ALTERNATIVES
    * MOLECULAR TEMPLATES - RESTRUCTURING AGREEMENT WITH K2
HEALTHVENTURES TO FULLY DISCHARGE, SATISFY OUTSTANDING DEBT FOR
PREPAYMENT OF $27.5 MILLION
    * MOLECULAR TEMPLATES - REMAINING BALANCE OF $10M WILL BE
CONVERTED INTO A SECURITY INSTRUMENT
    * MOLECULAR TEMPLATES - ALTERNATIVELY, K2HV HAS RIGHT TO
CONVERT
$3M OF SUCH CONTINGENT VALUE RIGHTS INTO UP TO 6,124,011 SHARES
OF COMMON STOCK
    * K2HV HAS A WARRANT TO PURCHASE 5,103,343 SHARES OF COMMON
STOCK
AT AN EXERCISE PRICE OF $0.39
    * MOLECULAR TEMPLATES - IN EVENT OF A CHANGE IN CONTROL
TRANSACTION K2HV WILL RECEIVE AN ADDITIONAL $2.5M

Source text for Eikon:  ID:nGNX9n7ssD 
Further company coverage:  MTEM.O 

 ((Reuters.Briefs@thomsonreuters.com;))