Fluidigm Announces Pricing of Private Offering

Fluidigm (NASDAQ:FLDM) has announced the pricing of US$50 million aggregate principal amount of 5.25 percent convertible senior notes due 2024 in a private placement to qualified buyers.

As quoted in the press release:

The notes will be senior unsecured obligations of Fluidigm and will accrue interest payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2020, at a rate of 5.25% per year. The notes will mature on December 1, 2024, unless earlier converted or repurchased. The initial conversion rate will be 344.8276 shares of Fluidigm’s common stock (“common stock”) per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $2.90 per share of common stock). Holders of the notes may convert their notes into shares of common stock at their option on any day prior to and including the second scheduled trading day prior to the maturity date. Additionally, between December 1, 2021 to December 1, 2022, Fluidigm may convert all but not less than all of the notes, at its option, if the volume weighted average of the common stock has been at least 150% of the conversion price of the notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on and including, the trading day immediately preceding the date on which Fluidigm provides a notice of conversion. Further, on or after December 1, 2022 until the notes mature on December 1, 2024, Fluidigm may convert all but not less than all of the notes, at its option, if the volume weighted average of the common stock has been at least 130% of the conversion price of the notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on and including, the trading day immediately preceding the date on which Fluidigm provides a notice of conversion.

Fluidigm may not redeem the notes prior to maturity.

Click here to read the full press release.