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Picard Medical, Inc. ( (PMI) ) has provided an announcement.
On December 24, 2025, Picard Medical, Inc. announced it had entered into a securities purchase agreement with a single institutional investor for a private placement debt financing of up to $50 million in senior secured notes due December 26, 2028, along with warrants to purchase common stock, and closed an initial $15 million tranche of notes on December 26, 2025. The zero-coupon notes, secured by a first‑priority lien on substantially all company and certain subsidiary assets including key intellectual property, feature monthly amortization that can be paid in cash or stock, optional redemption at a premium, and the potential for an additional $35 million in subsequent notes, while the accompanying warrants cover more than 7 million shares with anti-dilution protections and potential forced exercise under specified trading conditions. The deal requires Picard to maintain a minimum $4 million cash balance, seek shareholder approval for warrant share issuances and a significant increase in authorized common stock, temporarily restrict new equity issuance, and file a resale registration statement for the underlying shares, while also granting the investor participation rights in future financings; net proceeds are earmarked for working capital and general corporate purposes, bolstering liquidity as the company advances its artificial heart franchise.
More about Picard Medical, Inc.
Picard Medical, Inc., listed on NYSE American, is the parent of Tucson-based SynCardia Systems, LLC, which develops, manufactures and commercializes the SynCardia Total Artificial Heart, an implantable device that fully replaces a failing human heart for patients with end-stage heart failure. SynCardia’s system is the first total artificial heart approved by both the U.S. FDA and Health Canada and remains the only commercially available artificial heart in the United States and Canada, with more than 2,100 implants performed across 27 countries, making it the most widely used and extensively studied artificial heart globally.
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