Renovaro announced that senior debt holders have agreed to convert an aggregate of approximately $9.7M of outstanding senior debt into convertible debt which they have elected to convert into equity. Under the terms of the agreement, the Company will issue an aggregate of approximately 53.6M shares of common stock at a conversion price of $0.30 per share. This share issuance includes both the principal amount of the debt, and an inducement provided to the lenders to facilitate the conversion resulting in the full retirement of the $9.7M in senior debt. This strategic move significantly enhances Renovaro’s balance sheet by reducing outstanding debt and interest obligations, positioning the company for greater financial flexibility and long-term growth. The company has also launched a targeted cost-saving program aimed at improving operational efficiency and preserving capital to support its innovation roadmap.
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