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Xtant Medical Announces Closing of Debt Restructuring
The primary purpose of the restructuring was to improve Xtant’s capital structure by reducing its outstanding debt, which the Company expects will facilitate future access to capital markets for investment in its growth initiatives, and regain compliance with the NYSE American’s continued listing standards.
“We are pleased to have completed this debt restructuring transaction, which significantly reduced Xtant’s total indebtedness to less than
As part of the transaction, Xtant issued approximately 57.8 million shares of its common stock to the lenders under its credit facility in exchange for approximately
Xtant and the lenders also amended the credit agreement to extinguish loans in an aggregate principal amount equal to the exchanging loans outstanding thereunder together with all accrued and unpaid interest thereon, add loans in an aggregate principal amount equal to a portion of the prepayment fee payable thereunder in respect of the exchanging loans and exchange the remaining portion of the prepayment fee for an additional 0.9 million shares of its common stock, reduce the amount of additional credit availability thereunder to
As a result of the completion of the debt restructuring transaction,
The symbols ™ and ® denote trademarks and registered trademarks of
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “continue,” “future,” “will,” “may,” “continue,” similar expressions or the negative thereof, and the use of future dates. Forward-looking statements in this release include the Company’s expectations regarding the effect and benefits of the debt restructuring transaction and subsequent rights offering. The Company cautions that its forward-looking statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: risks and uncertainties surrounding the restructuring transactions, including without limitation, the Company’s ability to regain compliance with the continued listing standards of the NYSE American and maintain its listing, and the timing and success of the anticipated rights offering; the effect of the COVID-19 pandemic on the Company’s business, operating results and financial condition; the Company’s future operating results and financial performance; the ability to increase or maintain revenue; the ability to remain competitive; the ability to innovate and develop new products; the ability to engage and retain qualified personnel; government and third-party coverage and reimbursement for Company products; the ability to obtain and maintain regulatory approvals and comply with government regulations; the effect of product liability claims and other litigation to which the Company may be subject; the effect of product recalls and defects; the ability to obtain and protect Company intellectual property and proprietary rights and operate without infringing the rights of others; the ability to service Company debt, comply with its debt covenants and access additional indebtedness; the ability to obtain additional financing and other factors. Additional risk factors are contained in the Company’s Annual Report on Form 10-K for the year ended
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Source: Xtant Medical, Inc.