U.S. Markets open in 1 hr 10 mins
  • S&P Futures

    3,774.00
    -15.50 (-0.41%)
     
  • Dow Futures

    30,663.00
    -118.00 (-0.38%)
     
  • Nasdaq Futures

    11,465.50
    -64.00 (-0.56%)
     
  • Russell 2000 Futures

    1,699.80
    -8.20 (-0.48%)
     
  • Crude Oil

    108.67
    +2.91 (+2.75%)
     
  • Gold

    1,788.70
    -18.60 (-1.03%)
     
  • Silver

    19.58
    -0.77 (-3.79%)
     
  • EUR/USD

    1.0425
    -0.0058 (-0.5525%)
     
  • 10-Yr Bond

    2.9720
    0.0000 (0.00%)
     
  • Vix

    28.69
    +0.53 (+1.88%)
     
  • GBP/USD

    1.2028
    -0.0147 (-1.2064%)
     
  • USD/JPY

    135.1460
    -0.5820 (-0.4288%)
     
  • BTC-USD

    19,227.24
    +143.75 (+0.75%)
     
  • CMC Crypto 200

    413.41
    -18.05 (-4.18%)
     
  • FTSE 100

    7,153.20
    -16.08 (-0.22%)
     
  • Nikkei 225

    25,935.62
    -457.42 (-1.73%)
     

Acutus Medical Stock Soars On Debt Refinancing, Divestiture Of Left-Heart Access Portfolio

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Acutus Medical Inc (NASDAQ: AFIB) shares are skyrocketing on a commitment letter from Deerfield Management Company to refinance its existing debt with a new longer-term credit facility.

  • The Company has also agreed to sell its left-heart access portfolio to Medtronic plc (NYSE: MDT).

  • The combination of these two transactions, taken together with the Company’s recently completed restructuring, will result in a comprehensive recapitalization of the business to fund the Company’s strategic growth priorities.

  • The existing debt facility, which has a maturity date of May 20, 2024, will be replaced with a new debt facility with Deerfield will include $35 million with a maturity date of five years.

  • The Company expects to issue warrants to purchase common stock to Deerfield in connection with the refinancing.

  • The sale of the left-heart access portfolio includes the AcQCross line of sheath-compatible septal crossing devices, AcQGuide MINI integrated crossing device & sheath, AcQGuide FLEX steerable introducer with integrated transseptal dilator & needle, and AcQGuide VUE steerable sheath.

  • Medtronic will make an upfront cash payment to Acutus of $50 million.

  • Price Action: AFIB shares are up 58.50% at $1.27 during the premarket session on the last check Wednesday.

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.