Trinity Biotech Stock Surges After $45M Capital Infusion From Korea-Based Firm
Trinity Biotech plc (NASDAQ: TRIB) announced a million investment and partnership with MiCo Ltd, a KOSDAQ-listed and Korea-based company.
MiCo is engaged in the biomedical business through its affiliate MiCo BioMed and provides cutting-edge technology-driven solutions in the semi-conductor and green energy sectors.
MiCo's investment consists of approximately 11.2 million ADSs at $2.25 per ADS, representing a 130% premium to Trinity Biotech's closing price of $0.98 on April 8.
MiCo will hold 29.9% of Trinity Biotech's voting share capital following this investment.
In addition to the newly issued equity, the company has agreed to issue a seven-year, unsecured junior convertible note for $20 million, with a fixed interest rate of 1.5% and an ADS conversion price of $3.24 per ADS.
The company intends to use the funds primarily to repay a portion of its $81.25 million term loan, which is expected to reduce its annual interest cost by approximately $4 million each year.
The company reported FY21 sales of .96 million, down 8.8% Y/Y.
Point-of-Care revenues increased 12.2% to $10.3 million, driven by higher HIV sales in Africa.
Clinical Laboratory revenues decreased 10.9% to $82.6 million, mainly due to lower PCR Viral Transport Media sales.
Price Action: TRIB shares are up 37.7% at $1.35 during the market session on the last check Monday.
See more from Benzinga
Why Did Moderna Recall Thousands Of COVID-19 Vaccine Doses In Europe?
Hoth Therapeutics' Novel Cancer Drug Prevented Cell Growth, Induced Cell Death Over 72 hours
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.