TriSalus Life Sciences announced the commencement of an exchange offer and consent solicitation involving its Series A Convertible Preferred Stock. The company's objective is to simplify its capital structure and reduce the potential impact of dilution from its Preferred Stock.
Under the offer, holders of outstanding Preferred Stock can exchange their shares for common stock, with each preferred share converting based on its total accrued value (including dividends through August 10, 2027), divided by $4.00 per share. TriSalus is offering up to 11,860,206 shares of common stock for this exchange.
Concurrently, TriSalus is seeking preferred shareholder approval for an amendment that would allow the automatic conversion of all remaining Preferred Stock into common stock after the offer closes, at an 11.3% lower exchange ratio. Investors holding approximately 55% of the outstanding Preferred Stock have already agreed to these terms, indicating strong support for the initiative.
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