- $200 million repurchase program
authorized to repurchase common stock and/or convertible notes
- Repurchasing approximately $160
million of 0.75% Senior Notes due in 2026 at an 11.5%
discount to par value
- Principal balance reduced to approximately $186.2 million
NASHVILLE, Tenn., Aug. 6, 2024
/PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX) ("Cryoport" or
the "Company"), a global leader in supply chain solutions for the
life sciences, today announced that the Company's Board of
Directors had authorized a repurchase program to purchase up to
$200 million of the Company's common
stock and/or convertible senior notes (the "2024 Repurchase
Program"). The 2024 Repurchase Program became effective on
August 1, 2024 and remains in effect
through December 31, 2027.
The Company also announced that it has entered into agreements
with certain holders of its 0.75% Convertible Senior Notes due in
2026 (the "2026 Notes") to repurchase $160
million in aggregate principal amount of the 2026 Notes (the
"Transactions") for an aggregate repurchase price of $141.6 million, plus accrued and unpaid
interest. The Transactions were made under the 2024
Repurchase Program.
Jerrell Shelton, CEO of Cryoport,
commented, "We are pleased to complete this opportunistic
repurchase of our 2026 Notes. With our strong cash position, we are
in a position to reduce our outstanding debt and further strengthen
our balance sheet, while also maintaining considerable liquidity to
support our long-term growth plans."
The Transactions are expected to close on August 9, 2024, subject to the satisfaction of
customary closing conditions. Following such closings,
approximately $186.2 million
principal amount of the 2026 Notes will remain outstanding, from an
initial issued principal balance of $402.5 million.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any offer or sale of these securities in any state or
jurisdiction in which the offer, solicitation, or sale would be
unlawful prior to the registration or qualification thereof under
the securities laws of any such state or jurisdiction.
About Cryoport, Inc
Cryoport, Inc. (Nasdaq: CYRX), is
a global leader in supply chain solutions for the Life Sciences
with an emphasis on cell & gene therapies. Cryoport enables
manufacturers, contract manufacturers (CDMO's), contract research
organizations (CRO's), developers, and researchers to carry out
their respective business with products and services that are
designed to derisk services and products and provide certainty. We
provide a broad array of supply chain solutions for the life
sciences industry. Through our platform of critical products and
solutions including advanced temperature-controlled packaging,
informatics, specialized bio-logistics services, bio-storage,
bio-services, and cryogenic systems, we are "Enabling the Future of
Medicine™" worldwide, through our innovative systems, compliant
procedures, and agile approach to superior supply chain
management.
Our corporate headquarters, located in Nashville, Tennessee, is complemented by over
50 global locations in 17 countries, with key sites in the United States, United Kingdom, France, the
Netherlands, Belgium,
Portugal, Germany, Japan, Australia, India, and China.
For more information, visit www.cryoportinc.com or follow via
LinkedIn at https://www.linkedin.com/company/cryoportinc or
@cryoport on X, formerly known as Twitter at www.x.com/cryoport for
live updates.
Forward-Looking Statements
Statements in this press
release which are not purely historical, including statements
regarding Cryoport's intentions, hopes, beliefs, expectations,
representations, projections, plans or predictions of the future,
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, those related to the
amount of 2026 Notes to be repurchased and the timing of completion
of the repurchases. Factors that could cause actual results to
differ materially include, but are not limited to, risks and
uncertainties associated with the effect of changing economic and
geopolitical conditions; changes in the convertible note and other
capital markets; and other factors discussed in Cryoport's SEC
reports, including in the "Risk Factors" section of its most
recently filed periodic reports on Form 10-K and Form 10-Q, as well
as in its subsequent filings with the SEC. The forward-looking
statements contained in this press release speak only as of the
date hereof and Cryoport cautions investors not to place undue
reliance on these forward-looking statements. Except as required by
law, Cryoport disclaims any obligation, and does not undertake to
update or revise any forward-looking statements in this press
release.
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SOURCE Cryoport, Inc.