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BRIEF-Delcath announces agreement for extinguishment of convertible notes with majority holder
August 28, 2017 / 10:56 AM / 3 months ago

BRIEF-Delcath announces agreement for extinguishment of convertible notes with majority holder

Aug 28 (Reuters) - Delcath Systems Inc

* Delcath announces agreement for extinguishment of convertible notes with majority holder

* ‍If fully executed, agreement will extinguish approximately 90 pct of remaining $12.6 million in debt related to convertible notes​

* ‍Negotiated an agreement for extinguishment of its 2016 convertible notes from holder of majority of notes​

* ‍Transaction contingent upon co effecting reverse stock split which requires shareholder approval through current consent solicitation​

* Co’s series A & B preferred shares to be redeemed & $1.65 million in restricted cash related to convertible notes will be released to co

* ‍A vote in favor of reverse stock split proposal is required to trigger extinguishment agreement and maintain Nasdaq listing​ Source text for Eikon: Further company coverage:

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