Impinj entered into privately negotiated exchange agreements with certain holders of its outstanding 1.125% Convertible Senior Notes due 2027. Under the agreements, Impinj will exchange approximately $56.5M in cash and 188,451 shares of common stock for $56.3M of the notes' aggregate principal amount. The cash and share amounts remain subject to adjustment based on Impinj's stock price during a two-day measurement period ending Sept. 14. The exchanges are expected to close around Sept. 16, with Impinj using cash on hand to fund the transaction. Following the exchanges, around $1M of the 2027 Notes will remain outstanding.
Impinj IncImpinj is exchanging $56.3M of 2027 convertible notes for cash and stock, reducing its debt overhang to ~$1M outstanding.
