MIMEDX Announces Conversion of Outstanding Series B Convertible Preferred Stock to Common Stock
December 28 2023 - 8:00AM
MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”) today
announced that its outstanding 95,000 shares of Series B
Convertible Preferred Stock (the “Preferred Stock”), together with
any accrued dividends, were automatically converted into shares of
the Company’s Common Stock on December 22, 2023, in accordance with
the Preferred Stock terms set forth in the Company’s Articles of
Incorporation. As a result of this conversion, approximately 30
million shares of Common Stock have been added to the Company’s
share count. The conversion of the shares ends the dividend accrual
associated with the Preferred Stock.
Commenting on the conversion, MIMEDX Chief
Executive Officer, Joseph H. Capper stated, “Today marks an
important milestone in our journey to improve MIMEDX’s financial
profile. The Preferred Stock conversion, triggered by the Company’s
increased Common Stock share price and following the third
anniversary of the Preferred Stock financing transaction in July of
2020, simplifies our balance sheet and eliminates an ongoing
dividend payment obligation.”
Mr. Capper continued, “By infusing much-needed
financial support during a critical phase in the Company’s
evolution, EW Healthcare Partners and Hayfin Capital Management
provided MIMEDX with the resources necessary to reshape the Company
and position it for growth well into the future. As a result, we
are now starting to generate momentum and believe our most exciting
times are still ahead of us, as we continue to grow and innovate.
We are eternally grateful to these two exceptional partners and for
the support they have provided MIMEDX.”
Martin P. Sutter, co-founder and managing director
of EW Healthcare Partners, stated, “We are delighted with the
progress MIMEDX has made since our initial investment, and
particularly over the course of 2023, which has been marked by
significant commercial momentum and disciplined expense controls.
EW Healthcare Partners looks forward to continuing its long-term
support as MIMEDX seeks to cement its leadership position in the
industry.”
About MIMEDX
MIMEDX is a pioneer and leader focused on helping
humans heal. With more than a decade of helping clinicians manage
chronic and other hard-to-heal wounds, MIMEDX is dedicated to
providing a leading portfolio of products for applications in the
wound care, burn, and surgical sectors of healthcare. The Company’s
vision is to be the leading global provider of healing solutions
through relentless innovation to restore quality of life. For
additional information, please visit www.mimedx.com.
Forward Looking Statements
This press release may contain statements which
constitute forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements regarding the future operating performance of MIMEDX and
MIMEDX’s pursuit of growth and innovation. Additional forward
looking statements may be identified by words such as "believe,"
"expect," "may," "plan," “goal,” “outlook,” "potential," "will,"
"preliminary," and similar expressions, and are based on
management's current beliefs and expectations. Investors are
cautioned that any such forward looking statements are not
guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those in the forward looking statements as a result of various
factors. Important factors that could cause such differences are
described in MIMEDX’s periodic filings with the Securities and
Exchange Commission. Any forward looking statements speak only as
of the date of this press release and MIMEDX assumes no obligation
to update any forward looking statement.
Contact:Matt NotarianniInvestor
Relations470-304-7291mnotarianni@mimedx.com
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