Loan & DebtJun 8, 2026, 04:17 PM
Celcuity Inc. Completes $575M Convertible Senior Notes Offering
AI Summary
Celcuity Inc. announced the completion of a $575 million offering of 0.250% Convertible Senior Notes due 2032. The net proceeds, approximately $557.0 million after expenses, will be used to fully repay outstanding obligations under a loan agreement, with the remainder allocated to working capital and general corporate purposes. These purposes may include clinical trial expenditures, commercialization efforts, and research and development. The notes mature in August 2032 and are convertible into Celcuity's common stock under specific conditions. The company also granted and the underwriters exercised an over-allotment option for an additional $75 million in notes.
Key Highlights
- Celcuity Inc. completed a $575 million offering of 0.250% Convertible Senior Notes due 2032.
- Net proceeds of approximately $557.0 million will be used to repay outstanding obligations under a loan agreement.
- The remaining proceeds will be used for working capital and general corporate purposes, including clinical trials and R&D.
- The notes mature on August 1, 2032, and are convertible under certain conditions at an initial rate of 8.0302 shares per $1,000 principal.
- The notes are redeemable by the company starting August 6, 2029, if stock price exceeds 130% of the conversion price for 20 days.
- Noteholders can require repurchase upon a 'Fundamental Change' event, at principal amount plus accrued interest.
Price Impact
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