NanoString Tech (NSTG) has released an update to notify the public and investors about its financial commitment initiation.
NanoString Technologies, Inc. and its subsidiaries, facing financial difficulties, have filed for Chapter 11 bankruptcy and secured a debtor-in-possession (DIP) financing arrangement. This agreement includes a $12.5 million loan upon initial court approval, an additional $35 million loan following final approval, and a roll-up of $95 million in existing debt. The funds will support potential sales of company equity or assets, working capital, and other corporate needs, with the debt backed by the company’s assets. This move is designed to help the company navigate through bankruptcy while considering various restructuring options.
For further insights into NSTG financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.
