- ImmunoGen (NASDAQ:IMGN) announces that it has entered into exchange agreements with a limited number of holders of its 4.50% Convertible Senior Notes due 2021.
- The Company will exchange ~$76.4M in aggregate amount of notes for ~16.5M newly issued shares of common stock plus an additional number of newly issued shares of common stock based on the volume-weighted average trading price over the four trading days beginning on September 5.
- Exchanges will be completed on or about September 11. Upon completion, the principal amount is anticipated to be reduced to ~$23.6M.
- Shares are down 3% premarket on light volume.