Gamida Cell starts restructuring process supported by Highbridge Capital, stock down

seekingalpha03-27

Gamida Cell (NASDAQ:GMDA) has entered into a restructuring support agreement with certain funds managed by Highbridge Capital Management, and will become a private company, wholly owned by Highbridge ...

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The transaction is anticipated to provide Gamida Cell with a long-term financial runway and support the ongoing commercialization of Omisirge and is expected to be completed through a voluntary Israeli restructuring proceeding. Gamida Cell embarked on an extensive strategic process in March last year to address its capital structure and liquidity constraints by partnering Omisirge with a third party.  “Unfortunately, that process did not yield any actionable alternatives. This restructuring will enable Gamida Cell to remain as a going concern...\" Abbey Jenkins, President and Chief Executive Officer of Gamida Cell said. As part of the deal, Highbridge will convert $75 million of its existing unsecured convertible senior note into equity in the company, and Gamida Cell will receive $30 million of new capital from Highbridge on the effective date of the restructuring. This capital infusion, along with additional capital expected to be invested by Highbridge following the company’s emergence, should position it to meet its goals around the commercialization of Omisirge. The newly reorganized Gamida Cell will issue contingent value rights with a potential aggregate maximum value of $27.5 million to holders of Gamida Cell’s ordinary shares, subject to the achievement of certain revenue and regulatory milestones within specified time frames. The transaction to close in the second quarter following approval by the Israeli court. GMDA shares plunged 65.31% premarket to $0.119.  More on Gamida Cell  Gamida Cell stock jumps as company explores strategic alternatives Seeking Alpha’s Quant Rating on Gamida Cell Historical earnings data for Gamida Cell Financial information for Gamida Cell","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422896776"}