Court for the District of Delaware. This decision has been made in order to strengthen the Company’s financial position and enable it to continue to innovate and serve its customers in the long term.
The restructuring process is designed to reduce NanoString’s debt and provide the Company with additional financial flexibility to support its operations and strategic initiatives. Throughout this process, NanoString will continue to operate its business as usual, and all customer orders will be fulfilled as usual. The Company remains dedicated to delivering high-quality products and services to its customers and advancing important research in the field of genomics.
In a statement, Brad Gray, President and CEO of NanoString said, “We are taking these steps to strengthen our financial position and ensure that we can continue to advance our mission of ‘Mapping the Universe of Biology.’ We are grateful for the support of our key creditors, and we are confident that this restructuring process will enable us to emerge as a stronger and more resilient Company.”
NanoString has received a commitment for $50 million in debtor-in-possession financing from its existing lenders, which will provide the Company with the necessary liquidity to support its ongoing operations during the restructuring process. This financing, subject to court approval, will enable NanoString to continue meeting its financial obligations, including paying its suppliers and vendors in full for all goods and services provided after the filing date.
Furthermore, NanoString’s plan for the restructuring process includes a proposed debt-for-equity swap, which will enable the Company to significantly reduce its debt load and strengthen its balance sheet. This will position NanoString for future growth and investment in its product portfolio, research and development, and customer service initiatives.
NanoString’s commitment to its customers, employees, and mission remains unwavering. The Company will continue to invest in its innovative products and services, and its dedicated team will remain focused on supporting its customers and the important work they do. NanoString is confident that this restructuring process will ultimately strengthen its ability to deliver value to its stakeholders and contribute to advancements in life science research.
Throughout this process, NanoString remains open and transparent in its communications with its stakeholders, including customers, employees, and suppliers. The Company is committed to maintaining strong relationships with all parties involved and to minimizing any disruptions to its operations as a result of the restructuring proceedings.
NanoString Technologies, Inc. is a company dedicated to providing innovative life science tools for discovery and translational research. With a commitment to advancing the field of genomics and empowering researchers to uncover new insights into biology, NanoString remains focused on its mission and is confident that these actions will enable it to continue serving its customers and contributing to important advancements in the life sciences.
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