Synergy Pharma (SGYP) to Exchange $20.7M in Notes Into 7.56M Common Shares

November 22, 2016 9:28 AM EST

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Synergy Pharma (NASDAQ: SGYP) is modestly lower in pre-open trade (-2.3%) after the company disclosed it enered into separate, privately-negotiated exchange agreements with certain holders of the Company’s 7.50% Convertible Senior Notes due 2019. Under the exchange agreements, the Holders agreed to exchange an aggregate principal amount of approximately $20.7 million of Notes and accrued but unpaid interest under the Notes held by them in exchange for 7,555,683 shares of the Company’s common stock, par value $0.0001 per share.

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