Renovaro converts $9.7 million debt to equity through share issuance

Renovaro Inc. (NASDAQ: RENB) announced that senior debt holders agreed to convert approximately $9.7 million of outstanding senior debt into equity. The biotechnology company will issue approximately 53.6 million shares of common stock at $0.30 per share to complete the conversion.

The share issuance covers both the principal debt amount and an inducement payment to facilitate the conversion, resulting in full retirement of the $9.7 million senior debt obligation. The transaction eliminates the company's debt and associated interest payments.

Renovaro has also implemented a cost-saving program aimed at improving operational efficiency and preserving capital. The company develops AI-driven drug discovery and diagnostic platforms for oncology, infectious disease, and autoimmune disorders.

"The decision by senior debt holders to convert into equity reflects a strong vote of confidence in Renovaro's vision and trajectory," said David Weinstein, Chief Executive Officer. "By fortifying our financial foundation, we are better positioned to accelerate our AI-driven drug discovery and diagnostic platforms that have the potential to transform patient care."

The debt conversion and cost optimization measures are intended to strengthen the company's financial position to support its technology development and partnerships in life sciences and defense sectors, according to the press release.

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