Accuray Incorporated (NASDAQ: ARAY) announced a series of financial and strategic actions on July 29, 2026, including a debt restructuring agreement with TCW Asset Management Company LLC, its primary lender and largest shareholder.

Under the agreement, TCW will exchange $40 million in term loan principal for convertible preferred stock with an equivalent liquidation preference. The preferred stock converts to common shares at $0.50 per share, a roughly 105% premium to the prior day's closing price, and carries an 8% annual dividend. TCW will also invest $15 million in cash for additional preferred shares and has agreed to make available a delayed draw term loan of up to $5 million, subject to conditions.

Certain financial covenants on Accuray's existing term loan will be waived through December 31, 2027, with the first new testing date set for March 31, 2028. Accuray also agreed to implement a reverse stock split at a ratio yet to be determined, subject to stockholder approval.

As part of the governance changes, the board will shrink from eight to seven members. Beverly Huss and Anne Le Grand stepped down, while TCW designees Steven Mayer and Chan Galbato will remain. A new independent director is to be added.

Accuray also disclosed non-binding letters of intent with Samsung HME America, Inc. (doing business as NeuroLogica Corp.) on volumetric imaging, and with RaySearch Laboratories AB (STO: RAY B) on adaptive radiation therapy software. Both agreements remain subject to further negotiation and are not binding.

The company said its existing collaboration with Tata Consultancy Services (BSE: 532540, NSE: TCS) has produced onboard remote diagnostics tools, with further engineering work ongoing.

Accuray described the moves as the second phase of a broader transformation, following an earlier effort focused on cost reduction. The company said the TCW transaction is subject to customary closing conditions, including stockholder approval, and that additional details are included in a Form 8-K filed with the Securities and Exchange Commission.