Renalytix PLC (AIM:RENX) has announced a $4 million balance sheet improvement, following the conversion of senior convertible bonds into equity.
Some 31.6 million new ordinary shares will be issued at 9.5p per share.
The bondholder, advised by Heights Capital Ireland, will receive shares equivalent to the outstanding bond value.
The transaction is expected to save Renalytix up to $1.4 million in accrued interest and strengthen its debt-to-equity ratio. The new shares will be admitted to trading on AIM on 15 October.
Renalytix shares rose by 2.2% changing hands at 9.2p.