Omeros Shares Drop After Notes Conversions

Dow Jones

May 13

By Chris Wack

Omeros shares were 29% lower, at $4.38, after the company entered into exchange agreements with a limited number of investors who are holders of its 5.25% convertible senior notes due 2026.

The company will exchange $70.5 million of the note on a one-for-one basis for newly issued 9.50% convertible senior notes due 2029, with a conversion rate set at a 35% premium.

The exchange, which extends the maturity of a significant portion of the company's outstanding debt, is expected to close on or about Wednesday.

Omeros also said it has entered into an agreement with an investor to convert $10 million of 2026 convertible notes into shares of common stock.

Following the completion of these transactions, $17.4 million in 2026 convertible notes will remain outstanding.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 12, 2025 13:36 ET (17:36 GMT)

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