TRIB - Trinity Biotech jumps 13% after Korea's MiCo acquires stake at premium

Trinity Biotech (NASDAQ:TRIB) stated Monday that it has secured $45M equity plus debt investment in partnership deal with listed Korean biomedical company - MiCo.  The investment comprises of 11.2M Trinity ADS at price of $2.25, following which MiCo will hold 29.9% ownership in the company. To note, the investment price reflects ~130% premium to TRIB's last close of $0.98 on Apr. 8. Also, the debt component includes the issue of $20M seven-year unsecured junior convertible note. It comes at a fixed interest rate of 1.5% and a conversion price of $3.24 per ADS. Trinity said that these funds will primarily be used to repay a portion of its $81.25M term loan that is to bring down its annual interest cost by ~$4M each year. MiCo BioMed is an in-vitro diagnostics focused biotechnology company with innovative Lab-on-a-Chip and AI-based rapid point of care testing applications. Through this partnership, Trinity Biotech will distribute MiCo BioMed’s molecular PCR and

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Trinity Biotech jumps 13% after Korea's MiCo acquires stake at premium