Cryoport to convert 50,000 shares of 4% preferreds to common stock

By Taylor Fox

New York, Feb. 8 – Cryoport, Inc. elected to convert 50,000 shares of 4% series C convertible preferred stock into common stock with funds affiliated with Blackstone Tactical Opportunities, according to a news release.

The 50,000 shares are a part of the 250,000 shares of preferred stock that were originally purchased by Blackstone for $250 million.

Cryoport agreed to waive its right under the preferred stock certificate of designations to redeem for cash up to 50,000 shares of preferred stock prior to March 30, the 180-day anniversary of the issuance date.

The conversion resulted in the issuance of 1,312,860 shares of common stock of Cryoport on Feb. 5.

There are 44,252,784 shares of common stock and 200,000 shares of preferred stock outstanding.

Cryoport is a Brentwood, Tenn.-based cryogenic logistics solutions company that serves the life sciences industry.

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