Verastem converts all 5% convertibles; no 2048 notes now outstanding

Chicago, July 19 – Verastem, Inc. announced that all $28 million of the company’s 5% convertible senior notes due 2048 have been exchanged for approximately 8.6 million shares of the company’s common stock, based on the company’s mandatory conversion right.

The transaction eliminates substantially all of the company’s outstanding debt, according to a press release.

Verastem had exchanged $28 million of its 5% convertibles for notes with a private investor in 2020. Under the terms of the exchanged notes, the company was able to conduct a mandatory conversion on those notes.

Based in Boston, Verastem discovers and develops drugs to treat cancer.

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