Dirtt accepts C$6.84 million in capped tender offer for convertibles

By Mary-Katherine Stinson

Lexington, Ky., March 25 – Dirtt Environmental Solutions Ltd. announced the results of its tender offer for up to C$6 million of its convertible subordinated debentures due Jan. 31, 2026 and up to C$9 million total principal of its 6.25% convertible subordinated debentures due Dec. 31, 2026, according to a press release.

As of the expiration time of 5 p.m. ET on March 22, the company received tenders of C$4,693,000, or about 11.66%, aggregate principal amount of January 2026 debentures and C$5,775,000, or 16.5%, aggregate principal amount of December 2026 debentures.

The company will accept all the tendered debentures for a total consideration of about C$6,843,960 excluding accrued interest.

As previously reported, Dirtt offered to purchase the January 2026 debentures at a purchase price of C$720 per C$1,000 principal amount and the December 2026 debentures at a purchase price of C$600 per C$1,000 principal amount.

The total purchase price for the January 2026 debentures will be about C$3,418,304.05, and the total purchase price for the December 2026 debentures will be about C$3,546,087.33. The totals include all accrued interest.

Repurchased notes will be canceled.

Following the purchase and cancellation, the company will have C$35,557,000 principal amount of January 2026 debentures and C$29,225,000 principal amount of December 2026 debentures issued and outstanding.

The company intended to fund the offer with a portion of the proceeds from its previously completed rights offering to its common shareholders, which closed in January for total gross proceeds of C$30 million.

On Feb. 12, the closing price of the January 2026 debentures on the Toronto Exchange was C$62 per C$100 principal amount, which represents C$620 per C$1,000 principal amount. On Feb. 8, the closing price of the December 2026 debentures was C$55 per C$100 principal amount, which represents C$550 per C$1,000 principal amount. The debentures trade under the symbols “DRT.DB” and “DRT.DB.A,” respectively.

Dirtt is a Calgary, Alta.-based customized interior building company.

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