XTNT Stock Skyrockets After Xtant Medical Holdings Restructures Debt

Xtant Medical Holdings (NYSEAmerican:XTNT) announced some good news on Thursday, and XTNT stock responded by rising on Friday morning.

A scientist in medical gear peers through a microscope.

Source: Shutterstock

The company announced that it has officially completed its debt restructuring started last month. Xtant said back on August 10 that the move would “improve Xtant’s capital structure by reducing its outstanding debt.”

In turn, the company expects this will help facilitate access to capital markets for investment for its future growth initiatives — and ultimately, “regain compliance with the NYSE American’s continued listing standards.”

Now just shy of two months later, Xtant has achieved exactly that.

Sean Browne, President and CEO of Xtant Medical Holdings, had this to say about the XTNT stock news:

“We are pleased to have completed this debt restructuring transaction, which significantly reduced Xtant’s total indebtedness to less than $16 million under our credit facility, lowered our cost of debt to more serviceable levels, and will allow us to focus on further improving the Company’s operating model and growth profile.”

Moreover, according to the release, Xtant “issued approximately 57.8 million shares of its common stock to the lenders under its credit facility in exchange for approximately $40.8 million of the aggregate outstanding principal amount of loans outstanding under the credit facility.”

XTNT stock was up 90% as of Friday morning.

On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Nick is a web editor at InvestorPlace.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/xtnt-stock-skyrockets-after-xtant-medical-holdings-restructures-debt/.

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