Accuray Inc. (NSDQ:ARAY) announced plans to launch a $75 million offering of senior convertible notes today.
The notes, due Aug. 1, 2016, will be open to institutional investors and the Sunnyvale, Calif.-based company plans to offer the first investor an option to pick up an additional $11.25 million aggregate in principal notes.
"Accuray intends to use the proceeds from the sale of the notes for general corporate purposes, including investing strategically in expanding its business and new product initiatives," according to a press release.
Accuray share price has sunk more than 9 percent to $7.64 in afternoon trading since the news broke. The shares closed at $8.44 yesterday.
Here’s a roundup of other dealflow and investment news:
- MIT grads round up an angel investment round for a sleep monitoring shirt
NYX Medical Devices Inc., a startup founded by three recent graduates of the Massachusetts Institute of Technology, is on its way to rounding up an angel investment round of less than $1 million to commercialize
its flagship Somnus Sleep Shirt. The device measures vital signs using built into a shirt that a patient can wear comfortably while sleeping, and connects to a data recorder that allows the patient to access their own sleep health data and use online tools to monitor and track their sleeping habits.