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Quotient Limited to Sell $95M of Senior Notes in Private Offering

NEW YORK – Quotient Limited announced on Monday that it has agreed to sell $95 million of its 4.75 percent convertible senior notes in a private offering.

Quotient plans to use the proceeds to continue development of its multimodal MosaiQ platform, to prepare for its commercial launch, and for general corporate purposes.

The notes will mature in May 2026 and the offering is for institutional investors, including funds managed by Highbridge Capital Management, Eysins, Switzerland-based Quotient said in a statement. The firm may also issue up to an additional $15 million aggregate principal amount of notes in subsequent offerings.

Holders can convert their notes to ordinary shares of Quotient at any time before the close of business on the second business day immediately before the maturity date at an initial conversion price of $5.67, a 27.5 percent premium to the price of Quotient's ordinary shares at the close of the market on May 21, 2021.

Quotient can redeem all or some of the notes on or after May 2024 at a price equal to 100 percent of the principal amount plus accrued and unpaid interest if the last reported sale price of the firm's shares has been at least 130 percent of the conversion price then in effect over a specified 20 trading day period, the company said.

In September 2020, Quotient raised $80.5 million in a public offering of its ordinary shares.