Fluidigm Corporation (NASDAQ:FLDM) – Casdin Capital and Viking Global Investors inject $250 million into Fluidigm
Fluidigm Company (NASDAQ: FLDM) has approved a $250 million investment by Casdin Capital LLC and Viking Global Investors LP with zero-coupon convertible preferred stock with a conversion price of $3.40/share.
- The investment will significantly advance the Company’s mission through new organic and inorganic growth initiatives while optimizing its cost structure.
- Upon closing of the investment, which is expected at the end of the first quarter, Fluidigm will change its name to Standard BioTools Inc..
- Upon closing, Egholm will succeed Chris Linthwaite, President and Chief Executive Officer.
- To ensure a smooth transition, Chris Linthwaite will continue as CEO of Fluidigm until May 15, 2022 and remain in an advisory role until November 30, 2022.
- Additionally, Alex Kim will join as COO and lead the transformation business.
- Casdin chose Eli Casdin as a board member and Viking chose Dr. Martin D. Madaus.
- Two current directors of the company will step down upon closing of the investment.
- The preferred shares will represent approximately 42.4% of Fluidigm’s pro forma shares outstanding on an as-converted basis.
- The transaction will close in the first quarter of 2022.
- Price Action: FLDM shares were up 0.35% at $2.85 during Monday’s last check trading session.
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