Fluidigm Corporation FLDM has approved a $250 million investment by Casdin Capital LLC and Viking Global Investors LP with zero-coupon convertible preferred shares 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 in late Q1, Fluidigm will change its name to Standard BioTools Inc.
- Upon closing, Egholm will succeed Chris Linthwaite, President & CEO.
- To ensure a smooth transition, Chris Linthwaite will continue as Fluidigm's CEO until May 15, 2022, and remain in an advisory role until November 30, 2022.
- Additionally, Alex Kim will join as Chief Operating Officer and lead transformation activities.
- Casdin has chosen Eli Casdin as its Board appointee, and Viking has selected Dr. Martin D. Madaus.
- Two current company directors will step down at the 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 Q1 of 2022.
- Price Action: FLDM shares are up 0.35% at $2.85 during the market session on the last check Monday.
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