TScan Therapeutics (NASDAQ:TCRX) Receives Notice for Conversion of $15 Million Loan into Common Stock

TScan Therapeutics, Inc. recently disclosed in an 8-K filing to the Securities and Exchange Commission that the company has received a conversion notice from a lender. The lender, as per the notice, has opted to convert $15 million of the principal amount of the loan into voting common stock of TScan Therapeutics. The conversion was executed at a rate of $4.785 per share, in compliance with the existing Loan Agreement between the parties.

Following the conversion notice on November 15, 2024, TScan Therapeutics issued a total of 3,134,796 shares of its voting common stock, each priced at $0.0001 par value. This issuance to the lender pertained to the conversion of the specified loan amount into equity of the company.

The company emphasized that the issuance of these conversion shares was made in accordance with the registration exemption outlined in Section 3(a)(9) of the Securities Act of 1933, as amended. This exemption permitted TScan Therapeutics to issue the shares of common stock without registration requirements under the specified provision.

TScan Therapeutics is a Delaware-based company with its principal executive offices located in Waltham, Massachusetts. The company’s common stock is listed on The Nasdaq Global Market LLC under the trading symbol TCRX.

As of November 21, 2024, Jason Amello, the Chief Financial Officer of TScan Therapeutics, signed off on the 8-K filing on behalf of the company, as mandated by the Securities Exchange Act of 1934.

The filing did not include any additional information beyond the conversion of the loan into voting common stock as specified in the Loan Agreement between TScan Therapeutics and the lender.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TScan Therapeutics’s 8K filing here.

About TScan Therapeutics

TScan Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops T cell receptor-engineered T cell (TCR-T) therapies for the treatment of patients with cancer in the United States. The company's lead product candidates include TSC-100 and TSC-101 that is in Phase I clinical trial for the treatment of patients with hematologic malignancies to eliminate residual disease and prevent relapse after allogeneic hematopoietic cell transplantation.