Accelerate Diagnostics, Inc. announced that it has entered into a note purchase agreement for gross proceeds of $10,000,000 senior secured convertible notes on June 9, 2023. The transaction will include participation from new investors, Chicago Venture Partners, L.P., Pender Corporate Bond Fund, managed by PenderFund Capital Management Ltd., Wolverine Flagship Fund Trading Limited, managed by Wolverine Asset Management, LLC, RBC CMA LLC and Indaba Capital Funds, L.P. The notes will mature on December 15, 2026 and will bear interest at a rate of 5% per annum, payable in kind. The notes, including any notes issued as a result of the payment of interest in kind, will be convertible into shares of the company’s common stock at an initial conversion price of approximately $0.72 per share, which reflects the initial conversion rate of 1,388.8889 shares of common stock per $1,000 principal amount of notes.

The securities were offered in a private placement under Section 4(a)(2) of the Securities Act (as defined below) and Rule 506 promulgated thereunder, the company desires to issue and sell to the Purchaser, and the Purchaser desire to purchase from the company, the Securities, as more fully described in this agreement.