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Oncobiologics Completes Exchange of Series A Convertible Preferred Stock for Newly Created Series A-1 Convertible Preferred StockCRANBURY, N.J., July 19, 2018 (GLOBE NEWSWIRE) -- Oncobiologics, Inc. (Nasdaq:ONS) today announced that, on July 18, 2018, the Company completed the exchange of an aggregate of 58,735 shares of voting Series A Convertible Preferred Stock (the “Series A”) held by GMS Tenshi Holdings Pte. Limited (“GMS Tenshi”), a Singapore private limited company and the Company’s controlling stockholder and strategic partner, for 58,735 shares of its newly created series of voting convertible preferred stock, voting Series A-1 Convertible Preferred Stock, par value $0.01 per share (the “Series A-1”). The exchange follows the conversion of 208,836 shares of Series A into common stock by GMS Tenshi on June 20, 2018. The Series A-1 has the same conversion and dividend features as the Series A (10% per annum, compounded quarterly, payable quarterly at the Company’s option in cash or in kind in additional shares of Series A-1), but reflects an increased redemption premium (110% to 550%) and increased liquidation preference (120% to 600%) that provides GMS Tenshi with similar redemption premium and liquidation preference for its aggregate Series A holdings before the conversion. The Company and GMS Tenshi also further amended the Investor Rights Agreement, dated September 11, 2017, to extend such rights to the Series A-1 and shares of common stock underlying such preferred stock. About Oncobiologcs, Inc. and its BioSymphony™ Platform CONTACTS: Media & Investors: |