Perceptive Advisors LLC Increases Stake in Trinity Biotech plc

Perceptive Advisors LLC has filed an amendment to its Schedule 13D, disclosing an increased stake in Trinity Biotech plc. The filing reveals that Perceptive Advisors LLC now holds 100,800,000 Class A Ordinary Shares, representing a 22.5% ownership in the company. This marks a significant increase from their previous holdings. The filing also outlines a proposed plan by Perceptive and Credit Fund III to convert a portion of the outstanding obligations under the Sixth Amended and Restated Credit Agreement into ADSs of Trinity Biotech. This proposal aims to provide an efficient method for the company to reduce its obligations without the need for cash. The Anticipated Proposal includes amendments to the credit agreement to permit the issuance of convertible promissory notes, which would be convertible into ADSs at a price based on the volume-weighted average price of the ADSs at the time of conversion. The proposal also includes a registration rights agreement to register the resale of any ADSs issued upon conversion. The filing indicates that the Reporting Persons may engage in transactions with respect to the ADSs issuable upon conversion, including short sales and other derivative transactions.