Filing Analysis
Adagio Medical Holdings, Inc. received a deficiency notice from Nasdaq for failing to meet the minimum stockholders' equity requirement. The company reported negative stockholders' equity of $415,000 as of June 30, 2026, falling significantly short of the $2,500,000 required for continued listing.
🚩 Red Flags
- Negative stockholders' equity (insolvency indicator)
- Failure to meet minimum quantitative listing standards
- Explicit mention of risks related to 'the need to operate as a going concern'
- Need for additional capital/financing to support ongoing operations
📋 Key Facts
- Received Nasdaq deficiency letter on August 13, 2026.
- Stockholders' equity reported as $(415,000) in the 10-Q for period ended June 30, 2026.
- Nasdaq Listing Rule 5550(b)(1) requires a minimum of $2,500,000 in stockholders' equity.
- Company must submit a compliance plan by September 28, 2026.
- Potential for a 180-day extension if the compliance plan is accepted by Nasdaq Staff.
Adagio Medical Holdings, Inc. has released an updated corporate presentation to provide information to investors and analysts via its website.
📋 Key Facts
- The company made available an updated corporate presentation on August 13, 2026.
- The presentation is intended for use in meetings with investors, analysts, and other stakeholders.
- The disclosure is filed under Item 7.01 (Regulation FD Disclosure) and is not considered 'filed' for purposes of Section 18 liability.
Adagio Medical Holdings, Inc. filed an 8-K to furnish its quarterly earnings press release for the period ended June 30, 2026. The filing includes a business update alongside the financial results.
📋 Key Facts
- Report date: August 11, 2026
- Reporting period: Quarter ended June 30, 2026
- The company is an 'emerging growth company' as defined by the SEC
- The filing includes Exhibit 99.1 (Press Release) and Cover Page Interactive Data File
Adagio Medical Holdings, Inc. reported the results of its 2026 Annual Meeting of Stockholders held on June 16, 2026. Stockholders elected two directors and ratified the appointment of WithumSmith+Brown, PC as the independent registered public accounting firm for the 2026 fiscal year.
📋 Key Facts
- Annual Meeting held on June 16, 2026.
- Quorum achieved with 16,069,984 shares represented (72.35% of 22,210,459 outstanding shares).
- Orly Mishan and Sean Salmon were elected as directors until the 2029 annual meeting.
- WithumSmith+Brown, PC was ratified as the independent auditor for the fiscal year ending December 31, 2026, with 16,055,195 votes in favor.
Adagio Medical Holdings received a notice from Nasdaq on June 12, 2026, stating that the company is not in compliance with Listing Rule 5550(a)(2) because its common stock bid price has been below $1.00 for 30 consecutive business days.
🚩 Red Flags
- Failure to maintain minimum bid price is a primary indicator of negative market sentiment and potential liquidity issues.
- Explicit mention of a potential reverse stock split as a remedy to avoid delisting.
📋 Key Facts
- Notice received from Nasdaq on June 12, 2026.
- Violation is based on the Minimum Bid Price Requirement (bid price < $1.00 for 30 consecutive business days).
- The company has until December 9, 2026, to regain compliance.
- Compliance can be achieved if the bid price closes at or above $1.00 for ten consecutive trading days.
- The company mentions the possibility of a reverse stock split to regain compliance if a second 180-day extension is needed.
Adagio Medical Holdings, Inc. announced the submission of a Premarket Approval (PMA) application to the FDA for its vCLAS® Ventricular Ablation System. This system is designed for the treatment of ventricular tachycardia.
📋 Key Facts
- On May 21, 2026, Adagio Medical Holdings, Inc. submitted a Premarket Approval (PMA) application to the FDA.
- The application is for the vCLAS® Ventricular Ablation System.
- The system is indicated for the treatment of ventricular tachycardia.
- The announcement was disclosed under Item 8.01 (Other Events) and accompanied by a press release (Exhibit 99.1).
Adagio Medical Holdings, Inc. announced its financial results for the first quarter ended March 31, 2026, and provided a general business update via a press release.
📋 Key Facts
- The filing was made on May 12, 2026, covering the fiscal quarter ended March 31, 2026.
- The company utilized Item 2.02 (Results of Operations and Financial Condition) to disclose the earnings release.
- A press release was furnished as Exhibit 99.1.
- The company is classified as an emerging growth company.
Adagio Medical Holdings announced positive pivotal clinical trial results for its vCLAS® Ventricular Ablation System on April 26, 2026. The disclosure was made via a press release filed under Item 8.01 of Form 8-K.
📋 Key Facts
- Announcement of positive pivotal results for vCLAS® Ventricular Ablation System on April 26, 2026
- The company is an emerging growth company as defined by the SEC
- The filing includes Exhibit 99.1, the full press release text
- The report was signed by Deborah Kaster, CFO and Chief Business Officer
Adagio Medical Holdings, Inc. has scheduled its 2026 Annual Meeting of Stockholders for June 16, 2026. The filing establishes the record date and the deadlines for stockholders to submit director nominations or other proposals.
📋 Key Facts
- The 2026 Annual Meeting of Stockholders is set for June 16, 2026.
- The record date for stockholders entitled to vote is April 24, 2026.
- Stockholder proposals for inclusion in proxy materials (Rule 14a-8) must be received by April 30, 2026.
- Director nominations and other proposals under the Company's Bylaws must be submitted by April 30, 2026.
- Notice for director nominees under the SEC's universal proxy rules (Rule 14a-19) is due by April 30, 2026.
Adagio Medical Holdings announced it has received Investigational Device Exemption (IDE) approval from the FDA for its next-generation vCLAS™ Ventricular Ablation System. This regulatory milestone allows the company to commence clinical investigations of the device in the United States.
📋 Key Facts
- FDA IDE approval received on April 8, 2026
- The approval pertains to the vCLAS™ Ventricular Ablation System
- The announcement was made via a press release titled 'Adagio Medical Receives IDE Approval from the FDA to Investigate the Next-Generation vCLAS™ Ventricular Ablation System'
- The filing was made under Item 8.01 (Other Events)
Adagio Medical Holdings, Inc. announced its financial results for the fourth quarter and full fiscal year ended December 31, 2025, via a press release on March 26, 2026.
📋 Key Facts
- The filing reports financial results for the fiscal year and quarter ended December 31, 2025.
- The report was filed under Item 2.02 (Results of Operations and Financial Condition).
- The press release was furnished as Exhibit 99.1.
- The report date is March 26, 2026.
Adagio Medical Holdings, Inc. held its 2025 Annual Meeting of Stockholders on December 15, 2025. The meeting resulted in the successful election of two directors and the ratification of the company's independent auditor.
📋 Key Facts
- Annual Meeting held on December 15, 2025.
- Quorum reached: 13,862,436 shares (65.45% of 21,179,637 outstanding shares).
- Todd Usen and James L. Cox, M.D. were elected to the Board of Directors until the 2028 annual meeting.
- WithumSmith+Brown, PC was ratified as the independent registered public accounting firm for fiscal year ending December 31, 2025.
Adagio Medical Holdings, Inc. announced the appointment of Sean Salmon to its Board of Directors as a Class II director, effective December 11, 2025. Mr. Salmon will also serve on the Audit and Compensation Committees.
📋 Key Facts
- Board size increased from six to seven directors.
- Sean Salmon appointed as Class II director; term expires at 2026 annual meeting.
- Salmon joins the Audit Committee and Compensation Committee.
- Mr. Salmon previously served as EVP and President of Medtronic’s Cardiovascular Portfolio (Jan 2021–Sept 2025).
- Compensation is governed by the company's non-employee director compensation policy filed on Nov 4, 2025.
Adagio Medical Holdings, Inc. issued an 8-K to announce its financial results for the quarter ended September 30, 2025, and provided a general business update via press release.
📋 Key Facts
- Report date: November 12, 2025
- Reporting period: Quarter ended September 30, 2025
- The filing includes a press release (Exhibit 99.1) containing financial results and business updates.
- Company is classified as an 'emerging growth company'.
Adagio Medical Holdings, Inc. has announced the date for its 2025 Annual Meeting of Stockholders and established deadlines for stockholder proposals and director nominations.
🚩 Red Flags
- The company failed to hold an annual meeting in 2024, which may indicate administrative or governance lapses.
📋 Key Facts
- The 2025 Annual Meeting of Stockholders is scheduled for December 15, 2025.
- The record date for stockholders entitled to vote is the close of business on October 31, 2025.
- The deadline for submitting qualified stockholder proposals or director nominations is November 3, 2025.
- The company noted that it did not hold a 2024 Annual Meeting of Stockholders.
Adagio Medical Holdings, Inc. announced the closing of a previously disclosed private placement with accredited investors on October 20, 2025.
🚩 Red Flags
- Frequent private placements in micro-cap companies can lead to significant shareholder dilution.
📋 Key Facts
- The company closed a private placement that was originally announced in an 8-K filed on October 14, 2025.
- The offering was conducted via a Securities Purchase Agreement with accredited investors.
- The filing serves to confirm the completion of the capital raise rather than disclosing new terms.
Adagio Medical Holdings entered into a $19 million private placement of common stock and warrants with accredited investors. The deal includes significant milestone-based warrant components that could result in up to $31 million in additional gross proceeds upon clinical or regulatory milestones.
🚩 Red Flags
- Significant potential dilution: The issuance of millions of shares and warrants represents a large portion of the company's equity structure.
- Milestone-contingent financing: A substantial portion of future capital ($31M) is tied to clinical/regulatory outcomes, creating high uncertainty for cash runway.
- Cashless exercise provisions: Warrants allow holders to receive net shares instead of cash, which can accelerate dilution without providing immediate liquidity to the company.
📋 Key Facts
- Entered into a Securities Purchase Agreement on October 14, 2025.
- Issuance of 9,792,506 shares (or pre-funded warrants) for approximately $19 million in gross proceeds.
- Includes Tranche A, B, and C Milestone Warrants totaling up to $31 million in potential future proceeds.
- Milestone Warrants are exercisable at $1.71 per share upon specific events: FULCRUM-VT IDE clinical trial results, FDA approval of vCLAS Cryoablation System, or FDA approval of second-generation vCLAS catheter.
- Perceptive Advisors LLC (an affiliate) purchased $4.25 million worth of securities in this round.
- Registration Rights Agreement requires filing a registration statement within 45 days.
Adagio Medical Holdings, Inc. released preliminary acute safety and efficacy results from its FULCRUM-VT Study regarding its Ultralow Temperature Cryoablation (ULTC) technology. The data was presented at the 20th Annual International Symposium on Ventricular Arrhythmias.
📋 Key Facts
- Released preliminary acute (within 7 days) safety and efficacy results from the FULCRUM-VT Study.
- The study evaluates Ultralow Temperature Cryoablation (ULTC) technology for treating Sustained Monomorphic Ventricular Tachycardia (SMVT).
- Results were presented at the 20th Annual International Symposium on Ventricular Arrhythmias in Philadelphia on October 10, 2025.
- The company is an emerging growth company.
Adagio Medical Holdings, Inc. announced the successful completion of enrollment for its FULCRUM-VT Pivotal U.S. FDA Investigational Device Exemption (IDE) study. The study evaluates the vCLAS™ Cryoablation System for treating monomorphic ventricular tachycardia.
📋 Key Facts
- Completed enrollment for the FULCRUM-VT Pivotal U.S. FDA IDE study on October 1, 2025.
- The study focuses on evaluating the vCLAS™ Cryoablation System.
- Indication: ablation of monomorphic ventricular tachycardia.
Adagio Medical Holdings, Inc. has appointed Deborah Kaster, currently the Chief Business Officer, to the dual role of Chief Financial Officer and Principal Financial/Accounting Officer, effective September 5, 2025. This transition follows the departure of Interim CFO Daniel George.
🚩 Red Flags
- Dual role appointment: Combining CBO (Business Development/Strategy) and CFO roles can create potential conflicts of interest regarding financial oversight and strategic expansion.
- Contingent salary increase tied to successful equity financing, which may indicate a need for immediate capital injection.
📋 Key Facts
- Deborah Kaster (MBA, Wharton) appointed as CFO and CBO effective Sept 5, 2025.
- Interim CFO Daniel George stepped down on the same date.
- Kaster's base salary is $366,000 per annum.
- A 4% salary increase is triggered upon a successful equity financing of at least $5 million in gross cash proceeds.
- Kaster holds options for 819,000 shares; 728,000 are subject to a 4-year time-based vesting schedule, and 91,000 vest upon a Change in Control exceeding $250 million.
Adagio Medical Holdings, Inc. filed an 8-K to announce its financial results for the quarter ended June 30, 2025, and provided a business update via press release. The company also updated its corporate presentation for investor relations purposes.
📋 Key Facts
- Announced financial results for the fiscal quarter ended June 30, 2025.
- Issued an updated corporate presentation (Exhibit 99.2).
- The filing includes a press release containing business updates (Exhibit 99.1).
Adagio Medical Holdings, Inc. filed an 8-K to announce its financial results for the quarter ended March 31, 2025, and provided a general business update via press release.
📋 Key Facts
- Report date: May 15, 2025
- Reporting period: Quarter ended March 31, 2025
- The filing includes the announcement of financial results and a business update (Exhibit 99.1)
- Company is an 'emerging growth company' as defined by the SEC.
Adagio Medical Holdings, Inc. has appointed Daniel George as Interim Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer effective April 17, 2025. The appointment is made on an 'at will' basis with compensation set at $400 per hour.
🚩 Red Flags
- Appointment of an 'Interim' CFO often suggests sudden turnover or instability in the permanent finance department.
- Hourly compensation ($400/hr) is characteristic of external consultants brought in to stabilize or manage specific financial periods rather than long-term leadership.
📋 Key Facts
- Daniel George appointed as Interim CFO, Principal Financial Officer, and Principal Accounting Officer on April 17, 2025.
- Compensation for the interim role is set at $400 per hour.
- The appointment is 'at will' according to the Offer Letter.
- Mr. George has extensive experience in healthcare finance, including roles at Lucira Health and Avinger Inc.
Adagio Medical Holdings, Inc. filed an 8-K to announce its fiscal year 2024 financial results and the appointment of a new Chief Business Officer.
📋 Key Facts
- Announced financial results for the fiscal year ended December 31, 2024 via press release (Exhibit 99.1).
- Appointed Deborah Kaster as the Company’s Chief Business Officer (Exhibit 99.2).
- The company is classified as an emerging growth company.
Adagio Medical Holdings, Inc. announced the resignation of its Chief Financial Officer, John Dahldorf, effective March 21, 2025. The company stated the departure is not due to any disagreement regarding financial reporting or accounting policies.
🚩 Red Flags
- Sudden departure of a key executive (CFO) in a micro-cap environment can sometimes precede internal volatility, though the company explicitly denies disagreement.
📋 Key Facts
- John Dahldorf resigned as CFO on March 11, 2025.
- The resignation becomes effective on March 21, 2025.
- The company has initiated a search for a replacement CFO.
- The departure is not related to any disputes over financial reporting or accounting policies.
Adagio Medical Holdings, Inc. announced the departure of its Chief Operating Officer, Hakon Bergheim, effective February 28, 2025, as part of a broader corporate restructuring.
🚩 Red Flags
- Departure of a key executive (COO) during a period of 'corporate restructuring' can indicate internal instability or strategic shifts.
- Uncertainty regarding the final terms of the severance agreement for the departing officer.
📋 Key Facts
- Hakon Bergheim departed from his role as COO on February 28, 2025.
- The departure is part of a larger 'corporate restructuring' announced by the company.
- As of the filing date, no new compensatory arrangement has been finalized for the departing officer.
- The company is currently negotiating a severance package with Mr. Bergheim.
Adagio Medical Holdings, Inc. has issued a press release regarding a corporate restructuring as of February 28, 2025.
🚩 Red Flags
- Corporate restructuring often implies significant changes to capital structure, management, or operations, which can be precursors to financial distress or delisting risks in micro-cap companies.
📋 Key Facts
- The company announced a corporate restructuring via a press release dated February 28, 2025.
- The filing was signed by John Dahldorf, Chief Financial Officer.
- The report is filed under Item 7.01 (Regulation FD Disclosure) and Item 9.01.
Adagio Medical Holdings, Inc. has issued a formal notice to terminate its Facilities and Services Agreement with Fjord Ventures LLC. The termination is scheduled to become effective on July 30, 2025.
🚩 Red Flags
- Potential operational disruption if new service providers/facilities are not secured before July 30, 2025.
📋 Key Facts
- Notice of intent to terminate the Facilities and Services Agreement was provided on January 30, 2025.
- The agreement with Fjord Ventures LLC covers employee benefits administration, administrative support, IT services, and office space/supplies.
- Termination becomes effective July 30, 2025 (180 days from the notice period).
- The company previously sub-leased ~4,992 sq. ft. of space in Laguna Hills from Fjord; that sub-lease expired on March 31, 2024.
- Company stated termination is due to no longer needing the services provided under the Agreement.
Adagio Medical Holdings received a notice from Nasdaq regarding non-compliance with audit committee requirements following the resignation of a board member. Additionally, the company entered into waivers to address defaults resulting from previously disclosed misstated financial statements.
🚩 Red Flags
- Delisting notice/non-compliance with Nasdaq listing rules.
- Previous disclosure of misstated financial statements (restatement context).
- Default on existing Securities Purchase Agreement and Registration Rights Agreement.
- Requirement to issue restricted shares instead of cash for registration delay payments, indicating potential liquidity constraints.
📋 Key Facts
- Nasdaq issued a deficiency notice due to failure to meet audit committee requirements (Listing Rule 5605) after Shahram Moaddeb's resignation on Dec 23, 2024.
- The company has a cure period to regain compliance until either the next annual shareholders' meeting (if before June 30, 2025) or January 2, 2026.
- On Jan 3, 2025, the Company and Buyers entered into Limited Waivers regarding defaults in a Securities Purchase Agreement and Registration Rights Agreement.
- The defaults were triggered by misstated financial statements previously disclosed on Nov 1, 2024.
- As part of the waiver, the company will issue 183,333 Restricted Shares at $2.00 per share in lieu of cash for Registration Delay Payments.
Adagio Medical Holdings, Inc. notified Nasdaq that it will fail to comply with audit committee requirements starting January 1, 2025, due to a director resignation. This non-compliance is a direct result of the vacancy left by Shahram Moaddeb.
🚩 Red Flags
- Delisting notice/Non-compliance with Nasdaq Listing Rule 5605(c)(2)(A).
- Loss of a Board member creating immediate regulatory non-compliance.
- Potential for trading suspension or delisting if the vacancy is not filled promptly.
📋 Key Facts
- Shahram Moaddeb resigned from the Board effective January 1, 2025.
- The resignation was not due to any dispute or disagreement with the Company or the Board.
- The company will be out of compliance with Nasdaq Listing Rule 5605(c)(2)(A) regarding audit committee requirements as of January 1, 2025.
- The non-compliance is solely due to the vacancy created by the director's departure.
Adagio Medical Holdings, Inc. announced a major leadership transition effective December 13, 2024, featuring the resignation of CEO and Chairman Olav Bergheim and the appointment of Todd Usen as the new CEO. The filing details significant severance packages for the departing executive and an aggressive compensation structure for the incoming CEO tied to successful financing or change-in-control events.
🚩 Red Flags
- Significant cash outflow via $1.2M severance package for the departing CEO during a leadership transition.
- Contingent bonuses for both the outgoing and incoming executives are heavily tied to 'Change in Control' or 'equity financing,' suggesting a high-pressure environment to facilitate a sale or capital raise.
📋 Key Facts
- Olav Bergheim resigned as CEO and Chairman effective December 13, 2024; he will serve as an advisor for 12 months.
- Bergheim's severance includes $1.2M in cash, plus a conditional $300k bonus tied to a Change in Control or equity financing/licensing transaction.
- Todd Usen appointed CEO and Class I Director effective December 13, 2024; he previously served as CEO of Minerva Surgical and Activ Surgical.
- Usen's compensation includes a $500k base salary and an option to purchase ~5% of the Company’s fully diluted shares outstanding.
- Usen is eligible for a financing bonus of 16% of his base salary upon successful closing of equity or non-dilutive business development transactions.
Adagio Medical Holdings, Inc. filed an 8-K to announce its financial results for the quarter ended September 30, 2024, and provided a general business update via press release.
📋 Key Facts
- Report date: November 14, 2024
- Reporting period: Quarter ended September 30, 2024
- The filing includes a press release (Exhibit 99.1) containing financial results and business updates.
- Company is an emerging growth company.
Adagio Medical Holdings, Inc. is filing an Amendment No. 2 to its Form 8-K to restate audited and unaudited financial statements for multiple periods including fiscal year 2023 and the first half of 2024. This follows a recent business combination involving ARYA Sciences Acquisition Corp IV.
🚩 Red Flags
- Restatement of multiple prior-period financial statements (audited and unaudited).
- Significant timing: Restatements are occurring shortly after a business combination/SPAC merger, which often correlates with integration or accounting complexities.
- The filing refers to 'Note 17 - Restatement of Quarterly Financial Information' in the exhibits.
📋 Key Facts
- The filing is an Amendment No. 2 to a previously filed Form 8-K regarding a completed business combination on July 31, 2024.
- Restatement includes audited consolidated financial statements for Adagio as of December 31, 2023, and the fiscal year ended December 31, 2023.
- Restatement includes unaudited condensed consolidated financial statements for the periods ending March 31, 2024, and June 30, 2024.
- The company notes that previously released unaudited financial information is superseded by this amendment.
Adagio Medical Holdings, Inc. has announced that previously issued financial statements for the periods ending December 31, 2023, March 31, 2024, and June 30, 2024, should no longer be relied upon due to material misstatements regarding accrued interest. The company also disclosed a material weakness in internal control over financial reporting related to the valuation of debt and equity instruments.
🚩 Red Flags
- Material restatement of previously issued financial statements (Item 4.02).
- Disclosure of a material weakness in internal control over financial reporting.
- Inadequate controls regarding valuation reports from third-party specialists for debt/equity instruments.
📋 Key Facts
- The error involves an overstatement of accrued interest in 'Convertible notes payables, current' and 'Other accrued liabilities'.
- Affected periods: Fiscal year ended Dec 31, 2023; three months ended March 31, 2024; and six months ended June 30, 2024.
- The misstatement was identified during the preparation of unaudited financial statements for the period ending September 30, 2024.
- Management identified a material weakness in the design and operation of controls over third-party valuation reports for debt and equity instruments.
- Remediation plans include enhanced review of third-party valuation reports, manual journal entries, and oversight of specialist work.
Adagio Medical Holdings, Inc. filed an 8-K to furnish a press release containing general business updates issued on August 19, 2024.
📋 Key Facts
- The filing is made pursuant to Item 7.01 (Regulation FD Disclosure).
- The company issued a press release dated August 19, 2024, regarding business updates.
- The information in the press release is furnished but not filed for purposes of Section 18 of the Exchange Act.
This 8-K/A amendment provides the necessary financial statements and pro forma information following the completed business combination between Adagio Medical Holdings, Inc. (formerly Aja HoldCo, Inc.) and ARYA Sciences Acquisition Corp IV. The filing also corrects previously reported transaction costs related to the merger.
🚩 Red Flags
- High transaction costs ($13.1 million) relative to the total financing raised.
- Complexity of multiple financing layers (PIPE, convertible securities, and bridge loans).
📋 Key Facts
- The company completed a Business Combination with ARYA Sciences Acquisition Corp IV.
- Raised approximately $84.2 million in financing through trust funds, equity/warrant private placement, and convertible security financing.
- Transaction costs totaled approximately $13.1 million, which includes the payoff of an SVB Term Loan of ~$1 million.
- The filing includes unaudited condensed consolidated financial statements for Adagio, ARYA, and Aja HoldCo, Inc. as of June 30, 2024.
- Includes unaudited pro forma condensed combined financial information as of June 30, 2024.
Adagio Medical Holdings, Inc. (ADGM) consummated a business combination with ARYA Sciences Acquisition Corp IV on July 31, 2024, transitioning from a SPAC to an operating entity. The transaction involved significant debt conversions and the issuance of $64.5 million in PIPE financing.
🚩 Red Flags
- Significant use of high-interest (13%) senior secured convertible notes to fund the closing.
- Complex multi-layered debt structure involving multiple bridge financing notes from Perceptive.
- Potential for significant dilution due to the conversion of various instruments into common stock and the issuance of warrants at $24.00 per share.
📋 Key Facts
- Consummated business combination between ARYA Sciences Acquisition Corp IV and Adagio Medical, Inc. on July 31, 2024.
- Perceptive Life Sciences Master Fund, Ltd (Perceptive PIPE Investor) contributed $15M, $8M, $3M, $2.5M, and $1M in various convertible promissory notes (Bridge Financing Notes).
- Total PIPE Financing commitment from various investors is approximately $64.5 million.
- New Adagio issued $20,000,000 in 13% senior secured convertible notes with a maturity of three years and nine months.
- The transaction involved the cancellation/conversion of existing warrants, preferred stock, and various classes of common stock into New Adagio Common Stock.