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Affy Says It Will Clear Up Convertible Note Default When It Files Delayed Earnings Report Next Month

NEW YORK (GenomeWeb News) – Affymetrix said yesterday it will avoid having to pay certain convertible note holders earlier than expected once it files its delayed second-quarter earnings report with the Securities and Exchange Commission next month.
 
Affy yesterday said that on Aug. 17 it received a notice from certain investors saying it had defaulted on the terms of its $120 million convertible note program because it had delayed filing its financial statements with the SEC for the three months ended June 30.
 
Affy said terms of its contract with investors give it 60 days to fix the default. Affy’s failure to do so could "accelerate the maturity of the notes, causing the outstanding principal amount plus accrued interest to be immediately due and payable" to trustees or holders of at least 25 percent of the principal amount.
 
The company said it expects to file its restated financial statements by Sept. 30, which it said would clear up the default.

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