Company: SRPT
Filing Date: 2025-08-21
Form Type: 8-K
Source: 0001193125-25-184625
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Company: Sarepta Therapeutics, Inc.
Filing Date: 2025-08-21
Form: 8-K
Item: Item 3.02
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Item 3.02      Unregistered Sales of Equity Securities.  

Exchange Transaction

On August 20, 2025, Sarepta Therapeutics, Inc. (the “ Company”) entered into separate, privately negotiated exchange agreements (the “ Exchange Agreements”) with certain holders of its 1.25% Convertible Senior Notes due 2027 (the “ Existing Convertible Notes”). Under the terms of the Exchange Agreements, the holders party thereto have agreed to exchange with the Company approximately $700.0 million in aggregate principal amount of Existing Convertible Notes held by them for (i) approximately $602.0 million in aggregate principal amount of 4.875% Convertible Senior Notes due 2030 (the “ New Convertible Notes”), which is equal to $860 of New Convertible Notes per $1,000 principal amount of Existing Convertible Notes exchanged, (ii) shares (collectively, the “ Shares”) of the Company’s common stock, par value $0.0001 per share (“ Common Stock”), and (iii) an aggregate of approximately $123.3 million in cash, which is equal to approximately $176.19 per $1,000 principal amount of Existing Convertible Notes exchanged (such exchanges, collectively, the “ Exchange”). The number of Shares issued in the Exchange will be equal to the quotient of (1) $110.0 million and (2) the greater of (i) the average of the daily volume-weighted average price of our Common Stock over a period of five trading days beginning after the date hereof and (ii) $16.46.

The New Convertible Notes will be senior unsecured obligations of the Company and will mature on September 1, 2030, unless earlier repurchased, redeemed or converted. The New Convertible Notes bear cash interest at the annual rate of 4.875%, payable on March 1 and September 1 of each year, beginning on March 1, 2026. The New Convertible Notes have an initial conversion rate of 16.6667 shares of Common Stock per $1,000 principal amount of New Convertible Notes (which is equivalent to an initial conversion price of approximately $60.00 per share of Common Stock), representing an approximately 191.5% conversion premium based on the last reported sale price of Common Stock of $20.58 per share on August 20, 2025. Before March 1, 2030, the New Convertible Notes will only be convertible