Adagio Medical Issues 4.98M Shares as Note Holder Converts $776K of Debt
ADGM sits 28% above its 52-week low of $0.12.
Summary
Adagio Medical disclosed that a note holder converted $776,111 of convertible notes into 4.98 million shares, the first conversion under the temporary reduced conversion price announced last week.
Key Events · Financing and Capital Events · ADGM
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Note Holder Converts $776K Debt
A holder of the 13% Senior Secured Convertible Notes converted $776,111 principal amount into 4,978,869 shares of common stock between September 25 and October 1, 2026.
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Conversion Prices Below Market
Shares were issued at Alternate Conversion Prices ranging from $0.1265 to $0.1618 per share, below the current stock price of $0.1535 at the low end.
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Dilution Adds to Distress
The 4.98 million new shares represent a significant increase to the outstanding share count for a company with a market cap of only $3.5 million, compounding existing dilution concerns.
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Follows Strategic Alternatives Process
This conversion follows the September 23, 2026 announcement of a 58% workforce reduction and temporary conversion price reduction as part of the company's strategic alternatives review.
Analysis · ADGM · Industrial Applications And Services
A holder of Adagio Medical's 13% Senior Secured Convertible Notes converted $776,111 of principal into 4,978,869 shares of common stock at prices between $0.1265 and $0.1618 per share. This is the first actual conversion under the Alternate Conversion Election announced on September 23, 2026, and it materially increases the outstanding share count at a time when the company is already facing a liquidity crisis, a going concern warning, and a pending reverse stock split proposal. The conversion reduces debt but adds significant dilution pressure to a stock trading at $0.1535.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 30.2% of the 1605 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.53%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ADGM was trading at $0.15 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $3.5M. The 52-week trading range was $0.12 to $2.58. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.