Perceptive Adds $4M Term Loan, Waives Trinity Biotech Liquidity Covenant Breach
TRIB sits 18% above its 52-week low of $5 on light trading volume (0.4× avg).
Summary
Perceptive waived Trinity Biotech's liquidity covenant breach for June-October 2026 and lent $4.0M more, while cutting its convertible note floor price to $10.00 per ADS and warrant strikes to $5.90.
Key Events · Financing and Capital Events · TRIB
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Liquidity Covenant Breached, Then Waived
Perceptive granted a limited waiver of the minimum liquidity covenant for June, July, August, September and October 2026 and any resulting Default or Event of Default; the covenant remains in force going forward.
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Additional $4.0M Tranche G Term Loan
A new $4.0 million term loan borrowing (Tranche G) was funded on November 6, 2026 under the Fifth Amendment to the Sixth Amended and Restated Credit Agreement.
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Conversion Floor Cut to $10.00 per ADS
The Second Amended and Restated Note reduced the Floor Price from $15.183 per ADS to $10.00 per ADS; the Conversion Cap remains US$72,500,000 and the reduced floor also applies to the Milestone and Contingent Payment Obligations.
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Warrant Strikes Reset to $5.90 per ADS
Warrant amendments set the exercise price of each warrant held by the Perceptive funds to $5.90 per ADS.
Analysis · TRIB · Life Sciences
Trinity Biotech had been out of compliance with its credit agreement for months, and its lender Perceptive has now moved to paper over the breach. On November 6, 2026, Perceptive granted a limited waiver of the minimum liquidity covenant for June through October 2026 and lent a further $4.0 million. In exchange, Perceptive cut the conversion floor price on its $96.2M convertible note from $15.183 to $10.00 per ADS and reset warrant exercise prices to $5.90 per ADS, so the same debt now converts into far more equity. Against a going-concern warning and a Nasdaq delisting determination already on the record, this is a lifeline that keeps the lights on but deepens dilution for existing holders.
How filings like this one have moved
In the 30 days to Nov 11, 2026, 48.1% of the 1752 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.29%. 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, TRIB was trading at $5.88 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $3.4M. The 52-week trading range was $5.00 to $52.50. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.