Rockley Photonics

Rockley Photonics (NYSE:RKLY) announced today that it entered into agreements for an $81.5 million private placement.

Participating investors agreed to purchase $81.5 million in convertible senior secured notes (due 2026) and warrants to purchase 26.5 million Rockley ordinary shares at an exercise price of $5 per share, subject to certain anti-dilution adjustments.

Warrants purchased in the placement will expire 10 years from the date of issuance. Oxford, England-based Rockley Photonics said in a news release that it plans to grant the initial purchasers of the notes an option to buy up to an additional $81.5 million in notes and warrants. The notes will bear cash interest at a rate of 9.5% per annum.

If Rockley elects to pay interest partially in cash and partially through the issuance of additional notes, at a rate of 5.75% payable in cash and 6.25% payable in kind through the issuance of additional notes. They will be convertible at an initial convers…

Rockley Photonics recently went public through a merger with a special-purpose acquisition company called SC Health Corp.

The Oxford, U.K.–based maker of silicon photonics technology started trading on the New York Stock Exchange under the symbol RKLY. It plans to use the roughly $168 million from the deal to accelerate the launch of its “clinic-on-the-wrist” digital health sensor system, which the company claims can continuously track a host of metrics including core body temperature, blood pressure, body hydration, alcohol, lactate and glucose.

Rockley Photonics has combined hardware and application firmware in a module for OEM manufacturers — with the option of adding cloud analytics for certain clinical/medical partnership applications.

“Silicon photonics has tremendous potential to transform multiple industries through a broad range of applications, particularly in the health and wellness space by bringing laboratory-grade measurement on the wrist m…