Accuray Shareholders Approve Financing Overhaul and Board Expansion

The approved measures allow Accuray to finalize a series of agreements with TCW Asset Management Company LLC, the firm’s primary lender. This capital infusion includes a $15 million equity investment and the conversion of $40 million in term loan debt into preferred stock. The package also grants the company covenant relief through the end of 2027, providing a crucial runway for ongoing transformation initiatives. Shareholders granted the board authority to execute a reverse stock split at a ratio between 1-for-15 and 1-for-40, with the final timing and ratio left to the discretion of directors based on market conditions.

Simultaneously, the board added Richard A. Meier, a veteran with three decades of healthcare leadership experience, to its ranks. Meier, who will serve on the Compensation Committee, has previously held executive roles at companies including TwinMed, Rockley Photonics, and Advanced Medical Optics. CEO Steve La Neve noted that the financial support from shareholders, combined with Meier’s expertise, will be instrumental as the company pivots toward its long-term strategic priorities.