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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE
OF REPORT (DATE OF EARLIEST EVENT REPORTED): July 16, 2024
OSI
SYSTEMS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN
ITS CHARTER)
Delaware |
000-23125 |
33-0238801 |
(STATE OR OTHER JURISDICTION OF INCORPORATION) |
(COMMISSION FILE NUMBER) |
(IRS EMPLOYER IDENTIFICATION NO.) |
12525 CHADRON AVENUE HAWTHORNE,
CA 90250 |
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) |
(310)
978-0516
(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA
CODE)
N/A
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading symbol(s) |
|
Name of each exchange on which
registered |
Common Stock, $0.001 par value |
|
OSIS |
|
The Nasdaq Global Select Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
On
July 16, 2024, OSI Systems, Inc. (the “Company”) issued a press release relating to its proposed private offering
of Convertible Senior Notes due 2029 (the “Notes”) to qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended. A copy of the press release is attached hereto as Exhibit 99.1 and is also incorporated herein
by reference.
Neither this Current
Report on Form 8-K nor the press release constitutes an offer to sell, or the solicitation of an offer to buy, the Notes or the shares
of the Company’s common stock, if any, issuable upon conversion of the Notes.
Item 9.01 |
Financial Statements and Exhibits. |
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
OSI SYSTEMS, INC. |
|
|
Date: July 16, 2024 |
|
|
By: |
/s/ Alan Edrick |
|
|
Alan Edrick |
|
|
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
OSI SYSTEMS, INC. ANNOUNCES PROPOSED CONVERTIBLE
SENIOR NOTES OFFERING
HAWTHORNE, Calif.—(BUSINESS WIRE)—July 16,
2024—OSI Systems, Inc. (NASDAQ: OSIS) (the “Company” or “OSI”) today announced its intention to offer,
subject to market and other conditions, $275 million aggregate principal amount of convertible senior notes due 2029 (the “notes”)
in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”). OSI also expects to grant the initial purchasers of the notes an option to
purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $41.25
million principal amount of notes.
The notes will be senior, unsecured obligations
of OSI, will accrue interest payable semi-annually in arrears and will mature on August 1, 2029, unless earlier repurchased, redeemed
or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. OSI will settle
conversions in cash and, if applicable, shares of its common stock.
The notes will be redeemable, in whole or in part
(subject to certain limitations), for cash at OSI’s option, on or after August 6, 2027 and before the 41st scheduled trading
day immediately before the maturity date, but only if the last reported sale price per share of OSI’s common stock exceeds 130%
of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal
to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
If certain corporate events that constitute a
“fundamental change” occur, then, subject to a limited exception, noteholders may require OSI to repurchase their notes for
cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if
any, to, but excluding, the applicable repurchase date.
The interest rate, initial conversion rate and
other terms of the notes will be determined at the pricing of the offering.
Concurrently with the pricing of the offering,
OSI expects to use up to approximately $100 million of the net proceeds from the offering to repurchase shares of its common stock in
privately negotiated transactions effected with or through one of the initial purchasers of the notes or its affiliate. OSI intends to
use the remainder of the net proceeds from the offering to repay a portion of the revolving credit facility outstanding, pay related fees
and expenses, and for other general corporate purposes. The concurrent repurchases of shares of OSI’s common stock described above
may result in OSI’s common stock trading at prices that are higher than would be the case in the absence of these repurchases, which
may result in a higher initial conversion price for the notes OSI is offering.
The offer and sale of the notes and any shares
of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other
securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does
not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion
of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale
or solicitation would be unlawful.
About OSI
OSI is a vertically integrated designer and manufacturer
of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense, and aerospace
industries. The Company combines more than 40 years of electronics engineering and manufacturing experience with offices and production
facilities in more than a dozen countries to implement a strategy of expansion into selective end product markets.
Forward-Looking Statements
This press release includes forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the anticipated terms
of the notes being offered, the completion, timing and size of the proposed offering and the intended use of the proceeds. Forward-looking
statements represent OSI’s current expectations, beliefs, and projections regarding future events and are subject to known and unknown
uncertainties, risks, assumptions and contingencies, many of which are outside OSI’s control and that could cause actual results
to differ materially from those described in or implied by the forward-looking statements. Among those risks and uncertainties are market
conditions, including market interest rates, the trading price and volatility of OSI’s common stock and risks relating to OSI’s
business, including those described in periodic reports that OSI files from time to time with the SEC. OSI may not consummate the proposed
offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final
terms of the offering or the notes or its ability to effectively apply the net proceeds as described above. The forward-looking statements
included in this press release speak only as of the date of this press release, and OSI does not undertake any obligation to update the
forward-looking statements included in this press release for subsequent developments, except as may be required by law. For a further
discussion of factors that could cause OSI Systems’ future results to differ materially from any forward-looking statements, see
the section entitled “Risk Factors” in OSI Systems’ Annual Report on Form 10-K for the year ended June 30,
2023 and other risks described in documents filed by OSI Systems from time to time with the Securities and Exchange Commission.
OSI Systems, Inc.
Ajay Vashishat
Vice President, Business Development
310-349-2237
avashishat@osi-systems.com
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OSI Systems (NASDAQ:OSIS)
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