Full Press Release Details
$51 million of Cryoport Series C Preferred Stock Into Common Stock
February 8, 2021 - Cryoport, Inc. (Nasdaq: CYRX) ("Cryoport" or the "Company"), a global leader in
temperature-controlled supply chain solutions for the life sciences industry, today announced that funds affiliated with Blackstone
Tactical Opportunities (NYSE: BX) ("Blackstone"), elected to convert 50,000 shares of 4.0% Series C Convertible Preferred
Stock of Cryoport ("Preferred Stock") into common stock of Cryoport pursuant to the Preferred Stock certificate of
designations. The 50,000 shares are a part of the 250,000 shares of Preferred Stock that were originally purchased by Blackstone
for $250 million. In connection with the conversion, Cryoport agreed to waive its right under the Preferred Stock certificate of
designations to redeem for cash up to 50,000 shares of Preferred Stock prior to March 30, 2021, the 180-day anniversary of the
issuance date. The forgoing conversion resulted in the issuance of an aggregate of 1,312,860 shares of common stock of Cryoport
on February 5, 2021.
Ram Jagannath, Senior
Managing Director and Global Head of Healthcare for Blackstone Growth and Tactical Opportunities, and Member of Cryoport's
Board of Directors, said, "We are enthusiastic about the recent acquisitions of CRYOPDP and MVE Biological Solutions, which
positions Cryoport as a lynchpin in the life sciences industry, providing comprehensive supply chain solutions. We believe the
demand for Cryoport's advanced temperature-controlled supply chain solutions will continue to expand as cell and gene therapies
are rolled out to patients around the world and more regenerative therapies approach commercialization."
Jerrell Shelton, CEO
of Cryoport, said, "As a result of our recent strategic initiatives, including the acquisitions of CRYOPDP and MVE Biological
Solutions, we are now composed of an unrivalled family of companies focused on the temperature-controlled supply chain for the
life sciences. Cryoport is in a unique position to continue its growth as the industry expands and, simultaneously, command greater
market share through its superior services and products. We think that, as a significant shareholder in Cryoport, Blackstone understands
the quality of our company and our future. We are pleased by Blackstone's confidence in our vision and management's
ability to execute against our growth plans."
As of February 8, 2021, there were 44,252,784
shares of common stock and 200,000 shares of Preferred Stock outstanding.
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq:
CYRX) is redefining temperature-controlled supply chain support for the life sciences industry by continually broadening its platform
of solutions, serving the Biopharma, Reproductive Medicine, and Animal Health markets. Through its family of companies, Cryoport
Systems, MVE Biological Solutions, CRYOPDP and CRYOGENE, Cryoport provides strategic solutions that will support the growing needs
press release which are not purely historical, including statements regarding the Company's intentions, hopes, beliefs, expectations,
representations, projections, plans or predictions of the future, such as statements concerning Blackstone's investment in
the Company, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important
to note that the Company's actual results could differ materially from those in any such forward-looking statements. Factors
that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the
effect of changing economic conditions, trends in the products markets, variations in the Company's cash flow, market acceptance
risks, and technical development risks. The Company's business could be affected by a number of other factors, including
the risk factors discussed in the Company's Securities and Exchange Commission ("SEC") reports including, but
not limited to, the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and any subsequent filings
with the SEC. The forward-looking statements contained in this press release speak only as of the date hereof and the Company cautions
investors not to place undue reliance on these forward-looking statements. Except as required by law, the Company disclaims any
obligation, and does not undertake to update or revise any forward-looking statements in this press release.