Accuray entered into a Securities Purchase Agreement with TCW Asset Management to issue 55,000 shares of Series A Convertible Preferred Stock for $55.0 million, comprising $15.0 million in cash and the conversion of $40.0 million in existing debt. The transaction requires stockholder approval and includes a reverse stock split ranging from 1-for-15 to 1-for-40. Approximately 27.6 million outstanding warrants held by TCW will be cancelled, while new warrants for 15.3 million shares were issued at $0.01 per share. Concurrently, Accuray amended its Financing Agreement to secure a covenant holiday through December 31, 2027, and access up to $5.0 million in delayed draw term loans. The board size was reduced to seven members, with TCW designating two directors, and two incumbent directors resigned. Accuray operates in the medical technology industry, providing radiation therapy systems for cancer treatment.