Genesis Healthcare, Inc. (NYSE:GEN) announced that it has entered into investment agreement for a private placement of convertible promissory note on March 2, 2021. The company will receive funding in tranches. Under the agreement, the Investor has an option exercisable on or prior to March 31, 2021 to purchase for $25,000,000, a second convertible promissory note, which is convertible into 34,594,079 conversion baskets which, together with the conversion baskets issuable upon conversion of the Initial Note, represent 33.3% of the fully diluted share capital of the Company as of the Initial Closing Date, subject to certain adjustments. On the same day, the company received $50,000,000 in first tranche closing. The transaction included participation from ReGen Healthcare, LLC. The notes are convertible into 69,500,755 baskets of securities each comprised of one Class A common unit and one Class C common stock, subject to adjustment, which represent 25% of the fully diluted share capital.