Accuray Incorporated (Nasdaq:ARAY), a provider of radiation therapy accessories, announced on Tuesday that stockholders approved all proposals presented at the company's Special Meeting of Stockholders held on 6 October 2026, enabling Accuray to complete its previously announced transactions with TCW Asset Management Company LLC, the company's primary lender and largest shareholder.

In July 2026, Accuray announced a comprehensive plan to strengthen its financial position and support long-term value creation, including definitive agreements with TCW Asset Management Company intended to improve the company's balance sheet, provide additional liquidity, and enhance financial flexibility. The transaction includes the exchange of USD40m of term loan debt for convertible preferred stock, a USD15m equity investment by TCW, access to a delayed draw term loan of up to USD5m, covenant relief to 31 December 2027, governance enhancements, and a reverse stock split. This provides Accuray with additional runway to execute its strategic priorities, accelerate innovation, and advance its ongoing transformation initiatives.

The approved proposals included (i) the issuance of shares of common stock in accordance with Nasdaq Listing Rule 5635 in connection with the company's previously announced financing transaction, (ii) an increase in the number of authorised shares of common stock, and (iii) a reverse stock split of the company's common stock, at a ratio ranging from any whole number between 1-for-15 and 1-for-40 determined by Accuray's board of directors in its discretion.

The board of directors is evaluating market conditions and other factors in determining the appropriate ratio and timing for the reverse split.

Accuray also announced that Richard A. ("Randy") Meier has been appointed as a member of Accuray's board of directors, effective immediately, and will serve on the company's Compensation Committee.