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Amendment provides financial flexibility to the Company by deferring all interest as well as principal redemption payments through September 2025, while reducing near-term cash needs
NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Eyenovia, Inc. (NASDAQ: EYEN) (“Eyenovia” or the “Company”), an ophthalmic technology company focused on completing development of its proprietary Optejet® device, today announced that it has entered into an amendment to its outstanding senior secured convertible debt due November 1, 2025 (the “Amendment”).The Amendment defers the Company’s monthly interest and amortization payments from March 2025 through September 2025. Additionally, the Amendment allows the full conversion of the debt into common shares of the Company commencing on April 1, 2025, at a price of $1.68 per share.
“This Amendment strengthens Eyenovia’s capital structure and improves our near-term liquidity position, enhancing our ability to continue to develop our user-filled Optejet® device to a potential near-term regulatory filing while we evaluate strategic alternatives to maximize shareholder value,” stated Michael Rowe, Chief Executive Officer of Eyenovia. “We appreciate the confidence that our lender has placed in us as we continue to advance meaningful discussions with multiple parties. We look forward to providing a comprehensive update soon.”
Additional information regarding the Amendment will be set forth in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.
Chardan acted as exclusive financial advisor to the Company.
There can be no assurance that the Amendment or the Company’s efforts to evaluate strategic alternatives will result in one or more transactions, or other strategic changes or outcomes, or that the terms of any such transactions, changes, or outcomes will be favorable. Even if the Company enters into a definitive agreement, the Company may not be successful in completing a transaction, strategic change or outcome, or, if it completes such a transaction, strategic change or outcome, it may not ultimately enhance value or deliver the expected benefits.
About Eyenovia, Inc.
Eyenovia, Inc. is an ophthalmic technology company developing its proprietary Optejet topical ophthalmic medication dispensing platform. The Optejet may be especially useful in treatment of chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential for superior compliance versus standard eye drops. Together, these benefits may combine to produce better treatment options and outcomes for patients and providers. For more information, please visit Eyenovia.com.