secwatch.observer — SEC 8-K summary
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Issuer:     Apyx Medical Corp (APYX)
CIK:        0000719135
Form:       8-K
Filed at:   2023-02-24T23:59:59+00:00
Accession:  0000719135-23-000009
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Apyx Medical enters $35M credit facility with MidCap Financial; initial $10M funded
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- Up to $25M senior secured term loan (initial $10M funded) plus $10M revolver; matures Feb 1, 2028.
- Term loan bears SOFR + 7.35% (floor 2.5%); revolver SOFR + 4.0%; 24-month interest-only period.
- Warrants issued to MidCap to purchase 250,000 shares at $3.40 per share.
- Covenants include minimum Advanced Energy revenue targets of $49M (2023), $60M (2024), $70M (2025) and $10M cash balance.
- Net proceeds of ~$8M at close plus expected $7.5M+ cash tax refunds to fund growth initiatives.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/719135/000071913523000009/0000719135-23-000009-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/719135/000071913523000009/apyx-20230217.htm
  HTML page:      https://secwatch.observer/filing/0000719135-23-000009

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