---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-022609"
form_type: "8-K"
ticker: "ACHV"
cik: "0000949858"
company_name: "ACHIEVE LIFE SCIENCES, INC."
filed_at: "2023-05-17T23:59:59+00:00"
generated_at: "2026-06-14T23:00:02.662012+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Achieve Life Sciences enters $16.56M contingent convertible loan facility, refinancing prior debt

## Summary
- Term loan of $16.56M from Silicon Valley Bank/FCB and affiliates to refinance existing $15M contingent convertible debt.
- Conversion price set at $9.34/share; mandatory conversion if stock closes at ≥$24 for 30 consecutive trading days.
- Maturity Dec 22, 2024, accelerated to Aug 1, 2024 if NDA filing not accepted by July 31, 2024.
- Issuer may call loan at 125% of principal before June 22, 2023, or 150% after; Lenders waived call price on prior loan.
- Loan secured by substantially all assets except intellectual property; Lenders restricted from short sales.

## SEC filing metadata
- accession: 0000950170-23-022609
- form_type: 8-K
- ticker: ACHV
- cik: 0000949858
- company_name: ACHIEVE LIFE SCIENCES, INC.
- filed_at: 2023-05-17T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/949858/000095017023022609/0000950170-23-022609-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/949858/000095017023022609/achv-20230515.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-022609
- JSON: https://secwatch.observer/filing/0000950170-23-022609.json
- Plain text: https://secwatch.observer/filing/0000950170-23-022609.txt

## Key facts
- Debt Financings
  ACHIEVE LIFE SCIENCES, INC. incurred term loan of aggregate original principal amount of $16.56 million with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, as administrative agent and collateral agent, and SVB Innovation Credit Fund VIII, L.P., and Innovation Credit Fund VIII-A, L.P., as lenders at floating rate per annum equal to the greater of (i) 2.25% and (ii) the prime rat maturing December 22, 2024, subject to acceleration upon failure to receive FDA filing communication by certain dates.
  - Instrument: term loan
  - Principal: aggregate original principal amount of $16.56 million
  - Counterparty: Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, as administrative agent and collateral agent, and SVB Innovation Credit Fund VIII, L.P., and Innovation Credit Fund VIII-A, L.P., as lenders
  - Rate: floating rate per annum equal to the greater of (i) 2.25% and (ii) the prime rat
  - Maturity: December 22, 2024, subject to acceleration upon failure to receive FDA filing communication by certain dates
  - Event: incurrence
  source text: On May 15, 2023, Achieve Life Sciences, Inc. (“ Achieve ”) entered into a contingent convertible debt agreement (the “ Debt Agreement ”) with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (“ FCB ”), in its capacity as administrative agent and collateral agent (in such capacity, the “ Agent ”), FCB, as a lender, SVB Innovation Credit Fund VIII, L.P., as a lender (“ Innovation ”), and Innovation Credit Fund VIII-A, L.P., as a lender (together with FCB and Innovation, the “ Lenders ”), pursuant to which the Lenders provided term loans having an aggregate original principal amount of $16.56 million (the “ Convertible Term Loan ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/949858/000095017023022609/0000950170-23-022609-index.htm
- Material Agreements
  ACHIEVE LIFE SCIENCES, INC. entered into Debt Agreement with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, as administrative agent and collateral agent, and the Lenders (SVB Innovation Credit Fund VIII, L.P., and Innovation Credit Fund VIII-A, L.P.) valued at $16.56 million (effective 2023-05-15).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, as administrative agent and collateral agent, and the Lenders (SVB Innovation Credit Fund VIII, L.P., and Innovation Credit Fund VIII-A, L.P.)
  - Value: $16.56 million
  - Effective: 2023-05-15
  source text: On May 15, 2023, Achieve Life Sciences, Inc. (“ Achieve ”) entered into a contingent convertible debt agreement (the “ Debt Agreement ”) with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (“ FCB ”), in its capacity as administrative agent and collateral agent (in such capacity, the “ Agent ”), FCB, as a lender, SVB Innovation Credit Fund VIII, L.P., as a lender (“ Innovation ”), and Innovation Credit Fund VIII-A, L.P., as a lender (together with FCB and Innovation, the “ Lenders ”), pursuant to which the Lenders provided term loans having an aggregate original principal amount of $16.56 million (the “ Convertible Term Loan ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/949858/000095017023022609/0000950170-23-022609-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.