IMPEL PHARMACEUTICALS INC: Nasdaq/NYSE listing notice — Impel Pharma enters amended credit deal, draws $2.5M, faces Nasdaq delisting risk

IMPEL PHARMACEUTICALS INC

Amended credit agreement waives defaults, permits additional $2.5M tranche B term loan draw; 75% funded Oct 2, remainder Oct 5.
Nasdaq warns of delisting as stock closed below $1 for 30 days; company has until March 26, 2024 to regain compliance.
Company required to use best efforts to raise ≥$5M equity by Oct 31, 2023; 50% of excess proceeds must repay tranche B loans.
Must appoint one independent director acceptable to lenders by Oct 16, 2023; director to serve on committees including restructuring.
Issued 445,293 warrants on Oct 2 and 148,431 warrants expected Oct 5 in connection with the term loan draw.

item 1.01 item 2.03 item 3.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

IMPEL PHARMACEUTICALS INC amended credit facility of $2,500,000 with Oaktree Fund Administration, LLC.

Instrument: credit facility
Principal: $2,500,000
Counterparty: Oaktree Fund Administration, LLC
Event: amendment

Exact text from the filing

of the Company under the Original Agreement. Under the Amended Credit Agreement, terms of the tranche B term loans funding were modified, and the Company drew an additional $2,500,000 of tranche B term loans, at signing of the Amended Credit Agreement (of which 75% was funded on October 2, 2023 and 25% is expected to be funded by October 5, 2023). The Company

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

IMPEL PHARMACEUTICALS INC received a nasdaq deficiency notice notice regarding minimum bid price (rules 5450(a)(1), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5450(a)(1), 5810(c)(3)(A)

Exact text from the filing

September 28, 2023, the Company received notice (the “Notice”) from the Listing Qualifications staff of the Nasdaq Stock Market LLC (“Nasdaq”) that, because the closing bid price for the Company’s common stock has fallen below $1.00 per share for 30 consecutive business days, the Company no longer complies with the minimum bid price requirement for continued listing on The Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). The Notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Global Select Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), th

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IMPEL PHARMACEUTICALS INC amended Third Amendment to Credit Agreement and Guaranty with Oaktree Fund Administration, LLC as administrative agent valued at $2,500,000 (effective 2023-10-02).

Action: amendment
Agreement: credit facility
Counterparty: Oaktree Fund Administration, LLC as administrative agent
Value: $2,500,000
Effective: 2023-10-02

Exact text from the filing

On October 2, 2023, Impel Pharmaceuticals Inc. (the “Company”) entered into the Third Amendment to Credit Agreement and Guaranty (the “Amended Credit Agreement”) with Oaktree Fund Administration, LLC as administrative agent, and the existing lenders party thereto (collectively, the “Secured Parties”), which amends the Company’s Credit Agreement and Guaranty dated March 17, 2022, as amended on August 21, 2023 and September 5, 2023 (the “Original Agreement”).

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Source: SEC EDGAR

accession 0000950170-23-051979

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