Achieve Life Sciences enters $10M convertible debt agreement with Silicon Valley Bank, up to $20M total

ACHIEVE LIFE SCIENCES, INC.

Initial $10M term loan funded July 25, 2024; up to $10M additional subject to FDA NDA acceptance and lender approval.
Interest at greater of 7.0% or prime minus 1.0%; interest-only until Dec 31, 2025; maturity Dec 1, 2027 (extendable to Jun 1, 2028).
Conversion rights: initial conversion price $7.00/share, up to 1.43M shares; subsequent tranches at higher of $4.854 or 150% of trailing 10-day VWAP.
Refinanced prior 2023 convertible debt of $16.6M; obligations satisfied and terminated.
Registration rights granted to lender for resale of conversion shares.

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