secwatch.observer — SEC 8-K summary
======================================

Issuer:     ACHIEVE LIFE SCIENCES, INC. (ACHV)
CIK:        0000949858
Form:       8-K
Filed at:   2024-07-29T23:59:59+00:00
Accession:  0000950170-24-087118
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.03, 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/949858/000095017024087118/0000950170-24-087118-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/949858/000095017024087118/achv-20240725.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-087118

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer