secwatch.observer — SEC 8-K summary
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Issuer:     HERON THERAPEUTICS, INC. /DE/ (HRTX)
CIK:        0000818033
Form:       8-K
Filed at:   2025-08-12T23:59:59+00:00
Accession:  0000950170-25-107416
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Heron Therapeutics completes comprehensive refinancing, board expansion, and preferred stock issuance
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- Refinancing closed Aug 12: repurchased $125M of 2026 notes for cash, exchanged $25M for 16.67M shares; issued $35M notes due 2031 at $33.25M.
- Private placement raised ~$27.7M: 13.23M common shares at $1.50 and 524,141 Series A convertible preferred (convertible into 5.24M common at $1.50, subject to stockholder approval).
- Cooperation Agreement with Rubric Capital expands board to 7 directors, appoints Rubric nominee, includes standstill until Feb 2026 or 30 days before 2026 annual meeting nomination deadline.
- New Series A Convertible Preferred: $15 stated value, conversion price $1.50, senior to common on liquidation/dividends, no voting rights except on adverse charter changes.
- Hercules term loan facility amended: up to $150M available with $110M funded on closing, includes PIK interest.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/818033/000095017025107416/0000950170-25-107416-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/818033/000095017025107416/hrtx-20250808.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-107416

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