Outlook Therapeutics issues $31.82M convertible note to Streeterville; EMA accepts MAA for wet AMD

Outlook Therapeutics, Inc.

Net proceeds ~$30M from $31.82M face convertible note at 9.5%, maturing Jan 1, 2024; repays $11.9M existing note.
Note convertible at $2.00/share; subject to 4.99% beneficial ownership cap (9.99% if market cap <$25M).
Company must raise $25M new equity to close; shareholder approval required for issuances above 45.2M share cap.
EMA validated MAA for ONS-5010 (bevacizumab-vikg) for wet AMD; EU decision expected early 2024.
U.S. FDA BLA accepted with PDUFA Aug 29, 2023; potential 8-year EU exclusivity, extendable to 10.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Outlook Therapeutics, Inc. entered into Securities Purchase Agreement with Streeterville Capital, LLC valued at $31,820,000 unsecured convertible promissory note, reflecting an original issue discount of $1,800,0 (effective 2022-12-22).

Action: entry
Agreement: notes offering
Counterparty: Streeterville Capital, LLC
Value: $31,820,000 unsecured convertible promissory note, reflecting an original issue discount of $1,800,0
Effective: 2022-12-22

Exact text from the filing

On December 22 2022, Outlook Therapeutics, Inc. (the “Company”) entered into a Securities Purchase Agreement (“SPA”) with Streeterville Capital, LLC, a Utah limited liability company (the “Lender”), and, pursuant to the SPA, issued to the Lender an unsecured convertible promissory note with a face amount of $31,820,000 (the “Note”), reflecting an original issue discount of $1,800,000, for gross proceeds of approximately $30 million after deducting the Lender’s transaction costs covered by the Company in connection with the issuance.

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Outlook Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-129610

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