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.

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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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