CareView Communications Inc (CRVW): debt financing — CareView exchanges $88.3M debt and warrants for $44.9M replacement notes

CareView Communications Inc

Aggregate $88.3M notes and ~15.4M share warrants cancelled; replaced with $44.9M senior secured convertible notes.
Replacement notes mature Dec 31, 2023, bear no interest, convertible at $0.10/share with anti-dilution adjustments.
Company stated negative net worth of $117M as of Sep 30, 2022; restructuring aims to improve going concern.
Notes issued to accredited investors under Section 4(a)(2) and Rule 506 of Reg D; no public offering.
Holders released all claims against the company related to existing notes and warrants.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CareView Communications Inc incurred convertible notes of $44,900,000 at no interest maturing December 31, 2023.

Instrument: convertible notes
Principal: $44,900,000
Rate: no interest
Maturity: December 31, 2023
Event: incurrence

Exact text from the filing

The Cancellation Agreement provided for the cancellation of all outstanding Notes (with a total aggregate outstanding amount of approximately $88,300,000) and Warrants (for the purchase of an aggregate of approximately 15,400,000 shares of common stock) issued pursuant to the Purchase Agreement in exchange for the issuance of replacement senior secured convertible promissory notes (the “Replacement Notes”) with an aggregate principal amount of $44,900,000. The Replacement Notes have a maturity date of December 31, 2023. No interest will accrue on the Replacement Notes.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CareView Communications Inc entered into Consent and Agreement to Cancel and Exchange Existing Notes and Issue Replacement Notes and Cancel Warrants.

Action: entry
Agreement: notes offering

Exact text from the filing

This Senior Secured Convertible Note (this “ Note ”) is being issued pursuant to that certain Consent and Agreement to Cancel and Exchange Existing Notes and Issue Replacement Notes and Cancel Warrants (the “ Agreement ”)

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CareView Communications Inc filing history →

Source: SEC EDGAR

accession 0001387131-23-000022

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