ASENSUS SURGICAL, INC.: debt financing — Asensus Surgical receives non-binding acquisition proposal from KARL STORZ at $0.35/share, plus $20M bridge loan

ASENSUS SURGICAL, INC.

KARL STORZ proposes to acquire all shares for $0.35/share cash, representing 66.7% premium to April 2 close.
Exclusive negotiations for up to 10 weeks; KARL STORZ provides up to $20M secured bridge loan to fund operations.
Bridge loan provides up to $10M during exclusivity period, additional $10M after definitive merger agreement signed.
No assurance deal will close; requires due diligence, definitive agreement, Board and stockholder approval.
Bridge loan has SOFR+10% interest rate, secured by all company assets including intellectual property.

item 1.01 item 2.03 item 3.03 item 8.01 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

ASENSUS SURGICAL, INC. incurred loan of up to $20 million with KARL STORZ SE & Co. KG at SOFR plus 10% maturing the earliest of (i) the date that is thirty days after the Company ceases discussions... (ii) the date that is sixty days after the lapse of the Exclusivity Per.

Instrument: loan
Principal: up to $20 million
Counterparty: KARL STORZ SE & Co. KG
Rate: SOFR plus 10%
Maturity: the earliest of (i) the date that is thirty days after the Company ceases discussions... (ii) the date that is sixty days after the lapse of the Exclusivity Per
Event: incurrence

Exact text from the filing

On April 3, 2024, Asensus Surgical, Inc. (the "Company") issued a promissory note in favor of KARL STORZ SE & Co. KG ("KARL STORZ") in the principal amount of up to $20 million (the "Note").

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

ASENSUS SURGICAL, INC. entered into Note with KARL STORZ SE & Co. KG valued at up to $20 million (effective 2024-04-03).

Action: entry
Agreement: credit facility
Counterparty: KARL STORZ SE & Co. KG
Value: up to $20 million
Effective: 2024-04-03

Exact text from the filing

On April 3, 2024, Asensus Surgical, Inc. (the “Company”) issued a promissory note in favor of KARL STORZ SE & Co. KG (“KARL STORZ”) in the principal amount of up to $20 million (the “Note”).

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Source: SEC EDGAR

accession 0001437749-24-010747

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