Aridis Pharmaceuticals, Inc.: debt financing — Aridis Pharmaceuticals enters $9.3M note restructuring with Streeterville Capital, $2.5M new funding

Aridis Pharmaceuticals, Inc.

Secured note principal up to $9.29M; $1M direct draw at closing, $1.5M escrowed for future draws.
Interest at 8% per annum; maturity April 26, 2024; amortization of 16.67% monthly starting October 26, 2023.
Covenants include maintaining Nasdaq listing, filing SEC reports, and no restricted issuances without Investor consent.
Prepayment at 110% of outstanding balance; proceeds from JV sale or equity offering trigger mandatory prepayment.
Prior note #2 ($5.25M original principal) cancelled; outstanding balance affirmed at $2.67M.

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

Aridis Pharmaceuticals, Inc. incurred loan of up to $9,286,770.80 with Streeterville Capital, LLC at 8% per annum maturing April 26, 2024.

Instrument: loan
Principal: up to $9,286,770.80
Counterparty: Streeterville Capital, LLC
Rate: 8% per annum
Maturity: April 26, 2024
Event: incurrence

Exact text from the filing

Pursuant to the Agreement, the Investor agreed to invest an additional investment amount of up to $2,500,000, $1,000,000 of which will delivered to the Company at closing and the remaining $1,500,000 of which will be placed into escrow under a secured line of credit facility with the total original principal amount of the secured promissory note being up to $9,286,770.80 (the “Secured Note”).

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

Aridis Pharmaceuticals, Inc. entered into Note Purchase and Loan Restructuring Agreement with Streeterville Capital, LLC valued at up to $2,500,000 additional investment, total principal up to $9,286,770.80 (effective 2023-04-26).

Action: entry
Agreement: credit facility
Counterparty: Streeterville Capital, LLC
Value: up to $2,500,000 additional investment, total principal up to $9,286,770.80
Effective: 2023-04-26

Exact text from the filing

On April 26, 2023, Aridis Pharmaceuticals, Inc. (the “Company”) entered into a Note Purchase and Loan Restructuring Agreement (the “Agreement”) with Streeterville Capital, LLC (the “Investor”).

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Source: SEC EDGAR

accession 0001493152-23-014829

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