Beyond Air secures up to $40M debt financing; $17.5M funded at close

Beyond Air, Inc.

$17.5M advanced on June 15, 2023; up to $22.5M more available upon meeting milestones.
Interest rate: greater of WSJ Prime + 3.75% or 12.00%; maturity June 1, 2027.
Lenders granted warrants for 233,843 shares at $5.88 strike, expiring June 15, 2028.
Avenue has conversion right for up to $3M principal into stock at 130% of warrant exercise price.
Proceeds to support LungFit PH commercialization and clinical pipeline development.

Key facts

Extracted from this filing and checked against the source text.

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

Beyond Air, Inc. entered into Loan and Security Agreement with Avenue Capital Management II, L.P., as administrative agent and collateral agent, Avenue Venture Opportunities Fund, L.P., and Avenue Venture Opportunities Fund II, L.P. valued at up to $40 million (effective 2023-06-15).

Action: entry
Agreement: credit facility
Counterparty: Avenue Capital Management II, L.P., as administrative agent and collateral agent, Avenue Venture Opportunities Fund, L.P., and Avenue Venture Opportunities Fund II, L.P.
Value: up to $40 million
Effective: 2023-06-15

Exact text from the filing

On June 15, 2023 (the “ Closing Date ”), Beyond Air, Inc. (the “ Company ”) and its wholly owned subsidiary, Beyond Air Ltd., entered into a Loan and Security Agreement (the “ Agreement ”) with Avenue Capital Management II, L.P., as administrative agent and collateral agent (the “ Agent ”), Avenue Venture Opportunities Fund, L.P., a Delaware limited partnership (“ Avenue ”), and Avenue Venture Opportunities Fund II, L.P, a Delaware limited partnership (“ Avenue 2 ” and, together with Avenue, the “ Lenders ”).

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273 material agreements filed in the last 30 days. Browse all material agreements →

Beyond Air, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-021898

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