secwatch.observer — SEC 8-K summary
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Issuer:     FENNEC PHARMACEUTICALS INC. (FENC)
CIK:        0001211583
Form:       8-K
Filed at:   2022-08-22T23:59:59+00:00
Accession:  0001558370-22-013838
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Fennec closes $5M initial tranche of $45M senior secured note; $20M on FDA approval of PEDMARK
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- First closing $5M senior secured note; $20M upon FDA approval of PEDMARK; up to $20M additional.
- Notes convertible at $8.11/share (20% premium to VWAP); interest greater of Prime or 3.5% + 4.5% margin, 24 months PIK.
- Matures Aug 1, 2027; company redemption at 110% before Aug 2026, 107.5% thereafter; change-of-control put.
- Repaid all Bridge Bank secured debt with first closing proceeds.
- Commitment fee 2% – half in warrants for 55,498 shares at $8.11, 5-year term.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1211583/000155837022013838/0001558370-22-013838-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1211583/000155837022013838/fencf-20220822x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-013838

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer