Eyenovia (NASDAQ:EYEN) Enters into Warrant Repricing Agreement

Eyenovia, Inc. recently disclosed an important development concerning its warrant agreements with an institutional investor. On January 16, 2025, the company, a Delaware corporation, finalized a warrant inducement offer agreement with the investor. This agreement led to the repricing of existing warrants, resulting in the investor exercising all repriced warrants for a total of 15,769,445 shares of the company’s common stock.

In consideration for exercising these warrants, Eyenovia agreed to issue a new Series A Common Stock Purchase Warrant and a new Series B Common Stock Purchase Warrant, collectively referred to as the New Warrants. These New Warrants, expected to be issued on January 17, 2025, will allow the investor to purchase a number of shares equal to 200% of those issued upon the exercise of the Existing Warrants. The New Warrants will be exercisable for five years from the initial exercisability date at an exercise price of $0.0659 per share.

By exercising the Existing Warrants, the company anticipates receiving approximately $1.0 million in aggregate gross proceeds. The Existing Warrants and the shares they represent were previously registered pursuant to a registration statement. However, the New Warrants, along with their underlying shares, will be issued in a private placement as part of the Securities Act of 1933.

Additionally, to enable the resale of the New Warrant Shares, the company plans to file a registration statement by February 28, 2025. Eyenovia has agreed to certain restrictions following the issuance of the New Warrants to comply with regulatory requirements, including refraining from certain stock issuances.

Chardan Capital Markets LLC acted as the company’s exclusive financial advisor in these transactions. In compensation for their services, Eyenovia agreed to pay Chardan an aggregate cash fee tied to the gross proceeds from the Inducement Offer.

Detailed information regarding the terms and conditions of the agreement, as well as the forms of the Series A and Series B Warrants and the Inducement Letter, can be found in the official exhibits filed with the Securities and Exchange Commission.

The company confirmed that these actions did not constitute an offer to sell or solicit an offer to buy, and any subsequent sale of securities will be subject to legal and regulatory requirements. Eyenovia remains committed to fulfilling its obligations under the agreement, with the issuance of the New Warrants subject to shareholder approval in accordance with Nasdaq Capital Market rules.

The company’s Chief Executive Officer, Michael Rowe, signed off on this recent development on January 16, 2025.

Please note that this news update contains forward-looking statements and may not be exhaustive in its detailing of the agreement. For a comprehensive understanding of the transaction, readers are encouraged to review the full texts of the relevant documents mentioned in the company’s official filings.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Eyenovia’s 8K filing here.

Eyenovia Company Profile

Eyenovia, Inc, an ophthalmic technology company, engages in the development of therapeutics based on its proprietary microdose array print platform technology. The company's product candidates include MicroPine, which is in Phase III clinical development program with indications for pediatric myopia progression (near-sightedness); MicroLine, which is in Phase III clinical development program with indications for the improvement in near vision in people with presbyopia; and Mydcombi, which is in Phase III clinical development program with indications for pharmaceutical mydriasis.