Eyenovia (NASDAQ:EYEN) in Discussions with Avenue Capital Management L.P. Regarding Debt Restructuring

On November 19, 2024, Eyenovia, Inc. reported in an 8-K filing to the Securities and Exchange Commission that the company held cash and cash equivalents of $0.7 million. Additionally, Eyenovia stated that discussions were ongoing with Avenue Capital Management L.P. concerning the potential restructuring of the amounts owed by Eyenovia under its Loan and Security Agreement with Avenue and related entities. As of the same date, Eyenovia’s debt under the Agreement totaled $10.1 million in principal and accrued interest. This loan carries an interest rate of 7.0% or the prime rate as reported in The Wall Street Journal plus 4.45%, with a maturity date set for November 1, 2025.

Eyenovia disclosed that it is actively exploring various strategies to enhance value for all stakeholders, trim expenses, and assess its strategic options, which might encompass a business combination, reverse merger, asset sales, or a blend of these alternatives. The company plans to release further details once the strategic evaluation process concludes.

In compliance with forward-looking statements, Eyenovia emphasized that the content in the Form 8-K filing, aside from historical information, encapsulates forward-looking statements. These include the company’s intentions, beliefs, forecasts, and strategies concerning its future activities or events. Eyenovia underscored the uncertainty inherent in such forward-looking statements, indicating that actual outcomes may diverge materially from the statements made due to a range of factors discussed in the company’s filings with the Securities and Exchange Commission.

Eyenovia noted that forward-looking statements are valid solely as of their release date, and the company does not commit to updating these statements unless demanded by applicable securities laws. The 8-K filing was signed by Andrew Jones, the Chief Financial Officer of Eyenovia, on November 20, 2024.

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.