Eyenovia (NASDAQ:EYEN) Announces Completion of Registered Direct Offering

On December 5, 2024, Eyenovia, Inc. finalized a securities purchase agreement with an institutional investor for a registered direct offering. The agreement entailed the sale of 11,000,000 shares of common stock, alongside pre-funded warrants for 9,085,025 shares of common stock and warrants for 40,170,050 shares of common stock. Each share and accompanying warrants were valued at $0.0969, while each pre-funded warrant and corresponding warrants were priced at $0.0968.

The warrants are to be exercisable after securing approval of the Company’s stockholders as per Nasdaq Capital Market regulations, with a five-year exercise window at a cost of $0.0969 per share. To facilitate this, Eyenovia agreed to convene a stockholder meeting within 90 days post issuing the warrants to seek such approval. The terms of the warrants, including exercise price and share adjustments, will be subject to modifications in the event of stock dividends, splits, or related reorganizations.

Proceeds from this offering are anticipated to be around $1.95 million, which Eyenovia plans to utilize for working capital, general corporate purposes, potential loan repayment, technological advancements, and strategic exploration. The transaction is executed under an effective Form S-3 registration statement and is expected to conclude by December 9, 2024, subject to customary closing conditions.

Chardan Capital Markets, LLC has been appointed as the placement agent for the offering, with standard fees and expenses agreed upon. The detailed agreements of the Purchase Agreement, Warrants, and Pre-Funded Warrants are incorporated in the respective exhibits to the Current Report on Form 8-K.

Forward-Looking Statements

Apart from historical insights, statements within this report point to the Company’s intentions, expectations, and future strategies regarding the Offering, the use of proceeds, and strategic activities. These forward-looking statements are based on current assessments, but inherent risks may lead to outcomes differing from these projections due to various factors, as detailed in SEC filings.

Regulation FD Disclosure

A press release issued on December 6, 2024, outlined the specifics of the offering. Eyenovia’s CEO, Michael Rowe, emphasized the strategic significance of the funds from this offering and the ongoing developmental focus on the Gen-2 Optejet device, aimed at potential partnerships for maximizing shareholder value.

Please note that the content of the Exhibit 99-1 attached to this filing is “furnished” and not “filed” under SEC regulations.

Exhibits associated with the filing include forms of Warrant and Pre-Funded Warrant, an Opinion of Covington & Burling LLP, the Securities Purchase Agreement, and a press release dated December 6, 2024.

This concludes the disclosure by Eyenovia, Inc. regarding its recent registered direct offering.

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.