Ivivi extends note, may cease operations if unable to raise capital

By Lisa Kerner

Charlotte, N.C., July 31 - Ivivi Technologies, Inc. said it extended the maturity date of its April 7 convertible notes to Aug. 30 from July 31.

The company is seeking to raise additional capital to repay its outstanding obligations under the note of $2.5 million and remains in talks with its lender, according to an 8-K filed on Friday with the Securities and Exchange Commission.

Ivivi said it had at least $1 million in unrestricted cash and cash equivalents on hand as of July 31.

Should Ivivi fail to raise additional capital or extend the term of the loan beyond Aug. 31, the lender will have the right to foreclose on the note and Ivivi may have to cease operations, the filing said.

Based in Northvale, N.J., Ivivi is a medical technology company focused on an electrotherapeutic technology platform.

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