Offering includes a warrant for 100,402 shares, exercisable at $4.98
By Devika Patel
Knoxville, Tenn., June 21 – Viveve Medical, Inc. arranged a $10 million loan with Western Alliance Bank on June 20, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The debt will settle in two tranches of $7.5 million and $2.5 million.
The loan accrues interest at a rate equal to the 30-day Libor plus 696 basis points. It is due Jan. 1, 2020.
Western Alliance also received warrants for 100,402 common shares. Each warrant is exercisable at $4.98 for 10 years. The strike price is identical to the June 17 closing share price.
Proceeds were used to repay debt owed to Pacific Western Bank, and the balance will be used for working capital purposes and general business requirements.
Based in Sunnyvale, Calif., Viveve is a medical device company.
| Issuer: | Viveve Medical, Inc.
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| Issue: | Loan
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| Amount: | $10 million
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| Maturity: | Jan. 1, 2020
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| Coupon: | Libor plus 696 bps
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| Warrants: | For 100,402 shares
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| Warrant expiration: | 10 years
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| Warrant strike price: | $4.98
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| Investors: | Western Alliance Bank
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| Settlement date: | June 20
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| Stock symbol: | OTCBB: PZRX
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| Stock price: | $4.98 at close June 17
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| Market capitalization: | $41.97 million
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