Company: FENC
Filing Date: 2025-11-19
Form Type: 8-K
Source: 0001104659-25-113915
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Company: FENNEC PHARMACEUTICALS INC.
Filing Date: 2025-11-19
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Material Definitive Agreement.  

As
previously disclosed, on August 1, 2022, Fennec Pharmaceuticals Inc. (the “ Company”) entered into a Securities Purchase Agreement
(“ SPA”) with Petrichor Opportunities Fund I LP (“ POF”) pursuant to which the Company previously issued POF and
Petrichor Opportunities Fund I Intermediate LP (together with POF, collectively, “ Petrichor”) $30 million of senior secured
floating rate convertible notes (the “ Notes”). As further previously disclosed, on December 18, 2024, the Company repurchased
and redeemed Notes in an aggregate principal amount of $13,000,000 (consisting of approximately $11.8 million of original principal balance
and approximately $1.2 million in PIK interest).

On
November 13, 2025, the Company entered into a Waiver and Redemption Agreement with Petrichor (the “ Redemption Agreement”),
pursuant to which the Company agreed to repurchase and redeem the remaining outstanding Notes (the “ Remaining Notes”) from
Petrichor in full on or before November 19, 2025 for a redemption price equal to: (a) 110% of the aggregate outstanding principal
amount (inclusive of accrued PIK interest) of the Remaining Notes, plus (b) the aggregate amount of accrued and unpaid interest under
the Remaining Notes.

In
accordance with the Redemption Agreement, on November 17, 2025, the Company repurchased and redeemed the Remaining Notes from Petrichor
in full for an aggregate redemption price of $21,729,455.30 (consisting of: $19,476,655.48 in outstanding principal (inclusive of accrued
PIK interest), $305,134.27 in accrued interest, and a $1,947,665.55 redemption fee). As a result of the foregoing repurchase and redemption,
all of the Company’s payment obligations under the Notes have been satisfied in full.

The foregoing description of the Redemption Agreement does not purport
to be complete and is qualified in its entirety by reference to the Redemption Agreement, a copy of which is attached as Exhibit 10.1
hereto and is incorporated herein by reference.