Company: HRTX
Filing Date: 2025-09-09
Form Type: PRE 14A
Source: 0000950170-25-113827
Chunk: 9

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-09-09
Form: PRE 14A
Chunk 9
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 us, file an amended report on Form 8-K to publish the final results.

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PROPOSAL 1 – APPROVAL OF SHARE ISSUANCES UNDER CONVERTIBLE SENIOR UNSECURED PROMISSORY NOTES</div>

Background of the Transaction

On August 8, 2025, the Company entered into (i) an amendment (the “Second Amendment”) to that certain Working Capital Facility Agreement, dated August 9, 2023 (as amended, the “Loan Agreement”), with Hercules Capital, Inc., as administrative agent, collateral agent and lender. The Second Amendment amends the Loan Agreement (a) to increase the aggregate principal amount of term loans of up to $150.0 million plus accrued and unpaid paid-in-kind interest on the borrowings under the Loan Agreement prior to the Closing Date (the “existing debt”), with $110.0 million plus accrued and unpaid paid-in-kind interest on the existing debt funded on August 12, 2025 (the “Closing Date” and such transaction, the “Secured Debt Transaction”); (ii) an exchange agreement (the “Exchange Agreement”) with the investors party thereto (collectively, the “Existing NoteHolders”), pursuant to which the Company and the Existing Note Holders have exchanged the Company’s $150.0 million aggregate principal amount of senior unsecured convertible promissory notes due 2026 (the “Existing Notes”)that were issued and sold by us to the Existing Note Holders pursuant to that certain note purchase agreement, dated as of May 24, 2021, of which (A) an aggregate principal amount of $25.0 million of the Existing Notes were exchanged for 16,666,666 shares of Common Stock and (B) the remaining aggregate principal amount of $125.0 million of the Existing Notes, together with all accrued and unpaid interest thereon, were repaid in cash by the Company to the Existing Note Holders (the “Convertible Note Exchange”); (iii) a note purchase agreement (the “Note Purchase Agreement”) with Rubric Capital Management LP (“Rubric”), in connection with the issuance and sale of $35.0 million aggregate principal amount of convertible senior unsecured promissory notes due 2031 (the “Notes”) to a fund affiliated with Rubric for an aggregate purchase price of $33.25 million, which shall convert at the option of the holder pursuant to the terms of the Note Purchase Agreement, subject to Stockholder Approval, pursuant