Company: HROW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001493152-25-021562
Chunk: 97

Company: HARROW, INC.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 97
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 activities,
such as the financial and operating covenants. Further, we may incur substantial costs in pursuing future capital and/or financing transactions,
including investment banking fees, legal fees, accounting fees, printing and distribution expenses and other costs. We may also be required
to recognize non-cash expenses in connection with certain securities we may issue, such as convertible notes and warrants, which would
adversely impact our financial results.

We
may be unable to obtain financing when necessary, as a result of, among other things, our performance, general economic conditions, conditions
in the pharmaceuticals and pharmacy industries, or our operating history. In addition, the fact that we have a limited history of profitability
could further impact the availability or cost to us of future financings. As a result, sufficient funds may not be available when needed
from any source or, if available, such funds may not be available on terms that are acceptable to us. If we are unable to raise funds
to satisfy our capital needs when needed, then we may need to forego pursuit of potentially valuable development or acquisition opportunities,
we may not be able to continue to operate our business pursuant to our business plan, which would require us to modify our operations
to reduce spending to a sustainable level by, among other things, delaying, scaling back or eliminating some or all of our ongoing or
planned investments in corporate infrastructure, business development, sales and marketing and other activities, or we may be forced
to discontinue our operations entirely.

Credit
Ratings

As
of September 8, 2025, Moody’s Investors Service assigned a Long-Term Corporate Family Rating of B3 to Harrow, Inc. and affirmed
a Stable outlook. As of October 9, 2025, Fitch Ratings assigned a Long-Term Issuer Default Rating of B- (Outlook Stable) to Harrow, Inc.,
and a rating of B to our senior unsecured notes due September 2030. Credit ratings are subject to revision or withdrawal at any time
by the issuing agencies and should not be construed as a recommendation to purchase, hold or sell securities or as a guarantee of our
future performance. To the best of our knowledge, there have been no further changes to these ratings as of the date of this filing.
Any downgrade in our corporate or senior unsecured debt rating may increase our cost of borrowing and may negatively impact our ability
to raise additional debt capital.

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Recently
Issued and Adopted Accounting Pronouncements

See