Company: HRTX
Filing Date: 2025-09-19
Form Type: DEF 14A
Source: 0001193125-25-209064
Chunk: 10

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-09-19
Form: DEF 14A
Chunk 10
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 pursuant to the Note Purchase Agreement, are convertible into Common Stock at a conversion price of $1.80 per share. The Notes will not be convertible into Common Stock until the later of (i) receipt of the requisite votes of the Company’s stockholders required to approve the issuance of the Common Stock to be issued upon conversion of the Notes (the “Convertible Note Stockholder Approval”) and (ii) December 31, 2025. As a result, the New Note Holders’ election to convert the amounts due under the Notes into shares of Common Stock could cause the Company to issue more than 19.99% of the number of shares of the Company’s Common Stock issued and outstanding prior to such issuance.

The Company is seeking the Convertible Note Stockholder Approval to approve, under Nasdaq Listing Rule 5635(d), the issuance of a number of shares of the Company’s Common Stock upon the conversion of the Notes pursuant to the Note Purchase Agreement, which could, under certain circumstances that may occur in the future, exceed 19.99% of the number of shares of the Company’s Common Stock issued and outstanding prior to such issuance (the “Notes Stock Issuances”).

Our Common Stock is currently listed on the Nasdaq Capital Market and, as such, we are subject to Nasdaq Marketplace Rules. Nasdaq Listing Rule 5635(d) requires us to obtain stockholder approval prior to the issuance of our Common Stock in connection with certain non-public offerings involving the sale, issuance or potential issuance

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by the Company of Common Stock and/or securities convertible into or exercisable for common stock equal to 20% or more of the Common Stock outstanding before the issuance at a price less than the “Minimum Price.” Shares of our Common Stock issuable upon the exercise or conversion of warrants, options, debt instruments or other equity securities issued or granted in such non-public offerings will be considered shares issued in such a transaction in determining whether the 20% limit has been reached, except in certain circumstances. The “Minimum Price” is the lower of: (i) the Nasdaq Official Closing Price of the Common Stock; or (ii) the average Nasdaq Official Closing Price of the Common Stock for the five trading days, in either case immediately preceding the signing of a binding agreement.

Given the foregoing, we are seeking the Convertible Note Stockholder Approval under this Proposal, to comply with Nasdaq Listing Rule 5635(d), to issue the Notes Stock Issuances.