Company: HRTX
Filing Date: 2025-09-09
Form Type: PRE 14A
Source: 0000950170-25-113827
Chunk: 12

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-09-09
Form: PRE 14A
Chunk 12
---
 shares issued could discourage the possibility of, or render more difficult, certain mergers, tender offers, proxy contests or other change of control or ownership transactions.

If our stockholders do not approve this Proposal, then the Notes will not be convertible into Common Stock, and the Company will be obligated to repay the Notes in cash with interest over time. Such cash repayment will have a material, adverse impact on the Company’s liquidity and cash available to fund the Company’s business operations.

Additional Information

This summary is intended to provide you with basic information concerning the Note Purchase Agreement, the Notes and the possible Notes Stock Issuances. The terms of the Note Purchase Agreement, the Notes and the possible Notes Stock Issuances are complex and only briefly summarized above. For further information, please refer to the descriptions contained in the Company’s Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 8, 2025 and August 12, 2025 and the documents filed as exhibits to such reports. The discussion herein is qualified in its entirety by reference to such transaction documents filed with the SEC.

<div align='center'>10</div>

Vote Required and Board Recommendation

The approval of Proposal 1 requires a quorum of the Company’s stockholders. A quorum will be present at the meeting if the holders of a majority of the shares of stock, issued and outstanding and entitled to vote, are present in person or represented by proxy. To approve Proposal 1, holders of a majority of the votes cast on the matter must vote FOR the proposal. Only FOR and AGAINST votes will affect the outcome. Abstentions and broker non-votes will have no effect on the voting of Proposal 1.

Proposal 1 is not a routine matter. Therefore, if your shares are held by your bank, broker or other nominee in street name and you do not vote your shares, your bank, broker or other nominee may not vote your shares on Proposal 1.

The Board of Directors recommends a vote “FOR” the Notes Stock Issuance, including an amount above 19.99% of the number of shares of the Company’s Common Stock issued and outstanding prior to such issuance.

<div align='center'>11

PROPOSAL 2 - APPROVAL OF SHARE ISSUANCES UNDER SERIES A CONVERTIBLE PREFERRED STOCK</div>

Background of the Transaction

Under the terms of a Securities Purchase Agreement, dated as of August 8, 2025 (the “Purchase