Company: HRTX
Filing Date: 2025-09-09
Form Type: PRE 14A
Source: 0000950170-25-113827
Chunk: 10

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-09-09
Form: PRE 14A
Chunk 10
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 to exemptions from registration under Section 4(a)(2) of the Securities Act of 1933 (the “Securities Act”), as amended (the “Convertible Note Issuance”); and (iv) a securities purchase agreement (the “Purchase Agreement”) with the purchasers party thereto, in connection with a private placement of (A) 13,225,227 unregistered shares of Common Stock at a purchase price of $1.50 per share and (B) 524,141 unregistered shares of Series A Convertible Preferred Stock, which shall automatically convert upon stockholder approval (the “Series A PreferredStockholderApproval”) into 5,241,410 shares of Common Stock, at a conversion price of $1.50 per share (stated value of $15.00 per share) for an aggregate investment amount of approximately $27.7 million, pursuant to exemptions from registration under Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D under the Securities Act (the “Private Placement,” and together with the Secured Debt Transaction, the Convertible Note Exchange and the Convertible Note Issuance, the “Refinancing Transactions”).

On August 12, 2025, the Company issued the Notes, which, 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.

Stockholder Proposal

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”).

Nasdaq Rules