Eyenovia (NASDAQ:EYEN) Enters into Amended and Restated Sales Agreement with Chardan Capital Markets, LLC

Eyenovia, Inc. recently announced its entry into an Amended and Restated Sales Agreement (the “A&R Sales Agreement”) with Chardan Capital Markets, LLC (“Chardan”), acting as agent. This development, which was formalized on December 30, 2024, was also acknowledged and agreed upon by Leerink Partners LLC. The agreement pertains to Eyenovia’s existing at-the-market offering program, involving an aggregate offering price of up to $50,000,000 of shares of common stock.

The A&R Sales Agreement supersedes the Initial Sales Agreement, which was dated December 14, 2021 and involved Leerink Partners. Eyenovia had previously sold a total of $16,413,443 of shares of Common Stock under the Initial Sales Agreement. Moving forward, within the framework of the A&R Sales Agreement, Chardan is authorized to sell shares of Common Stock by any legally permissible method defined as an “at-the-market offering” under Rule 415(a)(4) of the Securities Act of 1933.

As per the terms specified in the agreement, Chardan will make best efforts to sell the Common Stock based on the Company’s instructions and will be entitled to a commission equal to 3.0% of the gross sales proceeds of any Common Stock sold through Chardan. The Company retains the discretion on whether to proceed with the sales under this agreement, with the offering concluding upon the earlier of the sale of the Common Stock or termination of the agreement.

The A&R Sales Agreement covers standard representations, warranties, and agreements between Eyenovia and Chardan, inclusive of indemnification rights concerning liabilities under the Securities Act. It is important to note that the representations, warranties, and covenants outlined in the agreement were made solely within the context of the agreement on specific dates and for the benefit of the involved parties.

Additionally, Eyenovia disclosed the termination of a prior ATM Prospectus on December 29, 2024, relating to the sale of up to $25,000,000 of Common Stock, before the initiation of the A&R Sales Agreement.

Regarding the Company’s financial positioning, as of December 26, 2024, Eyenovia reported cash and cash equivalents of $2.2 million. Simultaneously, the Company had an outstanding amount of $10.1 million in principal and accrued interest under a Loan and Security Agreement with Avenue Capital Management II, L.P., Avenue Venture Opportunities Fund, L.P., and Avenue Venture Opportunities Fund II, L.P.

This announcement was shared within the company’s Form 8-K filing with the Securities and Exchange Commission, providing insights into Eyenovia’s latest financial and strategic undertakings. Investors and stakeholders can delve into the comprehensive details of the A&R Sales Agreement and associated transactions through the exhibit filings linked to the Form 8-K.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Eyenovia’s 8K filing here.

Eyenovia Company Profile

Eyenovia, Inc, an ophthalmic technology company, engages in the development of therapeutics based on its proprietary microdose array print platform technology. The company's product candidates include MicroPine, which is in Phase III clinical development program with indications for pediatric myopia progression (near-sightedness); MicroLine, which is in Phase III clinical development program with indications for the improvement in near vision in people with presbyopia; and Mydcombi, which is in Phase III clinical development program with indications for pharmaceutical mydriasis.