SSKN - STRATA Skin Sciences raises capital to refinance existing loan takes additional $12M financing
2023-07-06 12:31:51 ET
- STRATA Skin Sciences ( NASDAQ: SSKN ) has entered into a new five year financing facility with MidCap Financial to refinance existing $8M term loan and an additional $7M tranche funded at closing and also an option to receive an additional $5M tranche in 2024.
- “We have increased our cash position to approximately $10 million, further strengthening our balance sheet and providing the liquidity required to execute our strategic growth initiatives and mitigate the need for an interim equity raise.”
- The interest shall be payable monthly in arrears at an annual rate of Adjusted Term Secured Overnight Financing Rate (SOFR) plus 7.50%, subject to a SOFR floor of 3.50%.
- The Company also amended and restated the existing warrant previously issued for an exercise price of $0.88 per share to purchase 800,000 shares of the Company’s common stock to MidCap.
- SSKN is +4.9% to $0.955
- Source: Press Release
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STRATA Skin Sciences raises capital to refinance existing loan, takes additional $12M financing