Sanuwave Health (SNWV) has released an update to notify the public and investors about an entry into a material definitive agreement.
Sanuwave Health, Inc. issued Asset-Backed Secured Promissory Notes totaling $4.6 million at a discount to accredited investors, with zero percent interest, maturing on January 21, 2023. Upon maturity, the company agreed to issue Future Advance Convertible Promissory Notes equivalent to the principal of the ABL Notes and two sets of Common Stock Purchase Warrants. A subsequent private placement on January 21, 2024, involved no cash proceeds but included the issuance of similar promissory notes and warrants, with the warrants having a five-year term and adjustable exercise prices. The company also entered into several agreements, including a security agreement, subordination agreement, and registration rights agreement, and received waivers from investors concerning certain obligations.
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