The transaction is valued at $2 million.
Here are five facts:
1. The loan transaction has an initial $1 million advance that must be made no later than Nov. 13, 2015.
2. The transaction also requires an additional $1 million advance be made no later than March 1, 2016, with a repayment maturity date of Nov. 9, 2017. The maturity date is subjected to certain mandatory early repayment events.
3. The loan has an annual interest rate of 5.5 percent, and Mr. Gorlin can convert the loan to common stock of Medovex at a conversion price of $2 per share.
4. Medovex granted Mr. Gorlin a three-year warrant to purchase 500,000 shares of the company’s common stock at a exercise price of $2.20 per share.
5. On Nov. 6, the closing price for common stock was $1.75 per share.
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