Amedica reduced its total debt obligations and completed a debt exchange.
Here are five key notes:
1. The company reduced total debt obligations by 47 percent to $12.9 million.
2. Amedica also completed a $3 million debt exchange for a cleaner, stronger balance sheet for 2016.
3. Amedica and Riverside agreed to exchange an additional $2 million of the principal amount of the Hercules term loan Riverside held for an additional subordinated convertible promissory note in the principal amount of $2 million with a fixed conversion price of $1.43 and a warrant to purchase an additional 100,000 shares of common stock at $1.62 fixed price.
4. The principal amount of the Hercules term loan is now $11.1 million. The principal amount of the Riverside subordinated convertible promissory note is now $1 million.
5. Amedica has around 12.9 million shares of common stock outstanding as of May 2, 2016, after the conversion of 67 percent of the Riverside subordinated convertible promissory note.