Acerus Announces Amendment to Credit Agreement
March 29, 2021
Source: GlobeNewswire
Acerus Pharmaceuticals Corporation (“Acerus” or the “Company”) (TSX: ASP; OTCQB: ASPCF) today announced that it has entered into an amended agreement related to its existing credit facility with SWK Funding LLC (“SWK”), a subsidiary of SWK Holdings Corporation (Nasdaq: SWKH).
The nature of the amendments are to: i) set principal repayment at US$1.1 million for May 15, 2021 followed by quarterly principal repayments of US$600,000 effective August 15, 2021 and thereafter; ii) adjust the minimum threshold for Consolidated Unencumbered Liquid Assets (as defined in the credit facility as cash adjusted for certain portions of accounts receivable and accounts payable) required to be maintained by the Company at US$2.0 million effective May 15, 2021; iii) remove all revenue and Adjusted EBITDA covenants for the balance of 2021; and iv) adjust revenue and Adjusted EBITDA covenants for 2022 and onward.
All other terms and conditions in the SWK credit facility remain unchanged.
About Acerus
Acerus Pharmaceuticals Corporation is a Canadian-based specialty pharmaceutical company focused on the commercialization and development of innovative prescription products that improve patient experience, with a primary focus in the field of men’s health. The Company commercializes its products via its own salesforce in the United States and Canada, and through a global network of licensed distributors in other territories. Acerus’ shares trade on TSX under the symbol ASP and on OTCQB under the symbol ASPCF. For more information, visit www.aceruspharma.com and follow us on Twitter and LinkedIn.
An updated version of the Company’s Corporate presentation is now available at www.aceruspharma.com.
Company Contact
Investor Relations Contact
Chris Witty
Acerus Investor Relations
(646) 438-9385
cwitty@darrowir.com