Vivos Therapeutics to Exchange $4.5M Debt for Equity with Streeterville Capital
Vivos Therapeutics, Inc. has entered into a binding Exchange Agreement with its senior secured lender, Streeterville Capital, LLC, to exchange up to $4.5 million of outstanding debt into a combination of preferred and common stock. This transaction is contingent upon Vivos successfully raising at least $2.6 million in a First Tranche Financing and an additional $1.9 million in a Second Tranche Financing by June 15, 2026. The exchange is intended to bolster Vivos' stockholders' equity to meet Nasdaq listing requirements and will also involve a suspension of debt repayments and a reduction in monthly redemption amounts for Streeterville. The maturity date of the original loan will be extended by six months.
Key Highlights
- Vivos Therapeutics enters an Exchange Agreement with Streeterville Capital to exchange up to $4.5 million of debt for equity.
- The exchange is contingent on Vivos raising at least $2.6 million in a First Tranche Financing and $1.9 million in a Second Tranche Financing.
- Streeterville Capital will receive 2,500 shares of Series A Preferred Stock and common stock for the first $3.25 million of debt exchanged.
- An additional 1,250 shares of Series A Preferred Stock will be issued for a second $1.25 million debt exchange.
- The exchange aims to improve Vivos' stockholders' equity to comply with Nasdaq listing standards.
- The agreement includes a suspension of principal repayment requests for 90 days and a lock-up period for Streeterville.
- The maturity date of the Streeterville Note will be extended by six months to June 10, 2027.
- Monthly principal redemption amounts for the Streeterville Note will be reduced from $550,000 to $225,000.
Price Impact
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