DALLAS, Oct. 3, 2023
/PRNewswire/ -- SWK Holdings Corporation (NASDAQ: SWKH) ("SWK"
or the "Company") today announced that it has completed its
previously announced registered underwritten public offering (the
"Offering") of $30 million in
aggregate principal amount of 9.00% Senior notes due 2027 (the
"Notes"). SWK has also granted the underwriters of the Offering an
option to purchase up to an additional $4.5
million in aggregate principal amount of the Notes. The
total net proceeds from the Offering (excluding exercise of the
underwriter option) are approximately $29.1 million (after deducting underwriting
discounts and commissions, but before other fees and estimated
expenses).
The Notes will mature on January 31,
2027, unless earlier redeemed, and will bear interest at a
rate of 9.00% per annum, payable quarterly in arrears on
March 31, June
30, September 30 and
December 31 of each year and at
maturity, commencing on December 31,
2023.
SWK intends to use the net proceeds from the Offering for
general corporate purposes, including funding future acquisitions
and investments, repaying indebtedness, making capital expenditures
and funding working capital. The Notes were issued in minimum
denominations of $25.00 and integral multiples
of $25.00 in excess thereof. SWK and the Notes have been
rated BBB- by Egan-Jones Ratings Company, an independent rating
agency.
The Notes have been approved for listing on the Nasdaq Global
Market ("Nasdaq") under the symbol "SWKHL". Trading on Nasdaq is
expected to commence on October 4,
2023.
B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and
William Blair & Company, L.L.C.
acted as joint book-running managers for the Offering. InspereX LLC
and Maxim Group LLC acted as co-managers for the Offering.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The Notes may only be
offered and sold under SWK's registration statement on Form S-1
(including a prospectus), as amended and as may be supplemented by
any free writing prospectus that the Company may file with the
Securities and Exchange Commission ("SEC"), which has been filed
with the SEC and declared effective on September 28, 2023.
Copies of the registration statement may be obtained on the SEC's
website at www.sec.gov or by contacting B. Riley Securities,
Inc. by phone at (703) 312-9580 or by
emailing prospectuses@brileyfin.com.
About SWK Holdings Corporation
SWK Holdings Corporation is a life science focused specialty
finance company partnering with small- and mid-sized
commercial-stage healthcare companies. SWK provides non-dilutive
financing to fuel the development and commercialization of
lifesaving and life-enhancing medical technologies and products.
SWK's unique financing structures provide flexible financing
solutions at an attractive cost of capital to create long-term
value for all SWK stakeholders. SWK's solutions include structured
debt, traditional royalty monetization, synthetic royalty
transactions, and asset purchases typically ranging in size from
$5.0 million to $25.0 million. SWK also owns Enteris BioPharma, a
clinical development and manufacturing organization providing
development services to pharmaceutical partners as well as
innovative formulation solutions built around its proprietary oral
drug delivery technologies, the Peptelligence® platform.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements including words such as "believes," "expects,"
"anticipates," "intends," "estimates," "plan," "will," "may," "look
forward," "intend," "guidance," "future" or similar expressions are
forward-looking statements. Because these statements reflect SWK's
current views, expectations and beliefs concerning future events,
these forward-looking statements involve risks and uncertainties.
Investors should note that many factors, as more fully described
under the caption "Risk Factors" and elsewhere in SWK's Form 10-K,
Form 10-Q and Form 8-K filings with the Securities and Exchange
Commission and as otherwise enumerated herein, could affect the
Company's future financial results and could cause actual results
to differ materially from those expressed in such forward-looking
statements. The forward-looking statements in this press release
are qualified by these risk factors. These are factors that,
individually or in the aggregate, could cause the Company's actual
results to differ materially from expected and historical results.
You should not place undue reliance on any forward-looking
statements, which speak only as of the date they are made. We
assume no obligation to publicly update any forward-looking
statements, whether as a result of new information, future
developments or otherwise.
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SOURCE SWK Holdings Corporation
