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NEW YORK - Eyenovia, Inc. (NASDAQ:EYEN), a micro-cap healthcare company with a market capitalization of $23.22 million, announced Wednesday that Avenue Capital Group has agreed to amend the company’s senior secured debt, extending the maturity date from November 2025 to July 2028 and reducing the interest rate from 12% to 8%. According to InvestingPro data, this debt restructuring comes as the company faces liquidity challenges with a current ratio of 0.34.
The restructuring supports Eyenovia’s digital asset strategy as it builds a treasury of HYPE, the native token of the Hyperliquid blockchain protocol. Avenue Capital Group, now Eyenovia’s largest common stockholder, will allow the company to make interest-only payments for the initial 18 months of the extended term. This flexibility comes at a crucial time, as InvestingPro analysis shows the company reported significant losses of $42.38 million in the last twelve months.
Eyenovia has also appointed Max Fiege as Strategic Advisor to support its HYPE treasury initiative. Fiege, who serves as Principal at Merenti Capital GmbH, will assist with stakeholder education, ecosystem advocacy, treasury architecture, and risk oversight. Despite current challenges, analysts project revenue growth of 65.92% for the current fiscal year.
"We are very grateful to Avenue Capital Group for their significant commitment and support of our innovative treasury strategy," said Michael Rowe, Chief Executive Officer of Eyenovia.
HYPE is currently the 12th-largest cryptocurrency by market capitalization, according to the company’s press release statement. The token is used in the Hyperliquid layer one blockchain’s consensus mechanism and provides utility through trading fee discounts.
Alongside its cryptocurrency ventures, Eyenovia continues to develop its Optejet User Filled Device (UFD), designed to work with various topical ophthalmic liquids for eye treatment.
The company describes itself as the first publicly-listed U.S. company to build a strategic treasury of HYPE tokens, positioning itself at the intersection of ophthalmic technology and digital assets. Based on InvestingPro’s Fair Value analysis, the stock appears undervalued despite recent volatility, with over 15 additional key insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, Eyenovia Inc. announced a $50 million private placement to acquire over 1 million HYPE cryptocurrency tokens, marking a strategic move to become the first U.S.-based publicly listed company to hold this digital asset. The company plans to use the proceeds to build a reserve of HYPE tokens, aiming to position itself as a leading validator for the Hyperliquid blockchain. In addition to this cryptocurrency venture, Eyenovia is in advanced merger talks with Betaliq, a private pharmaceutical company, with an exclusivity period extended to June 2025 to finalize the agreement. Eyenovia has also reported a significant reduction in cash burn, with a net loss of $3.5 million for the first quarter of 2025, down from $10.9 million in the same period of 2024. Meanwhile, the company has amended its loan agreement to limit stock conversion options, ensuring that no lender owns more than 9.99% of its outstanding common stock post-conversion. Additionally, Eyenovia faces a potential Nasdaq delisting due to an equity shortfall, with plans to submit a compliance strategy by June 2025. The company remains committed to its pharmaceutical ventures, including the development of its Gen-2 Optejet User Filled Device, expected to be registered with the FDA by September 2025.
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