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Stock Market & Financial Investment News

News Breaks
February 13, 2014
06:32 EDTAMDAAmedica 3.5M share IPO priced at $5.75
The deal priced below the revised $8.00-$10.00 range. JMP Securities and Needham acted as joint book running managers for the offering.
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June 25, 2015
19:47 EDTAMDAAmedica 'emphatically disagrees' with Magna’s claims of default event
In a filing, Amedica disclosed it received written notice from MG Partners II, or Magna, that an event of default has occurred with respect to that certain securities purchase agreement, dated as of June 30, 2014, by and among the company and Magna where under, among other items, the company issued to Magna certain senior convertible notes in aggregate principal amount of $6.4M and that certain amendment and exchange agreement, dated April 2 by and among the company and Magna where under, among other items, the company issued to Magna new senior convertible notes in aggregate principal amount of $4.3M in exchange for the original notes. Magna has alleged in the notice of default that it has recently been made aware that certain of the representations and warranties made by the company in the amendment agreement and the securities purchase agreement were not true and correct in all material respects as of the date of signing nor as of the date of closing of the issuance of the original notes and the exchange notes. Magna has notified the company of its election of its rights to declare the entire outstanding principal amount and other amounts outstanding under the exchanged notes to accelerate and to become immediately due and payable and has demanded payment in the amount of $6.49M to be made to Magna no later than June 25. The company emphatically disagrees with Magna’s claims that an event of default has occurred and asserts that no event of default has occurred or is continuing, and consequently the demand for payment is invalid. Additionally, company management is not aware of any facts that could result in a breach of the representations and warranties contained in the exchange agreement and in the securities purchase agreement relating to the original notes and the exchanged notes. Company management will explore all potential claims it may have against Magna, including claims for injurious falsehood and tortious interference with the company’s business relations, both of which allow the company to pursue its actual damages and punitive damages. The company may also seek a declaration from a court of law that no event of default has occurred. The company has invited Magna to immediately reconsider and to rescind its notice of default and request for payment.

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