Amedica Corporation Amends Series A and C Warrants
15 December 2015 - 12:45AM
Amedica Corporation (Nasdaq:AMDA), a company that develops and
commercializes silicon nitride ceramics as a biomaterial platform,
announced today that it has amended its Series A and Series C
warrants with each of the warrant holders.
“We appreciate the cooperation from our
investment partners and believe these amended warrant terms are
mutually beneficial for the warrant holders, Amedica, and our
shareholders,” said Ty Lombardi, Principal Accounting Officer.
“These amendments should minimize the uncertainty of our capital
structure associated with the prior terms of the Series A and
Series C warrants.”
The amended agreement terms fix the exercise
price of each of the Series A and Series C warrants at the current
exercise prices, and caps the number of shares issuable by the
Company upon exercise of the Series C warrants at 16.4 million, as
outlined in the Form 8-K filed on December 14, 2015. As a result of
the amended terms, the exercise price of Series A warrants is no
longer subject to further downward adjustment pursuant to an
automatic exercise of the Series C warrants.
Additionally, the Series A warrants are now
exercisable as of December 11, 2015, the date of the amendment. The
Series C warrants are no longer subject to automatic exercise but,
rather, the holders of the Series C warrants can exercise their
warrants at any time prior to the termination date of December 30,
2015.
The amendments also allow the Series A warrants
to be exercisable on a cashless basis, provided that if the warrant
holder is going to receive shares of registered common stock, the
Volume Weighted Average Price (VWAP) used in the cashless
calculation cannot exceed $0.15. As of December 11, 2015, the
Company had registered 13.1 million shares of common stock
underlying the Series A warrants for resale with the SEC. Should
the holders of the Series A warrants exercise them on a cashless
basis to receive all 13.1 million shares currently registered for
resale, using an applicable VWAP of $0.15, the number of aggregate
warrant shares available immediately after the exercise of the
Series B warrants of 63.0 million would be reduced to an aggregate
of 23.8 million warrant shares.
About Amedica
CorporationAmedica is focused on the development and
application of medical-grade silicon nitride ceramics. Amedica
markets spinal fusion products and is developing a new generation
of wear- and corrosion-resistant implant components for dental, as
well as hip and knee arthroplasty applications. The Company
manufactures its products in its ISO 13485 certified manufacturing
facility and through its partnership with Kyocera, one of the
world's largest ceramic manufacturers. Amedica's spine products are
FDA-cleared, CE-marked, and are currently marketed in the U.S. and
select markets in Europe and South America through its distributor
network and its growing OEM and private label partnerships.
For more information on Amedica
or its silicon nitride material platform, please
visit www.amedica.com.
Forward-Looking StatementsThis
press release contains statements that constitute forward-looking
statements within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934, as amended by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements contained in this press release include, but are not
limited to, the intent, belief or current expectations of Amedica
and members of its management team with respect to Amedica's future
performance, business operations and acceptance of its technology
platform. Statements relating to Amedica's market opportunities,
growth, future products, market acceptance of its products, sales
and financial results and similar statements are subject to risks
and uncertainties such as the timing and success of new product
introductions, physician acceptance, endorsement, and use of
Amedica's products, regulatory matters, competitor activities,
changes in and adoption of reimbursement rates, potential product
recalls, effects of global economic conditions and changes in
foreign currency exchange rates. Additional factors that could
cause actual results to differ materially from those contemplated
within this press release can also be found in Amedica's Risk
Factors disclosure in its Annual Report on Form 10-K, filed with
the Securities and Exchange Commission (SEC) on March 24, 2015, and
in Amedica's other filings with the SEC. Amedica disclaims any
obligation to update any forward-looking statements.
Mike Houston
VP, Commercialization
801-839-3534
IR@amedica.com
Robert Haag
IRTH Communications
866-976-4784
amda@irthcommunications.com
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