Impel Pharmaceuticals (NASDAQ:IMPL) stock is on the rise Friday after the company announced an amended credit agreement with Oaktree Fund Administration.
This new credit agreement has Impel Pharmaceuticals obtaining a loan of $121.5 million from new and existing investors. This includes $20 million in cash as well as the exchange of $96.5 million of outstanding principal from the original agreement.
Alongside this credit agreement announcement, the company has drawn $4.5 million of tranche B term loans. It also has the right to draw up to $12.5 million more in 2023. The first lien tranche A also supplies it with a principal loan of $101.5 million.
To go along with all of this, Impel Pharmaceuticals has agreed to issue warrants to the tranche B lenders and their affiliates. This covers warrants to acquire 4.74 million shares of IMPL stock. The total number of warrants issued at the signing was 1.78 million. Also, there are another 2.96 million warrants up for grabs based on additional loan draws.
IMPL Stock Movement
Following all of this news, more than 3.1 million shares of IMPL stock have changed hands. That’s heavy trading compared to the commercial-stage biopharmaceutical company’s daily average trading volume of around 770,000 shares.
Shares of IMPL stock are up 31.8% as of Friday morning but were down 90% year-to-date (YTD) when markets closed on Thursday.
Investors searching for more of the most recent stock market news will want to keep reading!
We have all of the biggest stock market news that traders need to know about on Friday! That includes a look at the biggest pre-market stock movers this morning, the latest news concerning shares of Nvidia (NASDAQ:NVDA) stock and more. All of this news is ready to go at the links below!
More Friday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- NVDA Stock Alert: Should You Believe the ‘Conspiracy Theories’ on Nvidia?
- Gas Price Predictions: Brace Yourself for a $1-Per-Gallon Surge
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
