Synergy CHC ... IPO ... repay some to GUDSynergy is likely to pay back Knight as it plans to go to the NASDAQ.
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Management says it will use the net proceeds from the IPO as follows:
approximately $6,500,000 to repay a portion of amounts owed under our amended and restated loan agreement, as amended, with Knight Therapeutics International S.A. (an owner of greater than 10% of our common stock), which bears interest at a rate of 12.5% per annum and has a maturity date of June 30, 2022, and to pay associated fees; and
approximately $425,000 to repay amounts due to Knight Therapeutics Inc. in connection with our acquisition of Neuragen in 2015, which amounts do not bear interest and have a maturity date of June 30, 2029.