Iridex Announces Strategic Investment in the Company

Core Viewpoint - Iridex Corporation has successfully closed a strategic investment transaction with Novel Inspiration International Co., Ltd., resulting in $10 million in gross proceeds, with an option for an additional$10 million for future growth initiatives [1][2]. Group 1: Transaction Details - The transaction includes the sale of $6 million in new Series B Preferred Stock and$4 million in convertible notes [2]. - The Series B Preferred and convertible notes were priced at a common stock equivalent of $2.00 per share, with the convertible notes having a three-year term and bearing 12$10 million in convertible notes [2][3]. Group 2: Management and Strategic Direction - The transaction concludes a strategic review process, enhancing Iridex's ability to pursue opportunities in advanced laser-based treatments, particularly for glaucoma [4]. - William Moore, a former CEO and board member, will join Iridex's board of directors as part of the transaction [4]. - Romeo Dizon has been appointed as the new Chief Financial Officer, replacing Fuad Ahmad [5]. Group 3: Financial Outlook and Future Plans - Iridex plans to release its fourth quarter and full year 2024 financial results on March 27, 2025, with a special call for investors scheduled for April 2025 [6]. - The proceeds from the transaction will be used to repay a Senior Convertible Promissory Note and for general corporate purposes [4].