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Announces private placement
EYEN to become first U.S.-based publicly listed company to hold HYPE in its treasury
Hyunsu Jung appointed Chief Investment Officer and Board Member
LAGUNA HILLS, Calif., June 17, 2025 (GLOBE NEWSWIRE) -- Eyenovia, Inc. (NASDAQ:EYEN) ("Eyenovia" or the "Company") today announced that it has entered into a securities purchase agreement (the "SPA") for a $50 million private placement in public equity (the "PIPE Financing") with institutional accredited investors. The Company will use the funds to build a reserve of a token called HYPE, which is native to the decentralized digital asset exchange and Layer-1 blockchain, Hyperliquid. The Company expects to receive aggregate gross proceeds of approximately $50 million, before deducting offering expenses. In connection with the transaction, the Company is also announcing today that it has appointed Hyunsu Jung as its Chief Investment Officer and as a Board member.
Pursuant to the terms and conditions of the SPA, the Company will issue non-voting convertible preferred stock convertible into approximately 15.4 million shares of the Company's common stock at a conversion price of $3.25 per share, and warrants to purchase approximately 30.8 million shares of the Company's common stock, at an exercise price of $3.25 per share. The conversion of the preferred stock and the exercise of the warrants are subject to beneficial ownership limitations set by the investors. The transaction is expected to generate aggregate gross proceeds of approximately $150 million if the warrants are exercised in full, as to which no assurance can be given.
The closing of the offering is expected to occur on or about June 20, 2025, subject to the satisfaction of customary closing conditions, with the Company also expected to change its name and ticker to "Hyperion DeFi" and "HYPD", respectively.
Posted In: EYEN
