NEWPORT BEACH, Calif.,
May 21, 2019 /PRNewswire/
-- ALPHAEON Corporation ("ALPHAEON"), announced today that it
has completed the sale of 4.0 million shares of common stock in
Evolus, Inc. (NASDAQ: EOLS) ("Evolus").
ALPHAEON intends to use the net proceeds from this offering to
pay off a majority of its $88 million
in third-party debt obligations, which are due in June 2019. In lieu of cash, certain of the note
holders have elected to convert part of the outstanding portions of
their notes into approximately 1.3 million Evolus shares. The
shares transferred to the note holders in this conversion will be
subject to a minimum six month holding period pursuant to Rule 144.
This will result in ALPHAEON becoming free of all third-party debt
obligations on its balance sheet, while reducing its ownership in
Evolus to below 40%.
Rick Taketa, Lead Independent
Director of ALPHAEON's Board said, "Unlike a traditional private
equity firm, ALPHAEON chose not to burden Evolus with any of the
debt raised by it for the clinical development program at Evolus
prior to its IPO. We are glad to put this important debt paydown
event behind us. We are excited about Evolus's future prospects and
expect to maintain a significant equity stake in it as we watch the
company realize its potential."
Evolus did not issue any new shares and did not receive any
proceeds from the sale of the shares in the offering.
About ALPHAEON Corporation
ALPHAEON Corporation is a
company focused on bringing to market highly innovative healthcare
products and services in partnership with board certified specialty
physicians.
Statements in this press release that are not a description of
historical fact are forward-looking statements and may be
identified by the use of words referencing future events or
circumstances such as "expect," "intend," "plan," "anticipate,"
"believe," and "will," among others. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Any forward-looking statement made by ALPHAEON in this
press release is based only on information currently available to
it and speaks only as of the date on which such statement is made.
ALPHAEON undertakes no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
ALPHAEON PRESS CONTACT:
Amy Nangle
Tel: +1-949-260-1700
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SOURCE ALPHAEON Corporation