ObsEva SA announced that it has entered into Senior Secured Convertible Note financing agreement with JGB (Cayman) Port Ellen Ltd for gross proceeds of $128,587,500? on October 12, 2021. The company will raise funding in nine tranches. At each tranche, the Company will also issue to investor warrants to purchase common shares of the Company in an amount equal to 20% of the funded amount for such tranche. The Warrants will be exercisable at a price of $3.67 per share and will have a four year term from the date of issuance. The notes will be convertible into common shares at a conversion price of $3.20 per share. The Notes will bear interest at a rate of 9.5% per year, and will be issued with an original issue discount of 4.75%. Each tranche of Notes will mature three years from the date of issuance, unless earlier converted or prepaid in accordance with their terms. Prepayments of the Notes are permitted after the first anniversary of each tranche and are limited to one tranche per quarter, subject to certain conditions and a prepayment premium equal to 10% (if the Company’s common shares are trading at a price that is less than 50% of Conversion Price), 15% (if the Company’s common shares are trading at a price that is between 50% and 75% of Conversion Price), 25% (if the Company’s common shares are trading at a price that is between 75% and 125% of the Conversion Price, 15% (if the Company’s common shares are trading at a price that is between 125% and 140% of the Conversion Price), in each case, reduced by 1/3 after the second anniversary of each tranche. The securities issued will be subject to hold period. On the same day, the company has raised $28,575,000? in its first tranche. The Company will receive gross proceeds of $9.525 million from the second tranche, $16.725 million from the third tranche and $13.125 million from each remaining tranche thereafter. The last four tranches may be drawn at the Company’s option, and the availability of each tranche will be subject to the Company meeting certain conditions, including, among others, that the Company’s volume-weighted average price is not below $3.00 per share for five or more trading days during the 30 days prior to a tranche funding date. The second tranche will be funded 135 days following the initial closing and each subsequent tranche will be funded 90 days after the preceding tranche.