Revance Therapeutics Inc (RVNC)

[DewDiligence]

Re: Third-tranche buyers

I fully agree with the reasoning here. However given the drop in share price, and, per Dew's previous messages, the need to find buyers for the trench at the pre-agreed terms, it could be they fail to do the final draw.

That’s possible; however, it’s more likely (IMO) that the buyers of the third Athyrium tranche have been lined up for some time, but they had the leverage to play hardball and insist on better credit terms, forcing the equity raise.