SCHEDULE: Avenue Capital Group Updates Stake in Eyenovia, Inc. Following Share Dilution

Avenue Capital Group and its affiliates have updated their beneficial ownership in Eyenovia, Inc. to 8.53% of common stock, reflecting a change due to an increase in the issuer's outstanding shares while maintaining a 9.99% ownership blocker.

Summary

• Avenue Capital Group and its affiliated entities, including Avenue Venture Opportunities Fund, L.P., Avenue Venture Opportunities Fund II, L.P., Avenue Capital Management II, L.P., and Marc Lasry, have filed Amendment No. 4 to their Schedule 13D regarding their beneficial ownership in Eyenovia, Inc.
• The amendment reports a change in the Reporting Persons' beneficial ownership percentage, which is attributed to an increase in Eyenovia, Inc.'s total outstanding shares of Common Stock.
• As of June 24, 2025, Eyenovia, Inc. had 5,104,355 shares of common stock outstanding.
• Avenue Capital Management II, L.P. and Marc Lasry are reported as beneficially owning 435,438 shares, which represents 8.53% of the outstanding common stock.
• Avenue Venture Opportunities Fund, L.P., Avenue Venture Opportunities Partners, LLC, and GL Venture Opportunities Partners, LLC each beneficially own 174,175 shares, individually representing 3.41% of the outstanding common stock.
• Avenue Venture Opportunities Fund II, L.P., Avenue Venture Opportunities Partners II, LLC, and GL Venture Opportunities Partners II, LLC each beneficially own 261,263 shares, individually representing 5.12% of the outstanding common stock.
• The aggregate beneficial ownership by each Reporting Person is subject to a 9.99% blocker, which excludes shares issuable upon the exercise of warrants.
• Warrants held by the Funds allow for the purchase of an aggregate of 250,000 shares of common stock at an exercise price of $4.00 per share, but these are excluded from the reported beneficial ownership due to the blocker.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing (Schedule 13D/A) reporting a factual change in beneficial ownership percentage due to an increase in the issuer's outstanding shares. It contains no explicit positive or negative performance indicators, maintaining a neutral sentiment. The slight decrease in percentage ownership for the reporting persons is a consequence of dilution, not a negative action by them.

Positives

• The Reporting Persons maintain a significant stake in Eyenovia, Inc., indicating continued investment interest.
• The ability to increase beneficial ownership up to 19.99% with 61 days' notice provides flexibility for the Reporting Persons to potentially increase their influence or investment in the future.

Negatives

• The percentage of beneficial ownership held by the Reporting Persons has decreased due to an increase in Eyenovia, Inc.'s total outstanding shares, indicating dilution for existing shareholders who did not participate in the share increase.

Risks

• The Reporting Persons are currently subject to a 9.99% beneficial ownership blocker, which limits their reported stake.
• The blocker may be increased to up to 19.99% at the Reporting Persons' election upon at least 61 days' notice to the Issuer, which could lead to a significant increase in their stake and potential influence over the company.

Future Outlook

The Reporting Persons retain the option to increase their beneficial ownership in Eyenovia, Inc. from the current 9.99% blocker limit to up to 19.99% of the outstanding common stock, provided they give at least 61 days' notice to the Issuer.

Industry Context

This filing reflects a routine compliance update by a significant institutional investor in a publicly traded company. Such updates are common in the financial industry, particularly when an investor's percentage stake changes due to either their own transactions or changes in the issuer's outstanding share count.

Stakeholder Impact

• Shareholders: The increase in Eyenovia, Inc.'s outstanding shares implies dilution for existing shareholders, as the percentage ownership of the Reporting Persons has decreased despite their absolute share count remaining constant. The potential for the Reporting Persons to increase their stake to 19.99% could also impact shareholder dynamics and control.

Next Steps

• The Reporting Persons may elect to increase their beneficial ownership blocker from 9.99% to up to 19.99% by providing at least 61 days' notice to Eyenovia, Inc.

Key Dates

Keywords

Eyenovia Inc., Avenue Capital Group, Schedule 13D/A, beneficial ownership, common stock, SEC filing, investment, equity stake, dilution, warrants, corporate governance, institutional investor