UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events
Credit Facility
On March 23, 2023, Orchard Therapeutics plc (the “Company”) delivered notice to MidCap Financial (Ireland) Limited (“MidCap”) of the Company’s voluntary cancellation of each lender’s commitments under the remaining tranches of the Senior Terms Facilities Agreement, dated May 24, 2019, as amended and restated on January 30, 2023 (the “Agreement”), between the Company, MidCap and the other parties thereto. Under the Agreement, the Company had the right to draw down up to an additional $67.0 million, subject to the Company attaining certain regulatory approvals and revenue amounts and the Company’s maintenance of a certain level of cash and cash investments. As a result of the notice, the Company will no longer be able to draw down additional amounts under the Agreement. In connection with the notice, MidCap agreed to waive certain restrictive covenants of the Agreement, specifically related to restrictions on the Company’s ability to dispose of intellectual property related to deprioritized products.
Nasdaq Compliance
On March 24, 2023, the Company received a letter from The Nasdaq Stock Market LLC notifying the Company that it had regained compliance with Nasdaq’s minimum bid price requirement of the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2), as a result of the closing bid price of the Company’s American Depositary Shares exceeding $1.00 per share for the previous ten consecutive business days.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Description |
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104 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ORCHARD THERAPEUTICS PLC |
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Date: March 27, 2023 |
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By: |
/s/ Frank E. Thomas |
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Frank E. Thomas |
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President and Chief Operating Officer |