SEC Connect
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of report (Date of earliest event reported): April 21,
2017
Echo Therapeutics, Inc.
(Exact name of Company as specified in its
charter)
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Delaware
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001-35218
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41-1649949
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(State or other jurisdiction
of Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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99 Wood Avenue South., Suite 302
Iselin, NJ
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08830
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(Address of principal executive offices)
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(Zip Code)
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Company’s telephone number, including area code: (732)
201-4189
(Former name or former address, if changed since last
report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the Company under
any of the following provisions (see General Instruction A.2.
below):
☐
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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As
previously reported, due to the financial condition of Echo
Therapeutics, Inc. (the “Company”), the Company was
unable to make payment on $1,787,000 of the 10% senior secured
convertible notes of the Company due on January 28, 2017 (the
“January Notes”). An additional $3,361,620 in principal
amount of 10% senior secured convertible notes of the Company
matures on May 3, 2017 (the “May Notes” and together
with the January Notes, the “Notes”). The Company has
been engaged in prolonged discussions to obtain new financing and
obtain appropriate forbearance and/or waivers from the investors
holding Notes. To date, the Company has been unsuccessful in
raising financing and, while the Investors have not taken any
action against the Company, the Company has not yet received any
formal forbearance and/or waiver from the Investors. The Company
has been forced to reduce its staff down to one employee, Alan
Schoenbart, the Company’s Chief Executive and Chief Financial
Officer, who has been working without pay. Further, the Company has
been unable to pay rent at its corporate and research facilities,
which will more than likely result shortly in eviction proceedings.
Additionally, the Company’s patents are at risk. While the
Company continues to pursue financing, there can be no assurance
that it will be able to do so on acceptable terms or at all, which
may result in foreclosure upon the assets of the Company by the
Investors.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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ECHO THERAPEUTICS, INC.
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Dated:
April 21, 2017
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By:
/s/ Alan W.
Schoenbart
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Alan W.
Schoenbart
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Chief
Executive Officer
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