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Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

NOTE 15. SUBSEQUENT EVENTS

On October 21, 2022, the Company granted certain officers and management of the Company an aggregate of 852,556 Restricted Stock Units (RSUs) at a price of $17.77 based on the thirty day trailing average price under the 2021 Plan. All RSUs granted were time-based awards and vest over a four-year period.

On November 1, 2022, the Company filed a Registration Statement on Form S-3 (the “Shelf Registration Statement”). The Shelf Registration Statement covers the offering and sale of up to $100,000 of the Company’s securities, including common stock, preferred stock, debt securities, warrants, purchase contracts and units, as well as up to 10,000 shares of common stock by certain selling securityholders, in one or more transactions from time to time, including an “at-the-market” offering under the Securities Act of 1933. The SEC declared the Shelf Registration Statement effective on November 7, 2022.

On November 9, 2022, the Company entered into an amendment to the MidCap Revolving Loan with MidCap Funding IV Trust (the "Revolving Loan Agreement") and an amendment to the MidCap Term Loan with MidCap Financial Trust (the “Term Loan Agreement” and together with the "Revolving Loan Agreement", “MidCap Credit Agreements”). The amendment to the Midcap Revolving Loan provides up to $50,000 in total borrowing capacity compared to up to $30,000 available previously. The MidCap amendments modified the MidCap Credit Agreements to include provisions related to the transition from the LIBOR Interest Rate plus Applicable Margin to the SOFR Interest Rate plus Applicable Margin, maintaining the Applicable Margin of 6% under the MidCap Term Loan and increasing the Applicable Margin from 3% to 3.75% under the Midcap Revolving Loan. In addition, the MidCap amendments amended certain covenants, terms and provisions in the Midcap Credit Agreements to, among other things, modify the covenant levels for the Minimum Net Product Sales financial covenant and to remove the Minimum Consolidated EBITDA financial covenant.

On November 10, 2022, the Company entered into the First Amendment to the Zions Facility with Zions Bancorporation, N.A. dba Vectra Bank Colorado. The amendment to the Zions Facility amends the financial covenants to require the Company to maintain (i) the Liquidity Ratio, if the Cash Flow as of the last day of any quarter measured on a trailing three month basis is less than or equal to $0, and (ii) the Fixed Charge Coverage Ratio which will be calculated as of the last day of each quarter on a trailing four quarter basis, as well as a certain level of Liquidity, if the Cash Flow is greater than $0. In addition, a Net Revenue Growth covenant was added which will be calculated as of the last day of each quarter on a year-over-year basis.