UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On June 1, 2022 (the “Effective Date”), Akoya Biosciences, Inc. (the “Company”) entered into an Amendment No. 2 (the “Amendment”) to Credit and Security Agreement, with the lenders party thereto and MidCap Financial Trust, as agent, in order to provide the Company an additional tranche of non-dilutive funding and allow the Company to draw the second tranche. The Amendment provides that the second tranche of $10,000,000 will be drawn on June 1, 2022. Additionally, the Amendment provides the Company with a third tranche pursuant to which the Company may draw $10,000,000 any time after September 30, 2022 until September 30, 2023. The Amendment also delays the amortization start dates for the outstanding loan amounts from November 1, 2023 until April 1, 2025, at which point the Company will repay the principal amounts in seven equal monthly installments until the maturity date. Finally, the Amendment amended the interest rate payable on the term loan to apply an interest rate equal to the SOFR rate (with a floor of 1.61448%) plus 6.35%. Substantially all other terms and conditions, and covenants of the credit agreement remain unchanged. In connection with the Amendment, the Company agreed to pay the lenders a $75,000 commitment fee as well as a 0.25% fee upon the funding of each of the second tranche and third tranche amounts.
The foregoing summary of the Amendment is qualified in its entirety by the full text of the Amendment, a copy of which is filed with this report as Exhibit 10.1.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set for under Item 1.01 above is incorporated into this Item 2.03 by reference.
| Item 9.01 | Financial Statements and Exhibits. | |
| (d) Exhibits. | ||
| Exhibit No. | Description | |
| 10.1 | Amendment No. 2 to Credit and Security Agreement, dated June 1, 2022, by and among Akoya Biosciences, Inc. and Midcap Financial Trust, as agent, and the lenders party thereto. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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.
| Date: June 2, 2022 | Akoya Biosciences, Inc. | |
| By: | /s/ Brian McKelligon | |
| Brian McKelligon | ||
| Chief Executive Officer | ||
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