UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement
On October 21, 2021, Adicet Therapeutics, Inc. (the “Subsidiary”), a Delaware corporation and wholly-owned subsidiary of Adicet Bio, Inc. (the “Company”), and Pacific Western Bank (“PacWest”) entered into a Fourth Amendment (the “Amendment”) to that certain Loan and Security Agreement, dated April 28, 2020, by and among the Subsidiary and PacWest. Pursuant to the Amendment, PacWest will provide one or more term loans to the Subsidiary as well as Non-Formula Ancillary Services (as defined in the Amendment) to the Company and Subsidiary, which aggregate limit shall not exceed $5,500,000. The aggregate sum of the outstanding term loans and Non-Formula Ancillary Services shall at no time exceed $15,000,000, with each term loan to be in an amount of not less than $1,000,000 (the “Term Loans”). Pursuant to the Amendment, the interest rate for the Terms Loans shall be set at an annual rate equal to the greater of (i) 0.25% above the Prime Rate then in effect and (ii) 4.25%.
Pursuant to the Amendment, on October 21, 2021, the Company also executed an amendment to the secured guaranty agreement pursuant to which the Company affirmed the prior guaranty and security interest in substantially all of its assets other than the Company’s intellectual property granted to PacWest on September 15, 2020 (the “Amended Unconditional Secured Guaranty”).
The foregoing descriptions of the Amendment and the Amended Unconditional Secured Guaranty are qualified in their entirety by reference to the full text of the agreements, which are attached to this report as Exhibits 10.1 and 10.2, respectively, and are incorporated by reference in this Item 1.01.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Description |
10.1 |
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Fourth Amendment to Loan and Security Agreement, dated October 21, 2021. |
10.2 |
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Affirmation and Amendment of Guaranty, dated October 21, 2021. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL Document). |
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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ADICET BIO, INC. |
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Date: October 25, 2021 |
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By: |
/s/ Nick Harvey |
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Name: |
Nick Harvey |
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Title: |
Chief Financial Officer |