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.
As previously reported on a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”), on February 21, 2023, Aditxt, Inc. (the “Company”) entered into an Agreement for the Purchase and Sale of Future Receipts (the “February Agreement”) with a commercial funding source (the “Funder”) pursuant to which the Company agreed to sell to the Funder certain future trade receipts in the aggregate amount $2,160,000 (the “February Purchased Amount”) for gross proceeds to the Company of $1,500,000, less origination fees of $75,000. As previously reported on a Current Report on Form 8-K filed with the SEC, on May 30, 2023, the Company entered into an Agreement for the Purchase and Sale of Future Receipts (the “May Agreement”) pursuant to which the Funder increased the February Purchased Amount to $2,880,000 (the “May Purchased Amount”) for gross proceeds to the Company of $2,000,000, less origination fees of $100,000 and the outstanding balance under the February Agreement of $1,157,142.82, resulting in net proceeds to the Company of $742,857.18. Pursuant to the May Agreement, the Company granted the Funder a security interest in all of the Company’s present and future accounts receivable in an amount not to exceed the May Purchased Amount. The Purchased Amount shall be repaid by the Company in 28 weekly installments of $102,857.14. The May Purchased Amount may be prepaid by the Company via a payment of $2,680,000 if repaid within 30 days, $2,760,000 if repaid within 45 days and $2,800,000 if repaid within 60 days.
On October 5, 2023, the Company entered into an Agreement for the Purchase and Sale of Future Receipts (the “October Agreement”) pursuant to which the Funder increased the May Purchased Amount to $4,470,000 (the “October Purchased Amount”) for gross proceeds to the Company of $3,000,000, less origination fees of $240,000 and the outstanding balance under the February Agreement of $1,234,460.76, resulting in net proceeds to the Company of $1,525,539.24. Pursuant to the October Agreement, the Company granted the Funder a security interest in all of the Company’s present and future accounts receivable in an amount not to exceed the October Purchased Amount. The October Purchased Amount shall be repaid by the Company in 30 weekly installments of $149,000. The October Purchased Amount may be prepaid by the Company via a payment of $3,870,000 if repaid within 30 days, $4,110,000 if repaid within 60 days and $4,230,000 if repaid within 90 days.
The foregoing summary of the October Agreement is qualified in its entirety by reference to the text of the October Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Exhibit | |
| 10.1 | Form of Agreement for the Purchase and Sale of Future Receipts | |
| 104 | Cover Page Interactive Data File (embedded within the 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.
| ADITXT, INC. | ||
| Date: October 11, 2023 | By: | /s/ Amro Albanna |
| Amro Albanna | ||
| Chief Executive Officer | ||
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