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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Item 8.01. | Other Events. |
As previously disclosed, on April 21, 2023, Accelerate Diagnostics, Inc. (the “Company”) entered into a Restructuring Support Agreement with (i) certain holders of the Company’s 2.50% Convertible Senior Notes due 2023 (the “Old Convertible Notes”) (together with holders that subsequently execute a Joinder or Transferee Agreement (each as defined in the Restructuring Support Agreement)), (ii) the holders (together with any holders that subsequently execute a Transferee Agreement) of claims arising from that certain Secured Promissory Note, dated as of August 15, 2022 and (iii) the holders (together with any holders that subsequently execute a Transferee Agreement) of the Company’s Series A Preferred Stock.
In connection with the Restructuring Support Agreement, holders of no less than 99% in principal amount of the Old Convertible Notes are required to execute and participate in the Exchange and Purchase Agreement (the “Consent Condition”), and the Consent Condition shall have occurred no later than May 12, 2023 (the “Consent Condition Milestone”). On May 12, 2023, the Company and the Required Consenting Noteholders (as defined in the Restructuring Support Agreement) agreed to extend the Consent Condition Milestone to no later than 11:59 P.M. (Eastern Daylight Time) on May 16, 2023. On May 16, 2023, the Company and the Required Consenting Noteholders agreed to further extend the Consent Condition Milestone to no later than 11:59 P.M. (Eastern Daylight Time) on May 19, 2023. On May 19, 2023, the Company and the Required Consenting Noteholders agreed to further extend the Consent Condition Milestone to no later than 11:59 P.M. (Eastern Daylight Time) on May 23, 2023. On May 23, 2023, the Company and the Required Consenting Noteholders agreed to further extend the Consent Condition Milestone to no later than 11:59 P.M. (Eastern Daylight Time) on May 26, 2023. On May 26, 2023, the Company and the Required Consenting Noteholders agreed to further extend the Consent Condition Milestone to no later than 11:59 P.M. (Eastern Daylight Time) on May 31, 2023.
Also in connection with the Restructuring Support Agreement, the Company agreed to (A) close the Restructuring Transactions (as defined in the Restructuring Support Agreement) (such date, the “Out-of-Court Effective Date”) or (B) begin solicitation of a prepackaged plan of reorganization to effectuate the Restructuring Transactions through Chapter 11 Cases (as defined in the Restructuring Support Agreement), by no later than June 2, 2023 (the “Out-of-Court Effective Date and Plan Solicitation Milestone”). On May 26, 2023, the Company, Required Consenting Noteholders, Required Consenting Preferred Shareholders (as defined in the Restructuring Support Agreement) and Required Consenting Senior Secured Lenders (as defined in the Restructuring Support Agreement) agreed to modify the Out-of-Court Effective Date and Plan Solicitation Milestone so that (a) the Out-of-Court Effective Date must occur no later than June 2, 2023 at 11:59 P.M. (Eastern Daylight Time) or (b) solicitation of the Plan (as defined in the Restructuring Support Agreement) must occur no later than 11:59 P.M. (Eastern Daylight Time) on June 9, 2023.
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.
ACCELERATE DIAGNOSTICS, INC. | |
(Registrant) | |
Date: May 30, 2023 | |
/s/ David Patience | |
David Patience | |
Chief Financial Officer |
Cover |
May 26, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 26, 2023 |
Entity File Number | 001-31822 |
Entity Registrant Name | Accelerate Diagnostics, Inc. |
Entity Central Index Key | 0000727207 |
Entity Tax Identification Number | 84-1072256 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 3950 South Country Club Road |
Entity Address, Address Line Two | Suite 470 |
Entity Address, City or Town | Tucson |
Entity Address, State or Province | AZ |
Entity Address, Postal Zip Code | 85714 |
City Area Code | 520 |
Local Phone Number | 365-3100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.001 par value per share |
Trading Symbol | AXDX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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