Item 1.01 Entry into a Material Definitive Agreement.
On
The New Loan Agreement provides for a term loan commitment of up to
The New Loan Agreement also contains certain financial covenants, including an unrestricted minimum cash level until certain study data conditions are met. The New Loan Agreement contains customary representations and warranties, as well as certain non-financial covenants, including engaging in any change of control transaction or incurring additional indebtedness or liens. As security for its obligations under the New Loan Agreement, the Company granted the Lenders a first priority perfected security interest in all of the Company's existing and after-acquired assets, including intellectual property.
The above description of the New Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the New Loan Agreement, which is filed with this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits: Exhibit No. Description 10.1† Loan and Security Agreement, datedSeptember 2, 2021 , by and betweenAxcella Health Inc. and SLR Investment Corp. The cover page from this Current Report on Form 8-K, formatted as 104 Inline XBRL
† Portions of this exhibit (indicated by asterisks) will be omitted in accordance
with the rules of the
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