Item 1.01. Entry into a Material Definitive Agreement
On June 30, 2021, Berkeley Lights, Inc. (the "Company") entered into an Amended
and Restated Loan and Security Agreement (the "Agreement") with East West Bank
(the "Bank"). Pursuant to the Agreement, the Bank provided a $20 million term
loan (the "Term Loan") which shall be used to refinance the term loan
outstanding under the Loan and Security Agreement, dated May 23, 2018, by and
between the Company and the Bank, as amended (the "Original Agreement"), and a
new $10 million revolving line of credit (the "Revolving Line"). The Term Loan
matures in 48 months and shall bear interest on the outstanding daily balance
thereof of 4.17%, and any advances under the Revolving Line shall bear interest
on the outstanding daily balance thereof of 0.70% above the Prime Rate (as
defined in the Agreement). The Term Loan has an initial interest-only period of
24 months, which can be extended to up to 36 months based on achievement of
certain liquidity measures, and can be pre-paid without penalty at any time. The
Agreement grants to the Bank a security interest in and liens on all assets of
the Company, excluding intellectual property. In addition, certain other terms
of the Original Agreement as previously in effect were amended by the Agreement,
including certain financial covenants.
The foregoing description of the Agreement does not purport to be complete and
is qualified in its entirety by reference to the full text of the Agreement,
which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set form in Item 1.01 hereto is hereby incorporated by reference
into this Item 2.03.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
10.1 Amended and Restated Loan and Security Agreement, dated June 30,
2021, by and between East West Bank and Berkeley Lights, Inc.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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