Enzo Biochem, Inc. (NYSE:ENZ) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Paycheck Protection Program Loan
On April 23, 2020, Enzo Biochem Inc. (the “Company”) received $6,999,500 from Citibank N.A., the Company’s existing lender, to the Paycheck Protection Program (the “PPP Loan”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan matures on April 17, 2022 (the “Maturity Date”), accrues interest at 1% per annum and may be prepaid in whole or in part without penalty. No interest payments are due within the initial six months of the PPP Loan. The interest accrued during the initial six-month period is due and payable, together with the principal, on the Maturity Date. The Company intends to use all proceeds from the PPP Loan to retain employees, maintain payroll and make lease and utility payments to support business continuity throughout the COVID-19 pandemic, which amounts are intended to be eligible for forgiveness, subject to the provisions of the CARES Act.
All or a portion of the PPP Loan may be forgiven by the U.S. Small Business Administration (“SBA”) upon application by the Company beginning 60 days but not later than 120 days after loan approval and upon documentation of expenditures in accordance with the SBA requirements. Under the CARES Act, loan forgiveness is available for the sum of documented payroll costs, covered rent payments, covered mortgage interest and covered utilities during the eight week period beginning on the date of loan approval with certain stipulated restrictions.
The foregoing description of the note evidencing the PPP Loan does not purport to be complete and is qualified in its entirety by reference to and incorporates herein by reference the full text of such note, which will be filed in accordance with SEC regulations.
The information set forth in Item 1.01 above is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Paycheck Protection Program Loan Note
ENZO BIOCHEM INC Exhibit
EX-99.1 2 c95791_ex99-1.htm Exhibit 99.1 DocuSign Envelope ID: 505E0263-2147-45DA-93F4-B8A4ABEDB62A U.S. Small Business Administration PAYCHECK PROTECTION PROGRAM LOAN NOTE SBA Loan# PLP# SBA Loan Name ENZO BIOCHEM,…
To view the full exhibit click here
About Enzo Biochem, Inc. (NYSE:ENZ)
Enzo Biochem, Inc. is a bioscience company focusing on delivering and applying technology capabilities to produce products and services. The Company’s segments include Enzo Clinical Labs, Enzo Life Sciences and Enzo Therapeutics. Enzo Clinical Labs is a clinical reference laboratory providing a range of clinical services to physicians, medical centers, other clinical labs and pharmaceutical companies. It offers a menu of molecular and other clinical laboratory tests or procedures. Enzo Life Sciences manufactures, develops and markets products and tools to clinical research, drug development and bioscience research customers. Enzo Therapeutics is a biopharmaceutical venture that develops multiple approaches in the areas of gastrointestinal, infectious, ophthalmic and metabolic diseases. Its products in the development pipeline include a range of assays for detection of various women’s health infectious agents, as well as for use in the identification of pathogens for other markets.
