Alliqua BioMedical, Inc. (NASDAQ:ALQA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement. |
As previously reported, on January 26, 2017, Alliqua BioMedical,
Inc. (the Company), AquaMed Technologies, Inc., a wholly owned
subsidiary of the Company (the Guarantor), and Perceptive Credit
Holdings, L.P. (Perceptive) entered into a Forbearance and
Amendment Agreement, to which the parties agreed to certain
amendments and modifications to the terms of the Credit Agreement
and Guaranty, dated May 29, 2015, by and among the Company, the
Guarantor and Perceptive (the Credit Agreement), including, among
other things, an extension to the then effective forbearance
period in respect of the Companys default of a covenant
pertaining to trailing twelve-month revenue under the Credit
Agreement as of both September 30, 2016, and December 31, 2016,
which was further extended by Amendment No.1 to Forbearance and
Amendment Agreement, dated March 7, 2017.
On April 27, 2017, the Company, the Guarantor and Perceptive
entered into Amendment No.2 to Forbearance and Amendment
Agreement (the Amendment), to which Perceptive agreed to extend
the forbearance period and to forbear from exercising any rights
and remedies related to the Companys default of a covenant
pertaining to trailing twelve-month revenue under the Credit
Agreement as of September 30, 2016, December 31, 2016, and March
31, 2017 (the Specified Defaults), until the earlier of (i) June
30, 2017, and (ii) the date when Perceptive becomes aware that
any other default (other than the Specified Defaults) has
occurred and is continuing (such earlier date, the Termination
Date). Perceptive reserved the right, commencing on the
Termination Date, to pursue any rights and remedies available to
it under the Credit Agreement with respect to any of the
Specified Defaults.
The foregoing description of the Amendment does not purport to be
complete and is qualified in its entirety by reference to the
full text of the Amendment, a copy of which is attached hereto as
Exhibit 10.1 and 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 under Item 1.01 of this Current Report
on Form 8-K is hereby incorporated by reference into this Item
2.03.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit Number | Description | |
| 10.1 |
Amendment No.2 to Forbearance and Amendment Agreement, dated April 27, 2017, by and among Alliqua BioMedical, Inc., AquaMed Technologies, Inc. and Perceptive Credit Holdings, LP. |
About Alliqua BioMedical, Inc. (NASDAQ:ALQA)
Alliqua BioMedical, Inc. is a provider of advanced wound care solutions. The Company’s businesses include advanced wound care and contract manufacturing. The Company operates through its subsidiaries, such as AquaMed Technologies, Inc. and Choice Therapeutics, Inc. The Company is engaged in developing a suite of advanced wound care solutions that will enable surgeons, clinicians and wound care practitioners to address the challenges in chronic and acute wounds. The Company utilizes hydrogel technology through which hydrogels are manufactured by introducing a hydrophilic polymer into water to create a feed mix. The Company’s commercial wound care portfolio consists of over four product categories, such as Human Biologics; Antimicrobial Protection; Exudate Management and Contract Manufacturing. Human Biologics include BIOVANCE and Extracellular Matrix (ECM). Under Antimicrobial Protection, the Company offers TheraBond 3D Antimicrobial Barrier Systems and SilverSeal. Alliqua BioMedical, Inc. (NASDAQ:ALQA) Recent Trading Information
Alliqua BioMedical, Inc. (NASDAQ:ALQA) closed its last trading session 00.000 at 0.404 with 156,549 shares trading hands.
