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, Alliqua BioMedical, Inc. (the Company),
AquaMed Technologies, Inc., a wholly owned subsidiary of the
Company (the Guarantor), and Perceptive Credit Holdings, L.P.
(Perceptive) are parties to that certain Credit Agreement and
Guaranty, dated May 29, 2015, as subsequently amended and
otherwise modified, with the most recent such amendment and
modification being Amendment No. 2 to the Forbearance and
Amendment Agreement, dated as of April 27, 2017, among the
Company, the Guarantor and Perceptive (as so amended or otherwise
modified and in effect immediately prior to the effectiveness of
the Amendment (as defined below), the Existing Credit Agreement).
The Existing Credit Agreement provided that, prior to maturity,
on the last business day of each calendar month following May 29,
2017, the Company will be required to make monthly principal
payments of $225,000, with any remaining unpaid balance of the
term loan being payable in cash on the maturity date.
On June 1, 2017, the Company, the Guarantor and Perceptive
entered into an Amendment to Credit Agreement and Guaranty and
Warrant (the Amendment), to modify the date we will be required
to make such monthly principal payments of $225,000 to the last
business day of each calendar month following July 31, 2017.
In connection with the closing of the loan to the Existing Credit
Agreement, the Company had issued to Perceptive a warrant to
purchase common stock of the Company, which was subsequently
amended and otherwise modified several times, with the most
recent amendment being an amendment and restatement that became
effective on April 6, 2017 (as so amended or otherwise modified
and in effect immediately prior to the effectiveness of the
Amendment, the Existing Warrant). The Amendment amended the
Existing Warrant to increase the number of shares of common stock
issuable upon exercise of the warrant from 2,000,000 to
2,100,000. The increase in the number of shares of common stock
issuable upon exercise of the warrant was done without
registration under the Securities Act of 1933, as amended (the
Securities Act), or the securities laws of any
state, and in reliance on the exemption from registration under
the Securities Act provided by Section 4(a)(2) and Regulation D
(Rule 506) under the Securities Act.
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 3.02 | Unregistered Sales of Equity Securities. |
The information set forth under Item 1.01 of this Current Report
on Form 8-K is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit Number | Description | |
| 10.1 |
Amendment to Credit Agreement and Guaranty and Warrant, dated June 1, 2017, by and among Alliqua BioMedical, Inc., AquaMed Technologies, Inc. and Perceptive Credit Holdings, L.P. |
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.