Astrotech Corporation (NASDAQ:ASTC) Files An 8-K Other Events
Item 8.01. Other Events.
On October 20, 2020, Astrotech Corporation (the “Company”) issued a press release announcing that its subsidiary BreathTech Corporation signed a joint development and option agreement (the “Agreement”) with the Cleveland Clinic Foundation (the “Cleveland Clinic”). to the Agreement, the Company and the Cleveland Clinic will collaborate in efforts to develop a rapid breath test for coronavirus infection or related indicators, using the Company’s mass spectrometry technology and collection of data related thereto through an investigator initiated clinical study performed by the Cleveland Clinic.
As previously reported, on April 14, 2020, the Company entered into a $541,500 Paycheck Protection Program Promissory Note and Agreement (the “PPP Promissory Note”) with a commercial bank (the “Bank”) under the Coronavirus Aid, Relief, and Economic Security Act. On October 19, 2020, the Company and the Bank entered into a Cash Reserve Agreement wherein the Company agreed to deliver to the Bank an amount equal to $541,500 (the “Cash Amount”), to be held in in a separate account in accordance with the terms and conditions of the Cash Reserve Agreement for the purpose of establishing a source of payment for the Company’s obligations to repay and/or obtain forgiveness of the PPP Promissory Note.
On October 20, 2020, the Company received a letter from the staff of the Fort Worth Regional Office of the U.S. Securities and Exchange Commission (the “SEC”) informing the Company that the SEC staff had concluded the previously announced informal, fact-finding inquiry relating to certain press releases issued by the Company in March 2020 regarding the BreathTest-1000™ lung disease screening device currently under development by the Company. The letter advised the Company that the SEC staff does not intend to recommend an enforcement action against the Company.
A copy of the Agreement, the press release and the Cash Reserve Agreement are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Joint Development and Option Agreement, dated October 20, 2020
99.2 Press release, dated October 20, 2020, issued by Astrotech Corporation
99.3 Cash Reserve Agreement, dated October 19, 2020
ASTROTECH Corp Exhibit
EX-99.1 2 astc-ex991_8.htm EX-99.1 astc-ex991_8.htm Exhibit 99.1 Joint Development and Option Agreement Preamble This Joint Development and Option Agreement (\”JDA\”),…
To view the full exhibit click here
About Astrotech Corporation (NASDAQ:ASTC)
Astrotech Corporation is a science and technology development and commercialization company. The Company invents, acquires and commercializes technological innovations sourced from internal research, universities, laboratories and research institutions. The Company operates through two business units: Astro Scientific and Astral Images Corporation (Astral). The Astro Scientific is a technology incubator that commercializes technologies, and includes the operations of subsidiaries, such as 1st Detect Corporation (1st Detect) and Astrogenetix, Inc. (Astrogenetix). Astral segment provides film digitization, image correction and enhancement technology. It offers systems containing off-the-shelf hardware with integrated Astral software, software products and scanning or enhancement services. The Astral segment offers products, including Astral Black ICE, Astral Color ICE and Astral HDR ICE. The Company’s product portfolio also consists of MMS-1000 and OEM-1000.
