BIOLIFE SOLUTIONS, INC. (NASDAQ:BLFS) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As previously disclosed, BioLife Solutions, Inc. (“we” or “our”) is a party to a commitment letter dated May 12, 2016 (the “Commitment Letter”) with WAVI Holding AG (“WAVI”) to which WAVI agreed to make a series of advances on June 1, 2016, September 1, 2016, December 1, 2016 and March 1, 2017 (each, an “Advance”). to the Commitment Letter, on May 12, 2016, we issued a promissory note (the “Original Note”) in favor of WAVI whereby we agreed to pay WAVI the principal amount of all Advances under the Original Note, plus interest. On January 9, 2017, we issued an amended and restated promissory note (the “Note”) to WAVI. The Note, which amends and restates the Original Note, extends the maturity date of the Note from June 1, 2017 to June 1, 2022 and includes a long-term repayment schedule as follows: beginning September 1, 2017 to June 1, 2018, we will make four quarterly cash interest only payments of $106,250 and from September 1, 2018 through June 1, 2022, we will make quarterly cash principal payments of $265,625, in addition to ongoing interest payments. All other terms of the Original Note, including the $4 million principal amount of the Original Note and the 10% per annum interest rate on the Original Note, remain the same. If at any time the Note is outstanding an event of default has occurred, WAVI may, at its option, declare the Note to be immediately due and payable, together with all unpaid interest, without further notice or demand. The Note also provides that we will not permit any liens on our assets, subject to certain exceptions.

On March 1, 2017, we borrowed $1,000,000 as the final Advance under the Note, which will be subject to the terms and conditions of the Note described above.

The foregoing descriptions of the Commitment Letter and the Note are not complete and are qualified in their entirety by reference to the full text of the Commitment Letter and the Note, which were filed as Exhibit 10.6 to our Quarterly Report on Form 10-Q filed on May 16, 2016 and as Exhibit 10.1 on our Form 8-K filed on January 13, 2017, respectively.

About BIOLIFE SOLUTIONS, INC. (NASDAQ:BLFS)

BioLife Solutions, Inc. (BioLife) is engaged in the developing, manufacturing and marketing a portfolio of biopreservation tools and services for cells, tissues and organs, including clinical grade cell and tissue hypothermic storage and cryopreservation freeze media and a related cloud hosted biologistics cold chain management application for shippers. The Company’s product offerings include hypothermic storage and cryopreservation freeze media products for cells, tissues, and organs; generic blood stem cell freezing and cell thawing media products; custom product formulation and custom packaging services; cold chain logistics services incorporating precision thermal packaging products and cloud-hosted Web applications, and contract aseptic manufacturing formulation, fill and finish services of liquid media products. Its products include HypoThermosol FRS, CryoStor, BloodStor, Cell Thawing Media, PrepaStor and biologistex cold-chain management service.

BIOLIFE SOLUTIONS, INC. (NASDAQ:BLFS) Recent Trading Information

BIOLIFE SOLUTIONS, INC. (NASDAQ:BLFS) closed its last trading session up +0.03 at 2.01 with 26,177 shares trading hands.