Dynavax Technologies Corporation (NASDAQ:DVAX) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement
On October 26, 2016, Dynavax Technologies Corporation (the “Company”) entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with one or more funds of Deerfield Management Company, L.P. (collectively, the “Purchasers”) and one such fund, as collateral agent (the “Collateral Agent”), to which the Company agreed to sell, and the Purchasers agreed to purchase, an aggregate of $100.0 million principal amount of the Company’s senior secured notes (the “Notes”) for an aggregate purchase price of $100.0 million. The closing of the sale and purchase of the Notes was dependent upon the occurrence of certain closing conditions and the Company’s obligations under the Notes and the Note Purchase Agreement were required to be guaranteed by certain of the Company’s future subsidiaries and be secured by a perfected security interest in substantially all of the assets of the Company and any future subsidiary guarantors. No Notes were ultimately sold by the Company under the Note Purchase Agreement.
On December 20, 2016, the Company entered into a termination letter agreement with the Purchasers and Collateral Agent in order to terminate the Note Purchase Agreement. to the terms of the Note Purchase Agreement, the Company paid the Purchasers and Collateral Agent a prepayment fee totaling $1.5 million to terminate the Note Purchase Agreement, including all related documents, and the Company’s and Purchasers’ rights and obligations under the Note Purchase Agreement were immediately terminated and of no further force and effect.
About Dynavax Technologies Corporation (NASDAQ:DVAX)
