STRATA SKIN SCIENCES, INC. (NASDAQ:SSKN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
STRATA SKIN SCIENCES, INC. (NASDAQ:SSKN) Files An 8-K Entry into a Material Definitive Agreement
On December 30, 2019, STRATA Skin Sciences, Inc. (the “Company”) closed on a $7.275 million loan with Israel Discount Bank of New York (\”IDBNY\”) to a one year Fixed Rate –Term Promissory Note (the \”Note\”). The Company\’s obligations under the Note are secured by an Assignment and Pledge of Time Deposit (the “Agreement”), under which the Company has pledged the proceeds of a time deposit account in the amount of the loan to IDBNY. The Company fully repaid (including payment of termination and exit fees) its existing credit facility with Midcap Financial Trust. For more information, see Item 1.02 of this Current Report on Form 8-K.
The Note bears interest at a rate per annum equal to the interest rate on the Time Deposit Account plus 100 basis points (1.00%).
The foregoing descriptions of the Note and the Agreement are subject to, and qualified in their entirety by such documents attached hereto as Exhibits 10.1 and 10.2, respectively, which are incorporated herein by reference.
Item 1.02 Termination of a Material Definitive Agreement
On December 30, 2019, the Company terminated its Credit and Security Agreement, dated as of December 30, 2015 (as amended, extended, supplemented or otherwise modified from time to time through the date hereof, the “Credit Agreement”), among MidCap Financial Trust, as administrative agent, and the lenders identified therein by paying off the amounts due thereunder, including the payment of required termination and exit fees, for an aggregate payment of $7.8 million. In connection with the payoff, all lien and security interests under the Credit Agreement were released. The foregoing termination had no impact on the warrants previously issued to MidCap Financial Trust.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of the Registrant.
On December 30, 2019, the Company entered into a $7.275 million loan to the Note. The information contained above in Item 1.01 is hereby incorporated by reference into this Item 2.03
Item 8.01 Other Events
On January 6, 2020, the Company issued a press release announcing that it had fully repaid its term note with Midcap Financial Trust with a new loan facility with IDBNY and had lowered its annual interest rate by 6.14% by entering into the new facility. A copy of the press release is filed herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
STRATA Skin Sciences, Inc. Exhibit
EX-10.1 2 ex_10-1.htm STRATA PROMISSORY NOTE – FIXED RATE TERM NOTE EXHIBIT 10.1 PROMISSORY NOTE FIXED RATE – TERM NOTE $7,…
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EX-10.1 2 ex_10-1.htm STRATA PROMISSORY NOTE – FIXED RATE TERM NOTE EXHIBIT 10.1 PROMISSORY NOTE FIXED RATE – TERM NOTE $7,…
To view the full exhibit click
here
About STRATA SKIN SCIENCES, INC. (NASDAQ:SSKN)
STRATA Skin Sciences, Inc., formerly MELA Sciences, Inc., is a medical technology company. The Company is engaged in developing and commercializing products for the diagnosis and treatment of dermatological disorders. The Company has three segments: Dermatology Recurring Procedures, Dermatology Procedures Equipment and Dermatology Imaging. The XTRAC and VTRAC products are the devices used for the treatment of psoriasis, vitiligo and other skin disorders. The XTRAC system delivers targeted ultraviolet light to affected areas of skin, leading to psoriasis clearing and vitiligo repigmentation, following a series of treatments. The Company’s technology includes XTRAC Excimer Laser, VTRAC Lamp and MelaFind. MelaFind is a non-invasive, point-of-care instrument to aid dermatologists in their decision to biopsy suspicious pigmented lesions, such as melanoma. The Company has approximately two distribution channels for phototherapy treatment equipment.