TEARLAB CORPORATION (NASDAQ:TEAR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry Into a Material Definitive Agreement
On March 31, 2020, TearLab Corporation (the “Company” or “TearLab”) entered into a Consent Agreement (the “Consent”) by and among the Company, certain of its subsidiaries and CRG LP and certain of its affiliate funds as lenders (the “Loan Agreement”). The Consent extends the date on which the principal and interest payments are due under the Loan Agreement from March 31, 2020 to May 31, 2020. Additionally, as of March 31, 2020 the Company was not in compliance with the minimum revenue covenant under the Loan Agreement and the Consent temporarily waives any related default until May 31, 2020. Failure by the Company to make the principal and interest payment on or before May 31, 2020 will result in an immediate event of default under the Loan Agreement.
The foregoing description of the Consent is qualified in its entirety by the terms and conditions of the Consent, the form of which will be attached as an exhibit to the Company’s Quarterly report for the period ending March 31, 2020.
About TEARLAB CORPORATION (NASDAQ:TEAR)
TearLab Corporation is an in-vitro diagnostic company. The Company has commercialized a tear testing platform, the TearLab Osmolarity System, which enables eye care practitioners to test for sensitive and specific biomarkers using nanoliters of tear film at the point-of-care. The Company, through its subsidiary TearLab Research, Inc., develops technologies to enable eye care practitioners to test a range of biomarkers (chemistries, metabolites, genes and proteins) at the point-of-care. Its product, the TearLab Osmolarity System, enables the measurement of tear osmolarity in the doctor’s office. The TearLab Osmolarity System consists of approximately three components: the TearLab disposable, the TearLab Pen, and the TearLab Reader. The TearLab disposable is a single-use microfluidic microchip. The TearLab Pen is a hand-held device that interfaces with the TearLab disposable. The TearLab Reader is a small desktop unit that allows for the docking of the TearLab Pen.