Xtant Medical Holdings, Inc. (NYSEMKT:XTNT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
| Entry into a Material Definitive Agreement |
On April 17, 2017, Xtant Medical Holdings, Inc., a Delaware
corporation (Xtant), and its wholly owned subsidiaries
Bacterin International, Inc., a Nevada corporation, X-spine
Systems, Inc., an Ohio corporation, and Xtant Medical, Inc., a
Delaware corporation (together with Xtant, individually and
collectively, jointly, and severally, Borrower), entered
into a forbearance agreement (the Forbearance Agreement)
with Silicon Valley Bank (SVB). to the Forbearance
Agreement, SVB agreed to forbear from exercising its rights and
remedies under the Loan and Security Agreement, dated as of May
25, 2016, as amended by a certain First Loan Modification
Agreement, dated as of August 12, 2016 (as amended, the Loan
Agreement), with respect to certain defaults from the date of
the Forbearance Agreement until the earliest to occur of (a) the
occurrence of any Event of Default (as defined in the Loan
Agreement), (b) the failure of Borrower to promptly perform under
the Forbearance Agreement when required, or (c) April 21, 2017.
The defaults consisted of Borrowers failure to comply with the
financial covenant that Borrower deliver an unqualified opinion
from an independent certified public accounting firm on the
annual financial statements of Borrower for the fiscal year ended
December 31, 2016, and the incurrence of cross-defaults under
other debt arrangements (all of which have been waived).
The foregoing description of the Forbearance Agreement does not
purport to be complete and is qualified in its entirety by the
full text of the Forbearance Agreement, a copy of which is filed
as Exhibit 10.1 and incorporated by reference herein.
| Item 2.03 |
Creation of Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement. |
The disclosure set forth above under Item 1.01 is hereby
incorporated by reference into this Item 2.03.
| Item 9.01. | Financial Statements and Exhibits. |
(d)Exhibits.
| Exhibit No. | Description | |
| 10.1 |
Forbearance Agreement, dated April 17, 2017, among Xtant Medical Holdings, Inc., Bacterin International, Inc., X-spine Systems, Inc., Xtant Medical, Inc. and Silicon Valley Bank. |
About Xtant Medical Holdings, Inc. (NYSEMKT:XTNT)
Xtant Medical Holdings, Inc., formerly Bacterin International Holdings, Inc., develops, manufactures and markets regenerative medicine products and medical devices for domestic and international markets. The Company operates through the development, manufacture and marketing of regenerative medical products and devices segment. Its biomaterial products include OsteoSponge, OsteoSponge SC, OsteoSelect DBM putty, OsteoSelect Plus DBM putty, OsteoWrap, BacFast HD, OsteoSTX, hMatrix and 3Demin products, as well as other allografts. Its products serve the needs of orthopedic and neurological surgeons, including orthobiologics for the promotion of bone healing, implants and instrumentation for the treatment of spinal disease, tissue grafts for the treatment of orthopedic disorders, and biologics to promote healing following cranial, foot and ankle surgeries. It also processes and distributes sports allografts, milled spinal allografts and allografts for multi-disciplinary applications. Xtant Medical Holdings, Inc. (NYSEMKT:XTNT) Recent Trading Information
Xtant Medical Holdings, Inc. (NYSEMKT:XTNT) closed its last trading session up +0.067 at 0.618 with 205,297 shares trading hands.
