UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 1.01. Entry into a Material Definitive Agreement.
On October 24, 2023, Interpace Biosciences, Inc. (the “Company”) and its subsidiaries entered into the Second Amendment to Loan Security Agreement (the “Second Amendment”) with BroadOak Fund V, L.P. (“BroadOak”), pursuant to which, among other things, the Company and BroadOak agreed to: (i) a payment of a lump sum payment of $2,500,000 on or prior to October 31, 2023 in full satisfaction of the $3,000,0000 terminal payment under the Loan and Security Agreement, dated October 29, 2021, as amended by the First Amendment to Loan and Security Agreement and Consent, dated May 5, 2022 (the “Loan and Security Agreement”); (ii) a reduction of the interest rate under the Loan and Security Agreement from nine percent (9.00%) per annum to eight percent (8.00%) per annum commencing on November 1, 2023 through October 31, 2024, or earlier, upon the occurrence of a change in control (the “Maturity Date”); and (iii) the Company’s right to extend the Maturity Date upon sixty (60) days’ written notice prior to the Maturity Date, subject to BroadOak’s approval of such extension.
The foregoing description of the Second Amendment is qualified in its entirety by reference to the full text of such agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |
| 10.1 | Second Amendment to Loan and Security Agreement, dated October 24, 2023, by and among Interpace Biosciences, Inc., Interpace Diagnostics Corporation, Interpace Diagnostics, LLC, Interpace Pharma Solutions, Inc. and BroadOak Fund V, L.P. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Interpace Biosciences, Inc. | ||
| By: | /s/ Thomas W. Burnell | |
| Name: | Thomas W. Burnell | |
| Title: | President and Chief Executive Officer | |
Date: October 27, 2023