---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-062201"
form_type: "8-K"
ticker: null
cik: "0001850079"
company_name: "Telesis Bio Inc."
filed_at: "2023-11-09T23:59:59+00:00"
generated_at: "2026-06-08T07:39:55.028743+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Telesis Bio in default on term loan; lender demands $15M repayment and warrant for 275K shares

## Summary
- As of Sep 30, 2023, company defaulted on financial revenue covenants under 2022 Term Loan Agreement with MidCap.
- On Nov 3, 2023, lender demanded $15M repayment in Nov 2023 and a warrant for 275,000 shares at 10-day VWAP.
- Total repayment obligation including exit fee and penalty is approximately $21.7M plus $0.3M prepayment penalty for revolving loan.
- In exchange, lender would waive defaults, reset revenue covenants, reduce prepayment penalty to 1%, and reduce exit fee by $350K.
- Future extensions of credit under 2022 Revolving Loan Agreement would be frozen.

## SEC filing metadata
- accession: 0000950170-23-062201
- form_type: 8-K
- cik: 0001850079
- company_name: Telesis Bio Inc.
- filed_at: 2023-11-09T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.04
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1850079/000095017023062201/0000950170-23-062201-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1850079/000095017023062201/tbio-20231103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-062201
- JSON: https://secwatch.observer/filing/0000950170-23-062201.json
- Plain text: https://secwatch.observer/filing/0000950170-23-062201.txt

## Key facts
- Debt Financings
  Telesis Bio Inc. amended term loan with MidCap Financial Trust.
  - Instrument: term loan
  - Counterparty: MidCap Financial Trust
  - Event: amendment
  source text: In exchange for the Company doing the foregoing, the Lender would agree to (i) waive all existing defaults under the 2022 Loan Agreements, (ii) reset revenue covenants under the 2022 Term Loan Agreement, (iii) waive the prepayment penalty related to the $15 million repayment, (iv) reduce the prepayment penalty for the outstanding balance under the 2022 Term Loan Agreement to 1%, (v) freeze any future extensions of credit under the 2022 Revolving Loan Agreement and (vi) reduce the exit fee payable upon complete repayment of amounts left outstanding at the end of term by $350,000, with the remaining $750,000 to be due at payment of the remainder of the loan.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1850079/000095017023062201/0000950170-23-062201-index.htm
- Debt Financings
  Telesis Bio Inc. reported a default on revolving credit of $0.3 million with MidCap Funding IV Trust.
  - Instrument: revolving credit
  - Principal: $0.3 million
  - Counterparty: MidCap Funding IV Trust
  - Event: default
  source text: the Lender has the ability to immediately call the balance of the loan, along with a 5.5% exit fee and 3.0% prepayment penalty, amounting to a total repayment obligation of approximately $21.7 million plus a $0.3 million prepayment penalty for the 2022 Revolving Loan.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1850079/000095017023062201/0000950170-23-062201-index.htm
- Debt Financings
  Telesis Bio Inc. reported a default on term loan of approximately $21.7 million with MidCap Financial Trust.
  - Instrument: term loan
  - Principal: approximately $21.7 million
  - Counterparty: MidCap Financial Trust
  - Event: default
  source text: has the ability to immediately call the balance of the loan, along with a 5.5% exit fee and 3.0% prepayment penalty, amounting to a total repayment obligation of approximately $21.7 million plus a $0.3 million prepayment penalty for the 2022 Revolving Loan. On November 3, 2023, the Lender provided the Company with notice that it intends to require the Company to (i)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1850079/000095017023062201/0000950170-23-062201-index.htm
- Debt Financings
  Telesis Bio Inc. faced acceleration on term loan of $15 million with MidCap Financial Trust.
  - Instrument: term loan
  - Principal: $15 million
  - Counterparty: MidCap Financial Trust
  - Event: acceleration
  source text: On November 3, 2023, the Lender provided the Company with notice that it intends to require the Company to (i) repay $15 million in November 2023 under the 2022 Term Loan Agreement
  evidence_url: https://www.sec.gov/Archives/edgar/data/1850079/000095017023062201/0000950170-23-062201-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.