Telesis Bio Inc.: Nasdaq/NYSE listing notice — Telesis Bio waives default, prepays $15M debt; Nasdaq warns of bid price delisting risk

Telesis Bio Inc.

Entered Third Amendments waiving existing event of default under term and revolving loan agreements.
Required prepayment of $15M of term loans; prepayment fees waived. Minimum net revenue covenants amended.
Revolving loan fees waived as long as no borrowings outstanding; future borrowing subject to lender consent.
Received Nasdaq notice for non-compliance with minimum bid price of $1.00; 180-day cure period until May 22, 2024.
If not cured, may seek additional 180 days by meeting other listing standards and effecting reverse stock split.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Telesis Bio Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5450(a)(1), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5450(a)(1), 5810(c)(3)(A)

Exact text from the filing

November 24, 2023, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (Nasdaq) indicating that, based upon the closing bid price of the Company’s common stock for the last 30 consecutive business days, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1). The letter also indicated that the Company will be provided with a compliance period of 180 calendar days, or until May 22, 2024, in which to regain compliance pursuant to N

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Telesis Bio Inc. amended Limited Waiver and Amendment No. 3 to Credit, Security and Guaranty Agreement (Term Loan) with MidCap Financial Trust valued at waived existing event of default, required prepayment of $15,000,000, amended prepayment and exit fe (effective 2023-11-24).

Action: amendment
Agreement: credit facility
Counterparty: MidCap Financial Trust
Value: waived existing event of default, required prepayment of $15,000,000, amended prepayment and exit fe
Effective: 2023-11-24

Exact text from the filing

On November 24, 2023, Telesis Bio Inc. (the Company) entered into (i) a Limited Waiver and Amendment No. 3 to Credit, Security and Guaranty Agreement (Term Loan) (the Term Loan Third Amendment), which amends that certain Credit, Security and Guaranty Agreement (Term Loan), dated as of August 9, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the Term Loan Agreement), among the Company, EtonBio, Inc., a California corporation and the Company’s wholly-owned subsidiary (EtonBio and together with the Company, the Borrowers), certain subsidiaries of the Company that may become party thereto from time to time as borrowers or guarantors, the lenders party thereto from time to time (collectively, the Term Loan Lenders) and MidCap Financial Trust, as administrative agent (the Term Agent)

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Source: SEC EDGAR

accession 0000950170-23-067073

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