secwatch.observer — SEC 8-K summary
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Issuer:     BioXcel Therapeutics, Inc. (BTAI)
CIK:        0001720893
Form:       8-K
Filed at:   2024-11-21T23:59:59+00:00
Accession:  0001104659-24-121582
Event type: debt
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 3.02, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BioXcel Therapeutics amends Oaktree credit deal, waives covenants, sets capital raise milestones, appoints director
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- Fifth Amendment waives going concern and minimum revenue covenants; removes prior $50M raise requirement.
- New capital milestones: $7M by Nov 27, $18M net by Mar 15, 2025, and $29M net by Aug 15, 2025.
- Interest rate fixed at 13% (up from SOFR+7.5%) retroactive to Sep 30, 2024; 10% PIK option available.
- Company must make $2.5M amortization payment by Dec 31, 2024; quarterly amortization at 5% begins Mar 31, 2026.
- David Mack appointed to board; board expanded to 7. New warrants to lenders: 5M shares at $0.01/share.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1720893/000110465924121582/0001104659-24-121582-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1720893/000110465924121582/tm2428677d2_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-121582

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