Alpha Teknova raises $22.9M in equity and amends credit facility with reduced revenue covenants

Alpha Teknova, Inc.

Raised $22.9M gross via 1.1M registered-direct shares and 11.3M PIPE shares at $1.85/sh; insiders bought 9.05M shares.
Prepaid $10M of term loan principal; entered Amendment No.4 with MidCap waiving July 31, 2023 revenue covenant violation.
Minimum net revenue covenants reduced for FY2023 from $42M to $36.5M, FY2024 $49M to $42M, FY2025 $58.8M to $50M.
Minimum cash requirement reduced from $10M to $9M; exit fee increased from 8.5% to 9.0%.
Revolving loan borrowing conditioned on achieving $45M trailing twelve-month net revenue.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Alpha Teknova, Inc. amended Amended and Restated Credit and Security Agreement (Term Loan) with MidCap Financial Trust valued at Amendment No. 4 includes waiver of revenue covenant violation and modifies $52.135 million term loan (effective 2023-09-19).

Action: amendment
Agreement: credit facility
Counterparty: MidCap Financial Trust
Value: Amendment No. 4 includes waiver of revenue covenant violation and modifies $52.135 million term loan
Effective: 2023-09-19

Exact text from the filing

On September 19, 2023, the Company entered into limited waivers and amendments (collectively “Amendment No. 4”) to (i) the May 10, 2022, Amended and Restated Credit and Security Agreement (Term Loan), as amended on November 8, 2022, March 28, 2023, and July 13, 2023, and (ii) the May 10, 2022, Amended and Restated Credit and Security Agreement (Revolving Loan) as amended on November 8, 2022, March 28, 2023, and July 13, 2023 (together, the “Amended Credit Agreement”), in each case with the Company as borrower and with MidCap Financial Trust (“MidCap”) as agent and lender, and the additional lenders from time to time party thereto.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Alpha Teknova, Inc. entered into Registration Rights Agreement with certain accredited investors and qualified institutional buyers valued at Company to file registration statement for resale of PIPE Shares by October 30, 2023 (effective 2023-09-15).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors and qualified institutional buyers
Value: Company to file registration statement for resale of PIPE Shares by October 30, 2023
Effective: 2023-09-15

Exact text from the filing

On September 15, 2023, the Company also entered into a securities purchase agreement (the “PIPE Purchase Agreement” and, together with the Registered Direct Purchase Agreement, the “Purchase Agreements”) and a registration rights agreement (the “Registration Rights Agreement”) in connection with a concurrent private placement (the “PIPE Private Placement”) with certain accredited investors and qualified institutional buyers.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Alpha Teknova, Inc. entered into PIPE Purchase Agreement with certain accredited investors and qualified institutional buyers valued at 11,299,993 shares of common stock at $1.85 per share (effective 2023-09-15).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors and qualified institutional buyers
Value: 11,299,993 shares of common stock at $1.85 per share
Effective: 2023-09-15

Exact text from the filing

On September 15, 2023, the Company also entered into a securities purchase agreement (the “PIPE Purchase Agreement” and, together with the Registered Direct Purchase Agreement, the “Purchase Agreements”) and a registration rights agreement (the “Registration Rights Agreement”) in connection with a concurrent private placement (the “PIPE Private Placement”) with certain accredited investors and qualified institutional buyers.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Alpha Teknova, Inc. entered into Registered Direct Purchase Agreement with certain accredited investors and qualified institutional buyers valued at 1,086,485 shares of common stock at $1.85 per share (effective 2023-09-15).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors and qualified institutional buyers
Value: 1,086,485 shares of common stock at $1.85 per share
Effective: 2023-09-15

Exact text from the filing

On September 15, 2023, Alpha Teknova, Inc. (the “Company”) entered into a securities purchase agreement (the “Registered Direct Purchase Agreement”) in connection with a registered direct offering (the “Registered Direct Offering”) with certain accredited investors and qualified institutional buyers.

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281 material agreements filed in the last 30 days. Browse all material agreements →

Alpha Teknova, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-237669

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