8-K
filed March 27, 2024, 7:59 PM ET
CIK 0001600847
other material
confidence high
sentiment negative
materiality 0.95
Gamida Cell Ltd.: restructuring charge — Gamida Cell restructuring cancels all shares, delists from Nasdaq; Highbridge to own 100%
Gamida Cell Ltd.
- Highbridge converts $75M notes to equity, provides $30M new capital; all existing ordinary shares to be cancelled.
- Existing shareholders receive CVRs up to $27.5M tied to Omisirge revenue milestones within 3 years.
- Workforce reduced 25%; COO Michele Korfin departs Apr 1, GC Josh Patterson departs Apr 26, 2024.
- FY2023 net revenue $1.8M (6 Omisirge units), net loss $63M; cash $46.6M insufficient beyond Q2 2024.
- Company to become private, wholly owned by Highbridge; delisting from Nasdaq expected.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Gamida Cell Ltd. reported a default on senior notes at 5.875% maturing 2026.
- Instrument
- senior notes
- Rate
- 5.875%
- Maturity
- 2026
- Event
- default
Exact text from the filing
The Restructuring Proceeding constitutes an event of default under each of the Indenture governing the 2021 Notes
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Gamida Cell Ltd. reported a default on loan with Highbridge Capital Management LLC.
- Instrument
- loan
- Counterparty
- Highbridge Capital Management LLC
- Event
- default
Exact text from the filing
The Restructuring Proceeding constitutes an event of default under each of the Indenture governing the 2021 Notes and Loan and Security Agreement governing the 2022 Notes.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.4
Gamida Cell Ltd. reported financial results for the fourth quarter and full year ended December 31, 2023.
- Period
- the fourth quarter and full year ended December 31, 2023
- Result
- reported results
Exact text from the filing
reported financial results for the fourth quarter and full year ended December 31, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Josh Patterson departed as General Counsel and Chief Compliance Officer at Gamida Cell Ltd..
- Action
- depart
- Role
- General Counsel and Chief Compliance Officer
Exact text from the filing
In addition, on March 27, 2024, the Company announced that Josh Patterson, the Company’s General Counsel and Chief Compliance Officer, will depart from the Company, effective April 26, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michele Korfin departed as Chief Commercial and Chief Operating Officer at Gamida Cell Ltd..
- Action
- depart
- Role
- Chief Commercial and Chief Operating Officer
Exact text from the filing
On March 27, 2024, the Company announced that Michele Korfin, the Company’s Chief Commercial and Chief Operating Officer would depart from the Company, effective as of April 1, 2024.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Gamida Cell Ltd. announced a restructuring with charges of approximately $1.8 million (approximately 25%).
- Type
- restructuring
- Charge
- approximately $1.8 million
- Headcount
- approximately 25%
Exact text from the filing
separation agreement that includes a general release of claims against the Company. The Company estimates that the severance and termination-related costs will be approximately $1.8 million and expects to record these charges and pay these costs in the second quarter of 2024. The costs that the Company expects to incur in connection with the workforce reduction are
View on SEC.gov
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