--- schema_version: "secwatch.filing_event.v1" accession: "0001493152-23-006396" form_type: "8-K" ticker: "XTNT" cik: "0001453593" company_name: "Xtant Medical Holdings, Inc." filed_at: "2023-03-01T23:59:59+00:00" generated_at: "2026-06-18T17:42:07.081750+00:00" event_type: "m_and_a" sentiment: "positive" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "high" source: SEC EDGAR --- # Xtant Medical acquires Coflex product line from Surgalign for $17M cash ## Summary - Acquired Coflex and CoFix product lines from Surgalign for $17M cash; closed Feb 28, 2023. - Coflex is only FDA PMA-approved interlaminar stabilization device for lumbar spinal stenosis; over 200,000 patients implanted. - Expected to add ~$14M in annual revenue with attractive margins; helps Xtant achieve profitability. - Funded with cash on hand and $5M additional borrowing under amended Term Credit Agreement (SOFR+7%, maturity May 2026). - Acquisition expands Xtant's ASC/outpatient offering and adds new distributors and trained surgeons. ## SEC filing metadata - accession: 0001493152-23-006396 - form_type: 8-K - ticker: XTNT - cik: 0001453593 - company_name: Xtant Medical Holdings, Inc. - filed_at: 2023-03-01T23:59:59+00:00 - event_type: m_and_a - sentiment: positive - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: high - sec_items: 1.01, 2.01, 2.03, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1453593/000149315223006396/0001493152-23-006396-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1453593/000149315223006396/form8-k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001493152-23-006396 - JSON: https://secwatch.observer/filing/0001493152-23-006396.json - Plain text: https://secwatch.observer/filing/0001493152-23-006396.txt ## Key facts - Debt Financings Xtant Medical Holdings, Inc. amended credit facility of additional $5.0 million with MidCap Financial Trust at SOFR rate plus the applicable margin of 7.00% maturing May 1, 2026. - Instrument: credit facility - Principal: additional $5.0 million - Counterparty: MidCap Financial Trust - Rate: SOFR rate plus the applicable margin of 7.00% - Maturity: May 1, 2026 - Event: amendment source text: On February 28, 2023, the Company entered into the Term Amendment No. 3, which provided an additional $5.0 million under the Term Credit Agreement evidence_url: https://www.sec.gov/Archives/edgar/data/1453593/000149315223006396/0001493152-23-006396-index.htm - M&A Transactions Xtant Medical Holdings, Inc. completed an acquisition involving Surgalign SPV, Inc. for $17.0 million in cash (closed 2023-02-28). - Action: acquisition - Counterparty: Surgalign SPV, Inc. - Consideration: $17.0 million in cash - Closing: 2023-02-28 source text: Seller agreed to sell to the Company, and the Company agreed to purchase from Seller, all of the issued and outstanding shares of common stock of Surgalign SPV, which shares constitute all of the outstanding equity of Surgalign SPV, for an aggregate purchase price of $17.0 million in cash (the “Purchase Price”). The closing contemplated by the Equity Purchase Agreement occurred on February 28, 2023 (the “Closing”). evidence_url: https://www.sec.gov/Archives/edgar/data/1453593/000149315223006396/0001493152-23-006396-index.htm - Material Agreements Xtant Medical Holdings, Inc. entered into Transition Services Agreement with Surgalign SPV, Inc. and Seller (effective 2023-02-28). - Action: entry - Counterparty: Surgalign SPV, Inc. and Seller - Effective: 2023-02-28 source text: In conjunction with the Equity Purchase Agreement, on February 28, 2023, the Company entered into a Transition Services Agreement (“Transition Services Agreement”) with Surgalign SVP and Seller, whereby Seller agreed to provide, or cause to be provided, to the Company and its affiliates on and after the effective date of the Equity Purchase Agreement, after giving effect to the Closing, certain transitional services related to the transition of the Coflex Business. evidence_url: https://www.sec.gov/Archives/edgar/data/1453593/000149315223006396/0001493152-23-006396-index.htm - Material Agreements Xtant Medical Holdings, Inc. amended Amendment No. 3 to Credit, Security and Guarantee Agreement (Revolving Loan) with MidCap Funding IV Trust (as agent) and the financial institutions party thereto (effective 2023-02-28). - Action: amendment - Agreement: credit facility - Counterparty: MidCap Funding IV Trust (as agent) and the financial institutions party thereto - Effective: 2023-02-28 source text: In addition to the Term Amendment No. 3., the Company entered into an Amendment No. 3 to Credit, Security and Guarantee Agreement (Revolving Loan) (“Revolving Amendment No. 3” and, together with the Term Amendment No. 3, the “Amendments No. 3”), which amends the Credit, Security and Guarantee Agreement (Revolving Loan), by and among the Company, as guarantor, and its subsidiaries, as borrowers, and MidCap Funding IV Trust, as agent, and the financial institutions party thereto (the “Revolving Credit Agreement”). evidence_url: https://www.sec.gov/Archives/edgar/data/1453593/000149315223006396/0001493152-23-006396-index.htm - Material Agreements Xtant Medical Holdings, Inc. amended Amendment No. 3 to Credit, Security and Guarantee Agreement (Term Loan) with MidCap Financial Trust (as agent) and the financial institutions party thereto (effective 2023-02-28). - Action: amendment - Agreement: credit facility - Counterparty: MidCap Financial Trust (as agent) and the financial institutions party thereto - Effective: 2023-02-28 source text: The Company funded the Purchase Price with cash on hand and approximately $5.0 million of indebtedness incurred under its Credit, Security and Guarantee Agreement (Term Loan) by and among the Company, as guarantor, and its subsidiaries, as borrowers, MidCap Financial Trust, as agent, and the financial institutions party thereto (the “Term Credit Agreement”), which was amended on February 28, 2023 pursuant to an Amendment No. 3 to Credit, Security and Guarantee Agreement (Term Loan) (“Term Amendment No. 3”) to provide such funding. evidence_url: https://www.sec.gov/Archives/edgar/data/1453593/000149315223006396/0001493152-23-006396-index.htm - Material Agreements Xtant Medical Holdings, Inc. entered into Equity Purchase Agreement with Surgalign SPV, Inc., Surgalign Spine Technologies, Inc. (Seller), and Surgalign Holdings, Inc. valued at $17.0 million (effective 2023-02-28). - Action: entry - Agreement: asset purchase - Counterparty: Surgalign SPV, Inc., Surgalign Spine Technologies, Inc. (Seller), and Surgalign Holdings, Inc. - Value: $17.0 million - Effective: 2023-02-28 source text: On February 28, 2023, Xtant Medical Holdings, Inc., a Delaware corporation (the “Company”), entered into an Equity Purchase Agreement (the “Equity Purchase Agreement”) with Surgalign SPV, Inc. (“Surgalign SPV”), a Delaware corporation and wholly owned subsidiary of Surgalign Spine Technologies, Inc., a Delaware corporation (“Seller”), Seller and Surgalign Holdings, Inc., a Delaware corporation, pursuant to which Seller agreed to sell to the Company, and the Company agreed to purchase from Seller, all of the issued and outstanding shares of common stock of Surgalign SPV, which shares constitute all of the outstanding equity of Surgalign SPV, for an aggregate purchase price of $17.0 million in cash (the “Purchase Price”). evidence_url: https://www.sec.gov/Archives/edgar/data/1453593/000149315223006396/0001493152-23-006396-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.