SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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|Item 1.01.|| |
Entry into a Material Definitive Agreement.
On April 20, 2021, Aldeyra Therapeutics, Inc. (the “Company”) entered into the First Amendment (the “First Amendment”) to Loan and Security Agreement, which amended that certain Loan and Security Agreement (as amended by the First Amendment, the “Loan Agreement”), dated as of March 25, 2019, by and among the Company, Helio Vision, LLC, the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”) and Hercules Capital, Inc. (the “Agent”), in its capacity as administrative agent and collateral agent for itself and the Lenders.
The First Amendment makes certain changes to the Loan Agreement, including, among other things, (i) increasing from $10 million to $20 million the fourth term loan tranche commitment (the “Tranche Fourth Loan”); (ii) lowering the variable per annum rate of interest on borrowings under the Loan Agreement from the greater of (a) the Prime Rate (as defined in the Loan Agreement) plus 3.10% or (b) 9.10% to the greater of (a) the Prime Rate plus 3.10% or (b) 8.60%; (iii) extending the expiration of the period in which interest-only payments on borrowings under the Loan Agreement are required from May 1, 2021 to July 1, 2022; and (iv) further extending the expiration of the period in which interest-only payments on borrowings under the Loan Agreement are required from July 1, 2022 to May 1, 2023 in the event certain conditions as set forth in the First Amendment are satisfied. Following the effective time of the First Amendment, an aggregate of $35 million, subject to the terms and conditions of the Loan Agreement, may be made available to the Company for borrowing, $15 million of which was funded prior to the date of the First Amendment.
The foregoing summary of the First Amendment is qualified in its entirety by the complete text of the First Amendment, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference as if fully set forth herein.
|Item 2.03.|| |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
|Item 9.01.|| |
Financial Statements and Exhibits.
|10.1||First Amendment to Loan and Security Agreement, dated April 20, 2021, by and among Aldeyra Therapeutics, Inc., Helio Vision, LLC, the several banks and other financial institutions or entities from time to time parties thereto and Hercules Capital, Inc.|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document)|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|ALDEYRA THERAPEUTICS, INC.|
|Name: Joshua Reed|
|Title: Chief Financial Officer|
Dated April 21, 2021