Entry into a Material Definitive Agreement.
On January 25, 2021, T2 Biosystems, Inc. (the “Company”)
entered into Amendment No. 6 to Term Loan Agreement (the
“Sixth Amendment”), with CRG Servicing LLC as administrative agent
and collateral agent (in such capacities, “Administrative Agent”)
and the lenders listed on the signature pages thereto (the
“Lenders”) to modify certain terms of that certain Term Loan
Agreement , dated as of December 30, 2016, by and among the
Company, the Administrative Agent and the lenders party thereto
(such Term Loan Agreement, as amended or modified prior to the
Sixth Amendment, the “Loan Agreement”).
The Sixth Amendment extends the interest-only payment period from
December 31, 2021 to December 31, 2022 and reduces the
annual product revenue target for the twenty-four month period
beginning on January 1, 2020 (the “Minimum Required Revenue”).
In the event that the Company does not meet the Minimum Required
Revenue, the Company can satisfy such requirement by paying to the
Lenders within ninety days of the end of the respective calendar
year an amount equal to (x) two multiplied by the
(y) Minimum Required Revenue minus the Company’s actual annual
revenue, and such amount shall be used to prepay the outstanding
The foregoing summary is qualified in its entirety by reference to
the Sixth Amendment, a copy of which will be attached as an exhibit
to the Company’s Quarterly Report on Form 10-K for the period ending
December 31, 2020.
Results of Operations and Financial
On January 26, 2021, T2 Biosystems, Inc. (the “Company”)
issued a press release announcing its financial results for its
fiscal quarter and full year ended December 31, 2020. A copy
of the Company’s press release is furnished with this report as
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02
and Exhibit 99.1 of this Current Report on Form 8-K is being furnished and shall not be
deemed to be “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject
to the liabilities of that Section. Furthermore, such information,
including Exhibit 99.1 attached hereto, shall not be deemed to be
incorporated by reference in any filing under the Securities Act of
1933, as amended, except as expressly stated by specific reference
in such a filing.
Financial Statements and Exhibits