UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): December 22, 2020
STRATA SKIN SCIENCES, INC.
(Exact Name of Registrant Specified in Charter)
Registrant's telephone number, including area code: 215-619-3200
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
□
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth company □
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □
Item 1.01. Entry into a Material Definitive Agreement.
Effective December 30, 2020, STRATA Skin Sciences, Inc. (the “Company”) and Israel Discount Bank of New York (“IDBNY”)
executed a First Amendment to its Promissory Note
(the “Note”) whereby a $7.275 million loan with IDBNY was renewed for one year, expiring on December 30, 2021. The Company's obligations under the Note are secured by an Assignment and Pledge of Time Deposit (the “Agreement”), under which the Company
has pledged the proceeds of a time deposit account in the amount of the loan plus interest to IDBNY.
The Note bears interest at a rate per annum of 1.40%.
The foregoing descriptions of the Note and Agreement are subject to, and qualified in their entirety by the document attached hereto as Exhibits 10.1, which is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of the Registrant.
Effective December 30, 2020, the Company renewed a $7.275 million loan from IDBNY pursuant to a First Amendment to its Promissory Note (the “Note”) the renewed Note expires on December 31, 2021.
The information contained above in Item 1.01 is hereby incorporated by reference into this Item 2.03.
On December 28, 2020, the Company issued a press release announcing that it renewed a loan facility with IDBNY. A copy of the press release is filed herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
SIGNATURE
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.