UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.02. Termination of a Material Definitive Agreement.
On November 3, 2021, CVRx, Inc. (the “Company”) fully repaid all amounts outstanding under that certain Venture Loan and Security Agreement, by and among Horizon Technology Finance Corporation (“Horizon”), as a lender and collateral agent, and the Company, as borrower (the “Horizon Loan Agreement”). Under the Horizon Loan Agreement, the Company could borrow up to a total of $20.0 million at a floating per annum rate equal to 10% plus the amount by which the 30-day U.S. dollar London Interbank Offered Rate on the first business day of the month exceeded 2.2%. Notes with an aggregate principal amount of $20.0 million were outstanding under the Horizon Loan Agreement at the time of repayment. Pursuant to the Horizon Loan Agreement, upon the prepayment of the amounts outstanding, the Company paid a prepayment fee in an amount equal to 3% of the then outstanding principal balance and a final payment equal to 3.5% of the original principal, resulting in a total payment by the Company to Horizon of $21.3 million.
The borrowings were collateralized by substantially all of the assets of the Company, including its intellectual property portfolio. The security interests and liens granted in connection with the Horizon Loan Agreement were terminated in connection with the Company’s discharge of indebtedness thereunder.
Item 2.02. Results of Operations and Financial Condition.
On November 4, 2021, the Company issued a press release announcing its financial results for the quarter ended September 30, 2021. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Press release of CVRx, Inc., dated November 4, 2021 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
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.
| CVRx, Inc. | ||
| Date: November 4, 2021 | By: | /s/ Nadim Yared |
| Name: Nadim Yared | ||
| Its: President and Chief Executive Officer | ||