UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
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(Commission File Number) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
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Not Applicable
(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:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
| The |
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 1.02. | Termination of Material Definitive Agreement. |
On April 21, 2023 Aptinyx, Inc. (the “Company”) completed voluntary prepayment of all outstanding principal, accrued and unpaid interest, fees, costs and expenses, equal to $27.4 million in the aggregate (the “Payoff Amount”), under the Loan and Security Agreement (the “Loan Agreement”), dated as of September 15, 2021 by and among the Company, the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, the “Lenders”), and K2 HealthVentures LLC, in its capacity as administrative agent and collateral agent for itself and the Lenders. The Payoff Amount includes a prepayment charge of $0.8 million equal to 3.0% of the outstanding principal, and an exit fee of $1.6 million. Upon receipt by the Lender of the Payoff Amount on April 21, 2023, all obligations, covenants, debts and liabilities of the Company under the Loan Agreement were satisfied and discharged in full, and the Loan Agreement and all other documents entered into in connection with the Loan Agreement were terminated.
The Loan Agreement provided for a term loan with aggregate maximum borrowings of up to $50.0 million (the “Term Loan”). Under the Loan Agreement, the Company borrowed $25.0 million. The Term Loan bore interest at a variable annual rate equal to the greater of (i)(a) 4.70% plus (b) the Prime Rate (as reported in the Wall Street Journal) and (ii) 7.95%. Interest-only payments on the borrowings under the Loan Agreement were due through September 1, 2023. After the interest-only payment period, borrowings under the Loan Agreement were due in equal monthly payments of principal and accrued interest until September 1, 2025.
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.
| Aptinyx Inc. | ||
| Date: April 25, 2023 | By: |
/s/ Ashish Khanna |
|
Ashish Khanna Chief Financial Officer and Chief Business Officer | ||
Cover |
Apr. 21, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Apr. 21, 2023 |
| Entity File Number | 001-38535 |
| Entity Registrant Name | APTINYX INC. |
| Entity Central Index Key | 0001674365 |
| Entity Tax Identification Number | 47-4626057 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 909 Davis Street |
| Entity Address, Address Line Two | Suite 600 |
| Entity Address, City or Town | Evanston |
| Entity Address, State or Province | IL |
| Entity Address, Postal Zip Code | 60201 |
| City Area Code | 847 |
| Local Phone Number | 871-0377 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, par value $0.01 per share |
| Trading Symbol | APTX |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | true |
| Elected Not To Use the Extended Transition Period | false |
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