Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

NOTE 18. SUBSEQUENT EVENTS

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued.

Commitment

During April 2022, the Company entered into a non-cancellable purchase obligation with a supplier to acquire raw materials for a total commitment of $11.9 million. Under the terms of this agreement the Company has 5 years to take delivery of purchased items. This commitment was entered into to ensure proper material quantities to develop and commercialize our next generation AST platform.

Finance Lease

The Company entered into a finance lease agreement with one lessor during April 2022. The finance lease obligation is $2.5 million, with monthly payment terms and maturities becoming due through 2025.

Convertible Notes

As described in Note 10, Convertible Notes, the closing of the Exchange Transaction is expected to occur in eight tranches, subject to customary closing conditions, with the first closing having occurred on March 29, 2022 and the remaining seven tranches closing after the balance sheet date. Six additional tranches have closed subsequent to March 31, 2022 and before these financial statements were issued, leaving only one tranche remaining as of the filing date of this Form 10-Q. Through the closing of the first seven tranches of the Exchange Transaction, the holder of the Notes exchanged approximately $12.3 million (the “Exchanged Principal”) in aggregate principal amount of Notes held by the holder for an aggregate of $8.8 million shares of the Company's

common stock pursuant to the Exchange Agreement. The eighth and final tranche is expected to settle shortly after May 16, 2022.

See Note 10, Convertible Notes, for further information.