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Msg  29166 of 30753  at  8/16/2022 4:29:01 PM  by

sstyles031


SVB Loan

I checked the 10-Q for the info the on SVB Loan. Seems there are two clauses to the amendment with one being the $50 mm in net proceeds that the company has to raise from the sale of equity securities. Any idea on how this will get resolved? Aug. 31 is approaching. Is the Company currently selling shares in the market every day?


The Amended Loan and Security Agreement provides for an interest-only period which extends through August 31, 2022 and may be automatically extended through August 31, 2023 if, on or prior to
August 31, 2022, SVB receives evidence satisfactory to it, confirming that the Company has (i) received at least $50.0 million in net cash proceeds from
the sale of the Companys equity securities after the date of the Amended Loan and Security Agreement, on terms acceptable to SVB, and (ii) achieved
positive data in the first cohort of the Library TCR-T Trial endorsed by an independent safety monitoring committee as a safe dose to proceed (together, the
Amended Milestones). After the interest-only payment period, aggregate outstanding borrowings are payable in twelve consecutive, equal monthly
installments of principal plus accrued interest.


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