Results
Yield10 Bioscience Inc.
09/09/2024 | Press release | Distributed by Public on 09/09/2024 15:16
Material Agreement Form 8 K
Item 1.01 Entry into a Material Definitive Agreement and Item 2.03 - Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On September 5, 2024, Yield10 Bioscience, Inc. (the "Company") issued a promissory note (the "Note") in the principal amount of up to $3 million, secured by all of the Company's assets, to Nuseed Nutritional US Inc. ("Nuseed"). The Company may request advances of up to $1 million, up to a maximum outstanding principal amount of $3 million, under the Note. The Company's initial draw under the Note was $500,000. The Note bears interest at an interest rate of 7% per annum and will mature on December 31, 2024. Events of default under the Note include an agreement to sell all of the Company's assets to any buyer other than Nuseed, failure to make payments under the Note when due, filing of bankruptcy, and incurring any other secured indebtedness without Nuseed's consent. The interest rate under the Note would increase to 9% per annum during any period of default.
The Company and Nuseed continue to negotiate the proposed purchase by Nuseed of all of the Company's assets, pursuant to the Memorandum of Understanding described in the Company's Current Report on Form 8-K dated July 17, 2024.