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
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On August 21, 2023, Celularity Inc., or Celularity, entered into a Loan Agreement with its Chairman and Chief Executive Officer, Dr. Robert Hariri, and two unaffiliated lenders, providing for a loan in the aggregate principal amount of $3.0 million (of which Dr. Hariri contributed $1.0 million), or the Loan. The Loan bears interest at a rate of 15% per year, with the first year of interest being paid in kind on the last day of each month and matures August 21, 2024. Pursuant to the terms of the Loan, Celularity is required to apply the net proceeds from a subsequent transaction in which Celularity receives gross proceeds of $4.5M or more to repay the Loan. Celularity intends to use the net proceeds from the Loan for working capital and general corporate purposes.
Pursuant to the terms of the Loan, Celularity agreed to customary negative covenants restricting its ability to repay indebtedness, pay dividends to stockholders, repay or incur other indebtedness other than as permitted. In addition to the negative covenants in the Loan, the Loan includes customary events of default. The closing of the Loan is expected to occur on or around August 31, 2023 and is subject to the satisfaction of customary closing conditions.
The foregoing description of the Loan is not complete and is qualified in its entirety by reference to the full text of the Loan, which is filed as exhibit 10.1 to this current report on Form 8-K and is incorporated by reference herein.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information contained above under Item 1.01 to the extent applicable is hereby incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits:
| 10.1* | Loan Agreement, dated as of August 21, 2023, among Celularity Inc. and the lenders thereto. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
| * | Certain portions of this exhibit have been omitted because they are not material and are the type of information that the registrant treats as private or confidential |
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.
| CELULARITY INC. | ||||||
| Date: August 25, 2023 | By: | /s/ K. Harold Fletcher | ||||
| K. Harold Fletcher EVP, General Counsel | ||||||