Item 8.01 Other Events
On
As disclosed in the press release, the Company elected to defer an interest
payment on the Company's unsecured convertible notes and enter a 30-day grace
period. The Company's election to not make the interest payment was not driven
by liquidity constraints as the Company has approximately
If the Company does not make this interest payment within the 30-day grace period, it will constitute an event of default under the indenture governing the convertible notes. If an event of default occurs, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding convertible notes may declare 100% of the principal of, and accrued and unpaid interest on, all the convertible notes to be due and payable immediately. If the convertible notes are accelerated, it will constitute an event of default under the indenture governing the Company's senior secured notes and the trustee or the holders of not less than 30.0% in aggregate principal amount of the outstanding senior secured notes may declare the principal of the senior secured notes and accrued but unpaid interest thereon to be due and payable immediately and then may exercise rights and remedies under the agreements governing the senior secured notes. If the Company fails to pay the interest on the convertible notes by the end of the grace period or if the convertible notes are accelerated, it will also constitute an event of default under the Company's second lien credit agreement and the administrative agent, itself or at the request of requisite lenders, may declare the second lien term loans and interest thereon due and payable and exercise all rights and remedies under the second lien credit agreement and related agreements. If the Company fails to pay the interest on the convertible notes by the end of the grace period or if the trustee or holders of the convertible notes are entitled to accelerate the convertible notes, it will also constitute an event of default under the Company's asset-backed revolving credit agreement and the administrative agent, itself or at the request of requisite lenders, may declare the revolving loans and interest thereon due and payable, terminate commitments and exercise all rights and remedies under the asset-based revolving credit agreement and related agreements.
This Item 8.01 contains forward-looking statements. Forward-looking statements
are not promises or guarantees and investors are cautioned that all
forward-looking statements involve risks and uncertainties, including but not
limited to the impact of competitive products and pricing, product demand and
market acceptance, new product development, acquisition-related challenges, the
regulatory environment, interest rate fluctuations, reliance on key strategic
alliances, availability of raw materials, fluctuations in operating results, our
ability to remain listed on the
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits 99.1April 4, 2023 Press Release
104 Cover Page Interactive Data File (embedded within the Inline XRBL document)
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