Yield10 Bioscience Inc. filed SEC Form 8-K: Termination of a Material Definitive Agreement
$YTEN
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 23, 2024
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Item 1.02 Termination of a Material Definitive Agreement.
On July 23, 2024, Yield10 Bioscience, Inc. (the “Company”) and MPC Investment LLC (“MPC”) mutually agreed to terminate a senior unsecured convertible note issued by the Company to MPC on April 28, 2023 (“Convertible Note”) in the original principal amount of $1,000,000, pursuant to a Securities Purchase Agreement (“SPA”). The Convertible Note accrued interest at a rate of 8.0% per annum and had been subject to conversion into shares of the Company’s common stock at a conversion price of $73.68 per share. If not converted to the Company’s common stock, the Convertible Note would have matured on August 24, 2024.
As of the termination date, the Company’s current obligation under the terms of the Convertible Note for principal and unpaid interest totaled $1,100,572. The Company and MPC agreed to a one-time payment of $500,000 in full satisfaction of the Convertible Note principal and unpaid interest. The Company subsequently issued the $500,000 payment to MPC and the Convertible Note and SPA have been fully discharged.
The foregoing descriptions of the Convertible Note and SPA are not complete and are qualified in their entirety by reference to the full text of the Convertible Note and SPA, copies of which were filed as Exhibit 4.1 and Exhibit 10.1, respectively, to the Company’s Current Report on Form 8-K (File No. 001-33133) filed with the Securities and Exchange Commission on May 1, 2023 and incorporated herein by reference.
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.
| YIELD10 BIOSCIENCE, INC. | ||||||||
| July 23, 2024 | By: | /s/ Oliver P. Peoples | ||||||
| Oliver P. Peoples | ||||||||
| President & Chief Executive Officer | ||||||||