0001322505 false 0001322505 2022-07-27 2022-07-27 iso4217:USD xbrli:shares iso4217:USD xbrli:shares
 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 27, 2022

 

 

ALBIREO PHARMA, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware
(State or other jurisdiction
of incorporation)
  001-33451
(Commission
File Number)
  90-0136863
(IRS Employer
Identification No.)

 

53 State Street, 19th Floor
Boston, Massachusetts
(Address of principal executive offices)
  02109
(Zip Code)

 

(857) 254-5555

Registrant’s telephone number, including area code

 

Not applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading 
Symbol(s)
  Name of each exchange
on which registered
Common Stock   ALBO   The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

 

 

Item 1.02 Termination of a Material Definitive Agreement.

 

On July 27, 2022, the Loan and Security Agreement, dated as of June 8, 2020 (the “Hercules Loan Agreement”), by and among Albireo Pharma, Inc. (the “Company”), Albireo AB, a wholly-owned subsidiary of the Company, several banks and other financial institutions or entities from time to time parties to the Hercules Loan Agreement, as lenders (collectively, referred to as the “Lenders”), and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent for itself and the Lenders (“Hercules”), was terminated upon the receipt by Hercules of a payoff amount of $10.9 million from the Company; provided that the Company continues to be bound by certain indemnification obligations under Section 6.3 of the Hercules Loan Agreement. The Hercules Loan Agreement provided for term loans in an aggregate principal amount of up to $80.0 million to be delivered in multiple tranches. The payoff amount paid by the Company in connection with the termination of the Hercules Loan Agreement was pursuant to a payoff letter with Hercules and included payment of (a) $0.7 million as an End of Term Charge and (b) $0.1 million as a Prepayment Charge.

 

 

 

 

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.

 

  ALBIREO PHARMA, INC.
   
Date: July 29, 2022 /s/ Ronald H.W. Cooper
  Ronald H.W. Cooper
  President and Chief Executive Officer

 

 

 

 

 

 

Albireo Pharma (NASDAQ:ALBO)
Historical Stock Chart
Von Aug 2022 bis Sep 2022 Click Here for more Albireo Pharma Charts.
Albireo Pharma (NASDAQ:ALBO)
Historical Stock Chart
Von Sep 2021 bis Sep 2022 Click Here for more Albireo Pharma Charts.