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): June 16, 2023
(Exact name of registrant as specified in its charter)
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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 8.01 Other Information.
Evelo Biosciences, Inc. (the “Company”) is party to the Venture Loan and Security Agreement, dated as of December 15, 2022 (the “Loan Agreement”), with Horizon Technology Finance Corporation, as lender and collateral agent (“Horizon”). As previously reported, the Company and Horizon entered into a Standstill Agreement, as amended from time to time, pursuant to which Horizon agreed to forbear from exercising, and not to exercise, any and all remedies available to it under the Loan Agreement, warrants, notes and other Financing Documents (as defined in the Standstill Agreement) or at law or in equity, which standstill period would have ended 9:59 p.m., Eastern Time, on Friday, June 16, 2023.
On June 16, 2023, the Company and Horizon agreed to further extend the standstill period until 9:59 p.m., Eastern Time, on June 21, 2023, as long as the Company maintains cash and cash equivalents in an amount equal to or greater than $5.0 million at all times (the “Cash Covenant”). On June 21, 2023, the Company and Horizon agreed to further extend the standstill period until 9:59 p.m., Eastern Time, on June 22, 2023, subject to the Cash Covenant. On June 22, 2023, the Company and Horizon agreed to further extend the standstill period until 9:59 p.m., Eastern Time, on June 23, 2023, subject to the Cash Covenant. On June 23, 2023, the Company and Horizon agreed to further extend the standstill period until 9:59 p.m., Eastern Time, on June 30, 2023, subject to the Cash Covenant.
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.
| EVELO BIOSCIENCES, INC. | |||||||||||
| Date: June 23, 2023 | By: | /s/ Marella Thorell | |||||||||
| Marella Thorell | |||||||||||
| Chief Financial Officer and Treasurer | |||||||||||