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 28, 2024 |
SeaStar Medical Holding Corporation
(Exact name of Registrant as Specified in Its Charter)
Delaware |
001-39927 |
85-3681132 |
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(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
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3513 Brighton Blvd, Suite 410 |
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Denver, Colorado |
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80216 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: 844 427-8100 |
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(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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:
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Trading |
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Common Stock par value $0.0001 per share |
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ICU |
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The Nasdaq Stock Market LLC |
Warrants, each whole warrant exercisable for one share of Common Stock for $11.50 per share |
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ICUCW |
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The Nasdaq Stock Market LLC |
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 1.01 Entry Into a Material Definitive Agreement
On June 28, 2024, SeaStar Medical Holding Corporation, a Delaware corporation (the “Company”), and an institutional investor (the "Holder"), entered into a warrant redemption agreement (the “Agreement”). Pursuant to the Agreement, the Company agreed to redeem all 126,330 warrants (the “Warrants”) to purchase shares of the Company's common stock, par value $0.0001 per share, owned by the Holder, that were issued by the Company to the Holder, as the holder of certain senior unsecured convertible notes (the "Notes") pursuant to a securities purchase agreement entered into on March 15, 2023, by and between the Company and the Holder (the “Purchase Agreement”) and certain letter agreements in connection therewith.
The Company agreed to pay to the Holder $3.56 per Warrant, for an aggregate redemption price of $449,734.80 (the “Redemption Amount”). The Redemption Amount consists of: (i) $100,000 paid on July 1, 2024 and (ii) $349,734.80 to be paid no later than August 27, 2024, (the “Deferred Payment Amount”). Interest will accrue on the Deferred Payment Amount at a rate of 7.00% per annum, compounded annually.
These warrants were classified as liabilities on the Company's balance sheet due to certain features that precluded equity classification. Pursuant to the Agreement, the Company and the Holder acknowledged and agreed that all covenants, indebtedness, liabilities and other obligations of the Company under or pursuant to the Purchase Agreement, the Notes and the Warrants were satisfied and discharged in full and that the Company has no further obligations, and the Holder has no further rights, relating to the Purchase Agreement, the Notes or the Warrants other than those rights and obligations that expressly survive termination of the Purchase Agreement, the Notes or the Warrants.
The foregoing summary of the Redemption Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Redemption Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 1.02 Termination of a Material Definitive Agreement.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits
Exhibit Number |
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Description |
Exhibit 10.1 |
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Warrant Redemption Agreement, dated June 28, 2024, by and between SeaStar Medical Holding Corporation and an institutional investor. |
Exhibit 104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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.
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SeaStar Medical Holding Corporation |
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By: |
/s/ Eric Schlorff |
Date: |
July 2, 2024 |
Name: |
Eric Schlorff |
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Title: |
Chief Executive Officer |
Exhibit 10.1
WARRANT REDEMPTION AGREEMENT
June 28, 2024 This Warrant Redemption Agreement (this “Agreement”) is entered into by and between SeaStar Medical Holding Corporation (the “Company”) and 3i, LP or its assigns (the “Holder”). Reference is hereby made to the series of warrants set forth hereto on Annex A (the “Warrants”), to purchase shares of common stock, par value $0.001 per share (“Common Stock”) issued in connection with the issuance by the Company to the Holder of Senior Unsecured Convertible Notes (the “Notes”) pursuant to a Securities Purchase Agreement entered into on March 15, 2023 by and between the Company and the Holder (as amended, the “Agreement”).
This Agreement confirms that, in consideration for the Holder’s agreement to redeem all of the outstanding Warrants, such that the Holder will no longer hold any Warrants of the Company following the redemption of the Warrants by the Holder, the Company hereby agrees to pay to the Holder $3.56 per Warrant for a total redemption price of $449,734.80 (the “Redemption Price”). The Redemption Price shall be paid by the Company as follows: (i) $100,000 shall be paid to Holder within one (1) business day of the date hereof and (ii) $349,734.80 (the “Deferred Payment Amount”) shall be paid in full not later than the sixtieth (60) day of the date hereof with interest to accrue on the outstanding and unpaid Deferred Payment Amount at a rate equal to seven percent (7%) per annum, compounded annually.
As of the date hereof, the Company and the Holder hereby acknowledge and agree that all covenants, indebtedness, liabilities and other obligations of the Company under or pursuant to the Agreement, the Notes and the Warrants have been satisfied and discharged in full (excluding obligations that by their terms expressly survive termination of the Agreement, the Notes or the Warrants) and that the Company shall have no further obligation to provide the Holder with notice or obtain the Holder’s consent in connection with any transactions contemplated by the Agreement, the Notes or the Warrants. For the avoidance of doubt, from the date hereof, the Company shall have no further obligations, and the Holder shall have no further rights, relating to the Agreement, the Notes or the Warrants, including Section 4.12 of the Agreement, other than those rights and obligations that expressly survive termination of the Agreement, the Notes or the Warrants.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have caused this agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
SEASTAR MEDICAL HOLDING CORPORATION
/s/ Eric Schlorff
Name: Eric Schlorff
Title: Chief Executive Officer
3i, LP
/s/ Maier J. Tarlow
Name: Maier J. Tarlow
Title: Manager on Behalf of the GP
[SIGNATURE PAGE TO WARRANT AMENDMENT AGREEMENT]
ANNEX A
HOLDER WARRANTS
Series Warrants |
Issue Date |
Expiration Date |
Total Remaining |
Redemption Amount |
A-1 |
3/15/2023 |
3/14/2028 |
13,135 |
$46,760.60 |
A-2 |
5/12/2023 |
5/11/2028 |
8,757 |
$31,174.92 |
A-7 |
12/11/2023 |
12/10/2028 |
21,109 |
$75,148.04 |
A-8 |
1/12/2024 |
1/11/2029 |
5,278 |
$18,789.68 |
A-9 |
1/24/2024 |
1/23/2029 |
15,832 |
$56,361.92 |
AW 1-2024-02 |
1/24/2024 |
1/23/2029 |
15,832 |
$56,361.92 |
AW 1-2024-01 |
1/12/2024 |
1/11/2029 |
5,278 |
$18,789.68 |
AW 12-2023-01 |
12/11/2023 |
12/10/2028 |
21,109 |
$75,148.04 |
SL 08-23-01 |
8/7/2023 |
8/7/2028 |
20,000 |
$71,200.00 |
Total |
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126,330 |
$449,734.80 |
ANNEX A