Form 8-K - Current report

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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

 

YIELD10 BIOSCIENCE, INC.

(Exact name of registrant as specified in its charter)

 

Delaware			001-33133			04-3158289
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)
19 Presidential Way, Woburn, Massachusetts						01801
(Address of principal executive offices)						(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: [phone] 

N/A 

(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:

 

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

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

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

o 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
None

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  o

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.  o

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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.

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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.

 

						YIELD10 BIOSCIENCE, INC.
July 23, 2024			By:			/s/ Oliver P. Peoples
						Oliver P. Peoples
						President & Chief Executive Officer

Cover	Jul. 23, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 23, 2024
Entity Registrant Name	YIELD10 BIOSCIENCE, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-33133
Entity Tax Identification Number	04-3158289
Entity Address, Address Line One	19 Presidential Way
Entity Address, City or Town	Woburn
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01801
City Area Code	617
Local Phone Number	583-1700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Central Index Key	0001121702
Amendment Flag	false
Entity Emerging Growth Company	false

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