Nexgel, Inc 8-K, filed Mar 17, 2022
Nexgel, Inc. (NXGL)
About this 8-K
Nexgel, Inc filed this 8-K on March 17, 2022, reporting on events of March 15, 2022.
Items reported
- Item 1.02: Ended a material agreement
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| Item 1.02. | Termination of a Material Definitive Agreement. |
On March 15, 2022, NexGel, Inc. (the “Company”) repaid in full with a one-time cash payment of $1,680,000 all outstanding principal and accrued but unpaid interest under that certain 12% senior secured convertible promissory note issued to Auctus Fund, LLC (“Auctus”) on March 11, 2021 (the “Auctus Note”). The Company did not incur any penalty with respect to the repayment of the Auctus Note and the repayment extinguished the Auctus Note in its entirety.
A description of the material terms of the Auctus Note was contained in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on March 17, 2021 (the “Auctus Form 8-K”). The foregoing summary of the Auctus Note does not purport to be complete and is subject to, and qualified in its entirety by reference to the Auctus Note, which was filed as Exhibit 4.1 to the Auctus Form 8-K and is 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.
| Date: March 17, 2022 | ||
| NEXGEL, INC. | ||
| By: | /s/ Adam Levy | |
| Adam Levy | ||
| Chief Executive Officer | ||