On April 30, 2024, bluebird bio, Inc. (the "Company") entered into an amendment (the "Amendment") to its Loan and Security Agreement (the "LSA"), dated as of March 15, 2024, by and among the Company, the several banks and other financial institutions or entities party thereto, as lenders (collectively, the "Lenders"), and Hercules Capital, Inc., as administrative agent and collateral agent (the "Agent") (Filing, 8-K, bluebird bio, APR 30, 2024, View Source [SID1234642629]). The Amendment relates to certain provisions of the LSA that are affected by the Company’s previously announced plan to restate its consolidated financial statements as of and for the year ended December 31, 2022 and unaudited financial information for each of the first three quarters of 2023 and 2022 in its Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"). The work required to complete all necessary procedures in connection with the restatements has resulted in a delay in filing the 2023 Form 10-K and is anticipated to result in a delay in filing the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the "Q1 Form 10-Q").
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Pursuant to the Amendment, the Company, the Agent and the Lenders agreed to, among other things: (i) revised monthly financial reporting metrics required to be provided by the Company to the Lenders for each of the months ending March 31, 2024 through June 30, 2024; and (ii) extension of the deadlines by which the Company must provide to the Lenders financial statements for the year ended December 31, 2023 and for the quarter ended March 31, 2024. Further, the Amendment provides that the Company’s late delivery and filing of the 2023 Form 10-K and the Q1 Form 10-Q shall not be deemed a violation of the Company’s covenant to maintain compliance with applicable law, so long as such documents are filed by the extended deadlines.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by the full text of the LSA and the Amendment, copies of which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and incorporated herein by reference.