Indication intelligence, analysis and sector perception

BioLife Solutions (BLFS), cash getting tight?

September 7, 2016 7:59am

BLFS takes down another usurious $1 M advance from WAVI Holdings AG

8-K filing, BioLife Solutions is a party to a commitment letter dated May 12, 2016 with WAVI Holding AG ("WAVI") pursuant to which WAVI agreed to make a series of advances on June 1, 2016, September 1, 2016, December 1, 2016 and March 1, 2017.

BLFS entered into a promissory note in favor of WAVI whereby we agreed to pay WAVI the principal amount of all advances under the Note, plus interest.

The Bottom Line: The Note is unsecured, carries an annual interest rate of … 10% … and matures on June 1, 2017.

Usurious!

The Note also provides that BLFS will not permit any liens on our assets … subject to certain exceptions.

On September 1, 2016, BLFS borrowed another $1,000,000 as an advance under the Note, which will be subject to the terms and conditions of the Note described above.

BLFS closed at $1.79 which was UP +$0.07 – be CAREFULL – 10% to borrow money!

I’d be a SELLER

35 companies, 1 interpreter!

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