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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section 13 or Section 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): January&nbsp;16, 2019 (January 15, 2019) </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>QUOTIENT LIMITED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
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<TD VALIGN="top" ALIGN="center"><B>Jersey, Channel Islands</B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-36415</FONT></B></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>B1, Business Park Terre Bonne,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Route de Crassier 13,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1262 Eysins, Switzerland</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center"><B>Not Applicable</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">011-41-22-716-9800</FONT></FONT></FONT></FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>n/a </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or
former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions: </P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging Growth Company&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9746; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed by Quotient Limited (the &#147;Company&#148; or &#147;we&#148;, &#147;us&#148; and &#147;our&#148;) on its Current Reports on <FONT
STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;filed</FONT> December&nbsp;5, 2018 (the &#147;December 5, 2018 <FONT STYLE="white-space:nowrap">8-K&#148;)</FONT> and December&nbsp;19, 2018 (the &#147;December 19,
<FONT STYLE="white-space:nowrap">2018&nbsp;8-K&#148;),&nbsp;on</FONT> December&nbsp;4, 2018, the Company received the requisite consents from all of the holders of its outstanding $120.0&nbsp;million aggregate principal amount of 12% Senior Secured
Notes due 2023 (the &#147;Notes&#148;) to certain proposed amendments (the &#147;Amendments&#148;) to the indenture, dated as of October&nbsp;14, 2016 (the &#147;Base Indenture&#148;), by and among the Company, the guarantors party thereto (the
&#147;Guarantors&#148;) and U.S. Bank National Association, a national banking association, as trustee (the &#147;Trustee&#148;) and collateral agent (the &#147;Collateral Agent&#148;), governing the Notes. Following receipt of the consents, on
December&nbsp;4, 2018, the Company, the Guarantors, the Trustee and the Collateral Agent entered into a first supplemental indenture (the &#147;Supplemental Indenture&#148; and, together with the Base Indenture, the &#147;Indenture&#148;) effecting
the Amendments.<B> </B>The Amendments became operative on December&nbsp;18, 2018. For more information about the Amendments, see the December&nbsp;5, 2018 <FONT STYLE="white-space:nowrap">8-K</FONT> and the December&nbsp;19, 2018 <FONT
STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Amendments included an increase to the limit on the aggregate principal amount of Notes that can be issued
under the Indenture from $120.0&nbsp;million to up to $145.0&nbsp;million (this additional $25.0&nbsp;million aggregate principal amount of Notes, the &#147;CE Marking Notes&#148;). Pursuant to the Amendments, the CE Marking Notes may be issued
following the European CE Marking of the Company&#146;s initial MosaiQ IH Microarray, subject to the consent of the Jersey Financial Services Commission to the issue of such CE Marking Notes (the &#147;CE Marking Securities Triggering Event&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;15, 2019, the Company and the subsidiary guarantors named therein entered into purchase agreements (the &#147;Purchase Agreements&#148;)
with the purchasers named therein (the &#147;Purchasers&#148;) pursuant to which the Company agreed to issue and sell to the Purchasers, and the Purchasers agreed to purchase, subject to satisfaction of the CE Marking Securities Triggering Event on
or before April&nbsp;30, 2019 and certain other customary closing conditions, the principal amount of the CE Marking Notes set forth in Schedule 1 of each of the Purchase Agreements at a purchase price equal to 100% of the principal amount thereof.
The Purchase Agreements include the terms and conditions of the offer and sale of the CE Marking Notes and other terms and conditions customary in agreements of this type. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Purchase Agreements, the Company has also agreed to enter into royalty rights agreements at the closing (if any) of the CE Marking Notes
substantially in the form filed as Exhibit 10.2 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> (the &#147;CE Marking Royalty Rights Agreements&#148;) with each of the Purchasers, pursuant to which the Company will issue
to such purchasers the right to receive, in the aggregate, a payment equal to 0.4% of the aggregate net sales of MosaiQ instruments and consumables in the donor testing market in the European Union and the United States (the &#147;CE Marking Royalty
Rights&#148;). Except as described herein, the CE Marking Royalty Rights Agreements will be otherwise substantially identical to the CE Marking Royalty Rights Agreements (as defined in the Company&#146;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed October&nbsp;14, 2016), the Additional Royalty Rights Agreements (as defined in the Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed June&nbsp;29, 2018) and the
Consent Royalty Rights Agreements (as defined in the December&nbsp;5, 2018 <FONT STYLE="white-space:nowrap">8-K),</FONT> and will include other terms and conditions customary in agreements of this type. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The CE Marking Royalty Rights Agreements will provide that royalties will be payable beginning on the date that the Company or its affiliates makes its first
sale of MosaiQ consumables in the donor testing market in the European Union or the United States and ending on the last day of the calendar quarter in which the eighth anniversary of the first contract date occurs </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company plans to use the proceeds to, among other things, pay fees, costs and expenses arising in
connection with the issuance of the CE Marking Notes and for general corporate purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The descriptions of the Purchase Agreements and CE Marking
Royalty Rights Agreements contained herein are qualified in their entirety by reference to the Forms of Purchase Agreement and Royalty Rights Agreement, which are filed as Exhibits&nbsp;10.1 and 10.2, respectively to this Current Report on <FONT
STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> and are incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below is a list of Exhibits included as part of this Current Report. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top"><A HREF="d691349dex101.htm">Form of Purchase Agreement </A></TD></TR>
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<TD VALIGN="top"><A HREF="d691349dex102.htm">Form of Royalty Rights Agreement. </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">January&nbsp;16, 2019</TD>
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<TD VALIGN="top" COLSPAN="3">QUOTIENT LIMITED</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Christopher Lindop</P></TD></TR>
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<TD VALIGN="top">Name: Christopher Lindop</TD></TR>
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<TD VALIGN="top">Title: Chief Financial Officer</TD></TR>
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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 16, 2019 (January 15, 2019)
QUOTIENT LIMITED
(Exact
name of registrant as specified in its charter)
Jersey, Channel Islands
001-36415
Not Applicable
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
B1, Business Park Terre Bonne,
Route de Crassier 13,
1262 Eysins, Switzerland
Not Applicable
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
011-41-22-716-9800
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 to the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17
CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
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.
As previously disclosed by Quotient Limited (the "Company" or "we", "us" and "our") on its Current Reports on
Form 8-K filed
December 5, 2018 (the "December 5, 2018
8-K")
and December 19, 2018 (the "December 19,
2018 8-K"), on
December 4, 2018, the Company received the requisite consents from all of the holders of its outstanding $120.0 million aggregate principal amount of 12% Senior Secured
Notes due 2023 (the "Notes") to certain proposed amendments (the "Amendments") to the indenture, dated as of October 14, 2016 (the "Base Indenture"), by and among the Company, the guarantors party thereto (the
"Guarantors") and U.S. Bank National Association, a national banking association, as trustee (the "Trustee") and collateral agent (the "Collateral Agent"), governing the Notes. Following receipt of the consents, on
December 4, 2018, the Company, the Guarantors, the Trustee and the Collateral Agent entered into a first supplemental indenture (the "Supplemental Indenture" and, together with the Base Indenture, the "Indenture") effecting
the Amendments.
The Amendments became operative on December 18, 2018. For more information about the Amendments, see the December 5, 2018
8-K
and the December 19, 2018
8-K.
The Amendments included an increase to the limit on the aggregate principal amount of Notes that can be issued
under the Indenture from $120.0 million to up to $145.0 million (this additional $25.0 million aggregate principal amount of Notes, the "CE Marking Notes"). Pursuant to the Amendments, the CE Marking Notes may be issued
following the European CE Marking of the Company's initial MosaiQ IH Microarray, subject to the consent of the Jersey Financial Services Commission to the issue of such CE Marking Notes (the "CE Marking Securities Triggering Event").
On January 15, 2019, the Company and the subsidiary guarantors named therein entered into purchase agreements (the "Purchase Agreements")
with the purchasers named therein (the "Purchasers") pursuant to which the Company agreed to issue and sell to the Purchasers, and the Purchasers agreed to purchase, subject to satisfaction of the CE Marking Securities Triggering Event on
or before April 30, 2019 and certain other customary closing conditions, the principal amount of the CE Marking Notes set forth in Schedule 1 of each of the Purchase Agreements at a purchase price equal to 100% of the principal amount thereof.
The Purchase Agreements include the terms and conditions of the offer and sale of the CE Marking Notes and other terms and conditions customary in agreements of this type.
Pursuant to the Purchase Agreements, the Company has also agreed to enter into royalty rights agreements at the closing (if any) of the CE Marking Notes
substantially in the form filed as Exhibit 10.2 to this Current Report on Form
8-K
(the "CE Marking Royalty Rights Agreements") with each of the Purchasers, pursuant to which the Company will issue
to such purchasers the right to receive, in the aggregate, a payment equal to 0.4% of the aggregate net sales of MosaiQ instruments and consumables in the donor testing market in the European Union and the United States (the "CE Marking Royalty
Rights"). Except as described herein, the CE Marking Royalty Rights Agreements will be otherwise substantially identical to the CE Marking Royalty Rights Agreements (as defined in the Company's Current Report on Form
8-K
filed October 14, 2016), the Additional Royalty Rights Agreements (as defined in the Company's Current Report on Form
8-K
filed June 29, 2018) and the
Consent Royalty Rights Agreements (as defined in the December 5, 2018
8-K),
and will include other terms and conditions customary in agreements of this type.
The CE Marking Royalty Rights Agreements will provide that royalties will be payable beginning on the date that the Company or its affiliates makes its first
sale of MosaiQ consumables in the donor testing market in the European Union or the United States and ending on the last day of the calendar quarter in which the eighth anniversary of the first contract date occurs
The Company plans to use the proceeds to, among other things, pay fees, costs and expenses arising in
connection with the issuance of the CE Marking Notes and for general corporate purposes.
The descriptions of the Purchase Agreements and CE Marking
Royalty Rights Agreements contained herein are qualified in their entirety by reference to the Forms of Purchase Agreement and Royalty Rights Agreement, which are filed as Exhibits 10.1 and 10.2, respectively to this Current Report on
Form 8-K
and are incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
Set forth below is a list of Exhibits included as part of this Current Report.
Exhibit
Description
10.1
Form of Purchase Agreement
10.2
Form of Royalty Rights Agreement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
January 16, 2019
QUOTIENT LIMITED
By:
/s/ Christopher Lindop
Name: Christopher Lindop
Title: Chief Financial Officer