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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>UNITED STATES</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>SECURITIES </b><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><b>AND </b><b>EXCHANGE </b><b>COMMISSION </b></font></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><b>WASHINGTON, </b><b>D.C. </b><b>20549</b></font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>FORM </b><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><b>8-K </b></font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:243pt;margin-right:242.75pt;margin-top:0pt;text-align:center;text-indent:0.05pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><b>CURRENT </b><b>REPORT</b></font></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Date of Report (Date of earliest event reported):<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><u> </u><u><b>March</b></u><u><b> </b></u><u><b>22, 2</b></u><u><b>018</b></u></font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

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			<td style="width: 100%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><b>TWINLAB CONSOLIDATED HOLDINGS, INC.</b></td>
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			<td style="text-align: center;">(Exact name of registrant as specified in its charter)</td>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size:1pt;margin-bottom:0pt;margin-left:5.1pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

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			<td style="width: 33%; border-bottom: thin solid rgb(0, 0, 0);"><b>Nevada</b></td>
			<td style="width: 34%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><b><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">001-55181</font></b></td>
			<td style="width: 33%; text-align: right; border-bottom: thin solid rgb(0, 0, 0);"><b><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">46-3951742</font></b></td>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">(State or<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"> other jurisdiction</font></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">of incorporation)</font></p>
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			<td style="vertical-align: top; text-align: center; width: 34%;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">(Commission File Number)</font></td>
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			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">(IRS Employer</font></p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Identification No.)</font></p>
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<p style="font-size:1pt;margin-bottom:0pt;margin-left:5.1pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

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			<td style="width: 67%; border-bottom: thin solid rgb(0, 0, 0);"><b>4800<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"> T-Rex Avenue, Suite 305, Boca Raton, Florida&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
			<td style="width: 33%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><b><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">33431</font></b></td>
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			<td style="width: 67%;">(Address of principal<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"> executive offices)</font></td>
			<td style="text-align: center; width: 33%;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">(Zip Code)</font></td>
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			<td style="width: 50%;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Registrant&#39;s telephone number, including area code</font></td>
			<td style="width: 50%; border-bottom: thin solid rgb(0, 0, 0);"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><b>(561) 443-5301</b></font></td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.4pt;margin-right:0pt;margin-top:0pt;text-align:left;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&nbsp;</font></p>

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			<td style="width: 100%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><b>N/A</b></font></td>
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			<td style="text-align: center;">(Former name or former address, if changed since last report)</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">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 (<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><u>see</u> General Instruction A.2. below):</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Written<font style="font-size:10pt;font-family:'Times New Roman', Times, serif;"> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Soliciting<font style="font-size:10pt;font-family:'Times New Roman', Times, serif;"> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Pre-commencement<font style="font-size:10pt;font-family:'Times New Roman', Times, serif;"> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Pre-commencement<font style="font-size:10pt;font-family:'Times New Roman', Times, serif;"> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Indicate<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"> by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect; 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect; 240.12b-2 of this chapter).</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Emerging growth company <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&#9746;</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">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. <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&#9744;</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>Section 1 <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&ndash; Registrant&rsquo;s Business and Operations</font></b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 1.01. Entry into a Material Definitive Agreement.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u><i><b>Midcap Funding X Trust</b></i></u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Midcap Funding X Trust</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">As previously reported by Twinlab Consolidated Holdings, Inc. (the &ldquo;Company&rdquo;) in the Company&#39;s (i) Current Report on Form 8-K filed with the Securities and Exchange Commission (the &quot;SEC&quot;) on January 28, 2015, (ii) Current Report on Form 8-K filed with the SEC on February 9, 2015, (iii) Current Report on Form 8-K filed with the SEC on May 6, 2015, (iv) Current Report on Form 8-K filed with the SEC on July 7, 2015, (v) Current Report on Form 8-K filed with the SEC on September 15, 2015, (vi) Current Report on Form 8-K filed with SEC on October 8, 2015, (vii) Current Report on Form 8-K filed with the SEC on February 3, 2016, (viii) Current Report on Form 8-K filed with the SEC on April 11, 2016, and (ix) Current Report on Form 8-K filed with the SEC on August 16, 2016, the Company and its direct and indirect wholly owned subsidiaries, Twinlab Consolidation Corporation (&quot;TCC&quot;), Twinlab Holdings, Inc. (&quot;THI&quot;), Twinlab Corporation (&quot;Twinlab&quot;), ISI Brands Inc. (&quot;ISI&quot;), NutraScience Labs, Inc. (&quot;NSL&quot;), NutraScience Labs IP Corporation (&quot;NSLIP&quot;), Organic Holdings LLC (&quot;Organic&quot;), Reserve Life Organics, LLC (&quot;Reserve&quot;), Resvitale, LLC (&quot;Resvitale&quot;), Re-Body, LLC (&quot;Re-Body&quot;), Innovitamin Organics, LLC (&quot;Innovitamin&quot;), Organics Management LLC (&quot;Organics Mgmt.&quot;), Cocoawell, LLC (&quot;Cocoawell&quot;), Fembody, LLC (&quot;Fembody&quot;), Reserve Life Nutrition, L.L.C. (&quot;Reserve Life&quot;), Innovita Speciality Distribution, LLC (&quot;Innovita&quot;) and Joie Essance, LLC (&quot;Joie&quot; and with the Company, TCC, THI, Twinlab, ISI, NSL, NSLIP, Organic, Reserve, Resvitale, Re-Body, Innovitamin, Organics Mgmt., Cocoawell, Fembody, Reserve Life and Innovita, collectively, the &quot;Twinlab Companies&quot;), entered into a Credit and Security Agreement, dated January 22, 2015, with MidCap Financial Trust (&quot;MidCap Trust&quot;), with respect to which Credit and Security Agreement and all related agreements MidCap Trust immediately thereafter assigned all of its rights and interests to MidCap Funding X Trust (&quot;MidCap&quot;), an affiliate of MidCap Trust (as so assigned and subsequently amended by that certain Amendment No. 1 to Credit and Security Agreement and Limited Consent, dated as of February 4, 2015, that certain Amendment No. 2 to Credit Agreement and Limited Consent dated as of April 7, 2015, that certain Amendment No. 3 to Credit and Security Agreement and Limited Consent dated as of April 30, 2015, that certain Amendment No. 4 to Credit and Security Agreement and Limited Waiver dated as of June 30, 2015, that certain Amendment No. 5 to Credit and Security Agreement and Limited Consent, dated as of June 30, 2015, that certain Amendment No. 6 to Credit and Security Agreement, Limited Consent and Limited Waiver dated as of September 9, 2015, that certain Amendment No. 7 and Joinder Agreement to Credit and Security Agreement dated as of October 5, 2015, that certain Amendment No. 8 to Credit and Security Agreement dated as of January 28, 2016, that certain Amendment No. 9, dated as of April 5, 2016, Amendment No. 10 dated as of August 11, 2016, Amendment No. 11 dated as of September 1, 2016, Amendment No. 12 dated as of December 2, 2016, and Amendment No. 13 dated as of August 30, 2017 (the &quot;Credit Agreement&quot;).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">On March 22, 2018, the Twinlab Companies and MidCap entered into Amendment No. 14 to Credit and Security Agreement and Limited Waiver (the &quot;MidCap Fourteenth Amendment&quot;). Pursuant to the MidCap Fourteenth Amendment, MidCap granted a waiver with respect to the Twinlab Companies&#39; failure to sa<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">tisfy Section 6.2 (Minimum Adjusted EBITDA) of the Credit Agreement because Twinlab Companies&rsquo; Adjusted EBITDA was less than $-1,900,000 with respect to the measurement period from January 1, 2017 to December 31, 2017. The waiver is limited to the measurement periods from April 1, 2017 to March 31, 2018 and from July 1, 2017 to June 30, 2018. The MidCap Fourteenth Amendment also added or amended certain defined terms and reduced the required minimum liquidity to $1,000,000 or greater commencing February 6, 2018. </font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The foregoing description of the MidCap Fourteenth Amendment is qualified in its entirety by reference to the full text of such document, which document is an exhibit to this Report.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>Section 2 <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&ndash; Financial Information</font></b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The information set forth in Item 1.01 regarding the MidCap Fourteenth Amendment is hereby incorporated by reference into this Item 2.03.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>Section 9 <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&ndash; Financial Statements and Exhibits</font></b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 9.01. Financial Statements and Exhibits. </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(d) Exhibits</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="width: 10%;"><u>Exhibit No.</u><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&nbsp;</font></td>
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			<td style="width: 85%;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><u>Description</u></font></td>
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			<td style="width: 10%;">&nbsp;</td>
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			<td style="width: 10%; vertical-align: top;">10.<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">174</font></td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 85%;"><a href="ex_109223.htm" style="-sec-extract:exhibit;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Amendment No. 14 to Credit and Security Agreement and Limited Waiver, dated as of March 22, 2018, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC, Joie Essance, LLC and MidCap Funding X Trust.</font></a></td>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>SIGNATURES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.4pt;margin-right:5.25pt;margin-top:0pt;text-align:left;text-indent:28.5pt;">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.</p>

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			<td colspan="2" rowspan="1" style="width: 4%;"><b>TWINLAB CONSOLIDATED HOLDINGS, INC.</b></td>
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			<td style="width: 43%;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Date: March 28, 2018</font></td>
			<td style="width: 4%;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">By:</font></td>
			<td style="border-bottom: thin solid rgb(0, 0, 0); width: 53%;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">/s/ Naomi L. Whittel </font></td>
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			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Naomi L. Whittel</font></p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Chief Executive Officer</font></p>
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tlcc20180328_8k.htm
UNITED STATES
SECURITIES
AND
EXCHANGE
COMMISSION
WASHINGTON,
D.C.
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):
March
22, 2
018
TWINLAB CONSOLIDATED HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Nevada
001-55181
46-3951742
(State or
other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
4800
T-Rex Avenue, Suite 305, Boca Raton, Florida
33431
(Address of principal
executive offices)
(Zip Code)
Registrant's telephone number, including area code
(561) 443-5301
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 (
see
General Instruction A.2. below):
☐
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.
☐
Section 1
– Registrant's Business and Operations
Item 1.01. Entry into a Material Definitive Agreement.
Midcap Funding X Trust
Midcap Funding X Trust
As previously reported by Twinlab Consolidated Holdings, Inc. (the "Company") in the Company's (i) Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on January 28, 2015, (ii) Current Report on Form 8-K filed with the SEC on February 9, 2015, (iii) Current Report on Form 8-K filed with the SEC on May 6, 2015, (iv) Current Report on Form 8-K filed with the SEC on July 7, 2015, (v) Current Report on Form 8-K filed with the SEC on September 15, 2015, (vi) Current Report on Form 8-K filed with SEC on October 8, 2015, (vii) Current Report on Form 8-K filed with the SEC on February 3, 2016, (viii) Current Report on Form 8-K filed with the SEC on April 11, 2016, and (ix) Current Report on Form 8-K filed with the SEC on August 16, 2016, the Company and its direct and indirect wholly owned subsidiaries, Twinlab Consolidation Corporation ("TCC"), Twinlab Holdings, Inc. ("THI"), Twinlab Corporation ("Twinlab"), ISI Brands Inc. ("ISI"), NutraScience Labs, Inc. ("NSL"), NutraScience Labs IP Corporation ("NSLIP"), Organic Holdings LLC ("Organic"), Reserve Life Organics, LLC ("Reserve"), Resvitale, LLC ("Resvitale"), Re-Body, LLC ("Re-Body"), Innovitamin Organics, LLC ("Innovitamin"), Organics Management LLC ("Organics Mgmt."), Cocoawell, LLC ("Cocoawell"), Fembody, LLC ("Fembody"), Reserve Life Nutrition, L.L.C. ("Reserve Life"), Innovita Speciality Distribution, LLC ("Innovita") and Joie Essance, LLC ("Joie" and with the Company, TCC, THI, Twinlab, ISI, NSL, NSLIP, Organic, Reserve, Resvitale, Re-Body, Innovitamin, Organics Mgmt., Cocoawell, Fembody, Reserve Life and Innovita, collectively, the "Twinlab Companies"), entered into a Credit and Security Agreement, dated January 22, 2015, with MidCap Financial Trust ("MidCap Trust"), with respect to which Credit and Security Agreement and all related agreements MidCap Trust immediately thereafter assigned all of its rights and interests to MidCap Funding X Trust ("MidCap"), an affiliate of MidCap Trust (as so assigned and subsequently amended by that certain Amendment No. 1 to Credit and Security Agreement and Limited Consent, dated as of February 4, 2015, that certain Amendment No. 2 to Credit Agreement and Limited Consent dated as of April 7, 2015, that certain Amendment No. 3 to Credit and Security Agreement and Limited Consent dated as of April 30, 2015, that certain Amendment No. 4 to Credit and Security Agreement and Limited Waiver dated as of June 30, 2015, that certain Amendment No. 5 to Credit and Security Agreement and Limited Consent, dated as of June 30, 2015, that certain Amendment No. 6 to Credit and Security Agreement, Limited Consent and Limited Waiver dated as of September 9, 2015, that certain Amendment No. 7 and Joinder Agreement to Credit and Security Agreement dated as of October 5, 2015, that certain Amendment No. 8 to Credit and Security Agreement dated as of January 28, 2016, that certain Amendment No. 9, dated as of April 5, 2016, Amendment No. 10 dated as of August 11, 2016, Amendment No. 11 dated as of September 1, 2016, Amendment No. 12 dated as of December 2, 2016, and Amendment No. 13 dated as of August 30, 2017 (the "Credit Agreement").
On March 22, 2018, the Twinlab Companies and MidCap entered into Amendment No. 14 to Credit and Security Agreement and Limited Waiver (the "MidCap Fourteenth Amendment"). Pursuant to the MidCap Fourteenth Amendment, MidCap granted a waiver with respect to the Twinlab Companies' failure to sa
tisfy Section 6.2 (Minimum Adjusted EBITDA) of the Credit Agreement because Twinlab Companies' Adjusted EBITDA was less than $-1,900,000 with respect to the measurement period from January 1, 2017 to December 31, 2017. The waiver is limited to the measurement periods from April 1, 2017 to March 31, 2018 and from July 1, 2017 to June 30, 2018. The MidCap Fourteenth Amendment also added or amended certain defined terms and reduced the required minimum liquidity to $1,000,000 or greater commencing February 6, 2018.
The foregoing description of the MidCap Fourteenth Amendment is qualified in its entirety by reference to the full text of such document, which document is an exhibit to this Report.
Section 2
– Financial Information
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 regarding the MidCap Fourteenth Amendment is hereby incorporated by reference into this Item 2.03.
Section 9
– Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
10.
174
Amendment No. 14 to Credit and Security Agreement and Limited Waiver, dated as of March 22, 2018, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC, Joie Essance, LLC and MidCap Funding X Trust.
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.
TWINLAB CONSOLIDATED HOLDINGS, INC.
Date: March 28, 2018
By:
/s/ Naomi L. Whittel
Naomi L. Whittel
Chief Executive Officer