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<p style="font-family:Times New Roman, Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>UNITED STATES</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D. C.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;20549</font></b></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:Times New Roman, Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></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:Times New Roman, Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>CURRENT REPORT</b></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:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Pursuant to Section<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;13 or 15(d) of the</font></b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Securities Exchange Act of 1934</b></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:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>June 24, 2019</b></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:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Date of Report (date of earliest event reported)</b></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:Times New Roman, Times, serif;font-size:24pt;margin:0pt;text-align:center;"><b>AirXpanders, Inc.</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Exact name of Registrant as specified in charter)</b></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:center;"><b>Delaware</b></p>
			</td>
			<td style="vertical-align:bottom;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:32%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>000-55781</b></p>
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			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:32%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>20-2555438</b></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(State or other jurisdiction</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>of incorporation)</b></p>
			</td>
			<td style="vertical-align:bottom;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:32%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Commission</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>File Number)</b></p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(I. R. S.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Employer</font></b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Identification No.)</b></p>
			</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-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>3047 Orchard Parkway, CA, 95134</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Address of principal executive offices)</b></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:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Registrant's telephone number, including area code:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;(650) 390-9000</font></b></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:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>N/A</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Former name or former address, if changed since last report)</b></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:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">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:</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&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>
			</td>
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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;"><font style="font-size:10pt;font-family:Times New Roman, Times, serif;">Written communications pursuant to Rule&nbsp;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-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<td style="width:25pt;">&nbsp;</td>
			<td style="width:24pt;vertical-align:top;">
			<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>
			</td>
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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;"><font style="font-size:10pt;font-family:Times New Roman, Times, serif;">Soliciting material pursuant to Rule&nbsp;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-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<td style="width:25pt;">&nbsp;</td>
			<td style="width:24pt;vertical-align:top;">
			<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>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><font style="font-size:10pt;font-family:Times New Roman, Times, serif;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
			</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>

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			<td style="width:25pt;">&nbsp;</td>
			<td style="width:24pt;vertical-align:top;">
			<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>
			</td>
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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;"><font style="font-size:10pt;font-family:Times New Roman, Times, serif;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
			</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-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-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933&nbsp;(17 CFR &#167;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</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:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Emerging growth company &nbsp;&#9746;</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-top: 0pt; margin-bottom: 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for&nbsp;complying with any new or revised financial accounting standards provided pursuant to Section<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> 13(a) of the Exchange Act. </font><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>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Securities registered pursuant to Section&nbsp;12(b) of the Act:&nbsp;&nbsp;&nbsp;&nbsp;None</p>

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

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

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

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Item<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;1.01&nbsp;- </font>Entry Into A Material Definitive Agreement.</b></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 7.5pt 0pt -2pt; text-align: left; text-indent: 18pt;">AirXpanders, Inc. (the &#8220;<b>Company</b>&#8221;) has&nbsp;entered into a Forbearance Agreement (the &#8220;<b>Forbearance Agreement&nbsp;</b>&#8221;) with respect to the Company&#8217;s Loan and Security Agreement dated August 4, 2017, as amended (the &#8220;<b>Agreement</b>&#8221;) with Oxford Finance LLC&nbsp;(&#8220;<b>Oxford</b>&#8221;). The effective date of the Forbearance Agreement is June 21, 2019 (US time), when AirXpanders transferred US$500,000 to a restricted account under the sole control of Oxford Finance.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.5pt 0pt -2pt; text-align: left; text-indent: 18pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.5pt 0pt -2pt; text-align: left; text-indent: 18pt;">Under the Forbearance Agreement, Oxford has&nbsp;agreed that it will forbear, during the Forbearance Period (as defined below), from&nbsp;filing any legal action or instituting or enforcing any rights and remedies it may have against the Company in connection with existing and ongoing defaults under the Agreement.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.5pt 0pt -2pt; text-align: left; text-indent: 18pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.5pt 0pt -2pt; text-align: left; text-indent: 18pt;">The forbearance period (the &#8220;<b>Forbearance Period</b>&#8221;) under the Forbearance Agreement will expire on the earliest to occur of (a)&nbsp;June 30, 2019 (unless (i) the Company receives one or more merger and acquisition offerings or refinance indications of interest satisfactory to Oxford (&#8220;<b>M&amp;A Offerings or Refinance Indications</b>&#8221;) prior to June 30, 2019 in which case such date will be extended to July 8, 2019, and (ii) if the Company executes a term sheet for one or more M&amp;A Offerings or Refinance Indications prior to July 8, 2019, in which case such date will be further extended to July 31, 2019), (b) the failure of the Company to comply with any of the terms or undertakings of the Forbearance Agreement, (c) the occurrence of any further events of default (as defined in the Agreement),&nbsp;other than the existing and ongoing defaults under the Agreement to maintain&nbsp;minimum liquidity levels and achieve minimum revenue levels, and (d) the date the Company joins in, assists, cooperates, or participates as an adverse party or adverse witness in any suit or other proceeding against Oxford related to the Agreement.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.5pt 0pt -2pt; text-align: left; text-indent: 18pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.5pt 0pt -2pt; text-align: left; text-indent: 18pt;">The forgoing description of the Forbearance Agreement is qualified in its entirety by reference to the full text of the Forbearance Agreement, a copy of which will, upon the Forbearance Agreement becoming effective, be filed in an SEC Form 8-K and provided to ASX.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.5pt 0pt -2pt; text-align: left; text-indent: 18pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.5pt 0pt -2pt; text-align: left; text-indent: 18pt;">The forgoing description of the Forbearance Agreement is qualified in its entirety by reference to the full text of the Forbearance Agreement, a copy of which is filed in Exhibit 10.1 to this current report on Form 8-K and is incorporated by reference herein.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.5pt 0pt -2pt; text-align: left; text-indent: 18pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"><b>Item&nbsp;9.01 - Financial Statements and Exhibits.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">(d) Exhibits.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;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;"><b>Exhibit</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>No.</b></p>
			</td>
			<td style="vertical-align:bottom;border-bottom: 1px #000000;;width:1.3%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:89.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Description</b></p>
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			<td colspan="2" style="vertical-align:bottom;width:90.7%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">10.01</p>
			</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:1.3%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:89.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_147340.htm" style="-sec-extract:exhibit;">Forbearance Agreement between the Company and Oxford Finance LLC dated June 11, 2019</a></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

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

<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;">Dated: June 24, 2019</p>
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			<td style="vertical-align:bottom;width:0.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:47.3%;">AIRXPANDERS, INC.</td>
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			<td style="vertical-align:bottom;width:51.8%;">&nbsp;</td>
			<td colspan="2" style="vertical-align:bottom;width:48.1%;">&nbsp;</td>
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			<td style="vertical-align:bottom;width:51.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:0.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:47.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt 3pt;text-align:center;">/s/ Frank Grillo</p>
			</td>
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			<td style="vertical-align:bottom;width:51.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:0.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:47.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt 2.9pt;text-align:center;">Frank Grillo</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt 3pt;text-align:center;">President and Chief Executive Officer</p>
			</td>
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			<td style="vertical-align:bottom;width:51.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:0.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:47.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt 3pt;text-align:center;">Duly Authorized Officer</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:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>


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{"company-data": {"conformed-name": "AIRXPANDERS INC", "cik": "0001387156", "assigned-sic": "3842", "irs-number": "202555438", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-55781", "film-number": "19915044"}, "business-address": {"street1": "3047 ORCHARD PARKWAY", "city": "SAN JOSE", "state": "CA", "zip": "95134", "phone": "650-390-9000"}, "mail-address": {"street1": "3047 ORCHARD PARKWAY", "city": "SAN JOSE", "state": "CA", "zip": "95134"}}
axp20170720_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
June 24, 2019
Date of Report (date of earliest event reported)
AirXpanders, Inc.
(Exact name of Registrant as specified in charter)
Delaware
000-55781
20-2555438
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I. R. S.
Employer
Identification No.)
3047 Orchard Parkway, CA, 95134
(Address of principal executive offices)
Registrant's telephone number, including area code:
(650) 390-9000
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:
☐
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 (17 CFR §
230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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.
☐
Securities registered pursuant to Section 12(b) of the Act:    None
Item
1.01 -
Entry Into A Material Definitive Agreement.
AirXpanders, Inc. (the "
Company
") has entered into a Forbearance Agreement (the "
Forbearance Agreement
") with respect to the Company's Loan and Security Agreement dated August 4, 2017, as amended (the "
Agreement
") with Oxford Finance LLC ("
Oxford
"). The effective date of the Forbearance Agreement is June 21, 2019 (US time), when AirXpanders transferred US$500,000 to a restricted account under the sole control of Oxford Finance.
Under the Forbearance Agreement, Oxford has agreed that it will forbear, during the Forbearance Period (as defined below), from filing any legal action or instituting or enforcing any rights and remedies it may have against the Company in connection with existing and ongoing defaults under the Agreement.
The forbearance period (the "
Forbearance Period
") under the Forbearance Agreement will expire on the earliest to occur of (a) June 30, 2019 (unless (i) the Company receives one or more merger and acquisition offerings or refinance indications of interest satisfactory to Oxford ("
M&A Offerings or Refinance Indications
") prior to June 30, 2019 in which case such date will be extended to July 8, 2019, and (ii) if the Company executes a term sheet for one or more M&A Offerings or Refinance Indications prior to July 8, 2019, in which case such date will be further extended to July 31, 2019), (b) the failure of the Company to comply with any of the terms or undertakings of the Forbearance Agreement, (c) the occurrence of any further events of default (as defined in the Agreement), other than the existing and ongoing defaults under the Agreement to maintain minimum liquidity levels and achieve minimum revenue levels, and (d) the date the Company joins in, assists, cooperates, or participates as an adverse party or adverse witness in any suit or other proceeding against Oxford related to the Agreement.
The forgoing description of the Forbearance Agreement is qualified in its entirety by reference to the full text of the Forbearance Agreement, a copy of which will, upon the Forbearance Agreement becoming effective, be filed in an SEC Form 8-K and provided to ASX.
The forgoing description of the Forbearance Agreement is qualified in its entirety by reference to the full text of the Forbearance Agreement, a copy of which is filed in Exhibit 10.1 to this current report on Form 8-K and is incorporated by reference herein.
Item 9.01 - Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No.
Description
10.01
Forbearance Agreement between the Company and Oxford Finance LLC dated June 11, 2019
Signature
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.
Dated: June 24, 2019
AIRXPANDERS, INC.
/s/ Frank Grillo
Frank Grillo
President and Chief Executive Officer
Duly Authorized Officer