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EX-10.1 - EXHIBIT 10.1 - Lipocine Inc.tm217097d1_ex10-1.htm











Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported):

February 18, 2021






(Exact name of registrant as specified in its charter)


Commission File No. 001-36357


Delaware   99-0370688
(State or other jurisdiction of
  (IRS Employer Identification


675 Arapeen Drive, Suite 202

Salt Lake City, Utah 84108

(Address of principal executive offices)(Zip Code)


Registrant’s telephone number, including area code: (801) 994-7383


Former name or former address, if changed since last report: Not Applicable


Securities registered pursuant to Section 12(b) of the Act:


Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.0001 per share LPCN The NASDAQ Stock Market LLC




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 communication 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 communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


¨Pre-commencement communication 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


On February 16, 2021, Lipocine Inc. (the “Company”) and Lipocine Operating Inc. (together with the Company, individually and collectively, jointly and severally, “Borrower”), entered into a First Amendment to Loan and Security Agreement (the “Amendment”) with Silicon Valley Bank (“Lender”), which amended the Loan and Security Agreement, dated as of January 5, 2018, by and among the Borrower and the Lender (the “Loan and Security Agreement”). The Amendment amended the Loan and Security Agreement to, among other things:


-update the description of collateral pledged under the Loan and Security Agreement;
-require prompt written notice to Lender of any changes to the beneficial ownership information or management of the Borrower;
-require Borrower’s business credit cards, letters of credit, cash management services, and merchant processing services to be obtained exclusively from Lender;
-remove the financial trigger and financial trigger release event provisions requiring Borrower to maintain a minimum cash collateral value and a collateral pledge thereof.


The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1, and which is incorporated herein in its entirety by reference.


Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant


The information included in Item 1.01 of this Current Report on Form 8-K is also incorporated by reference into this Item 2.03 of this Current Report on Form 8-K.


Item 9.01. Financial Statements and Exhibits


Exhibit No. Description
10.1 First Amendment to Loan and Security Agreement, dated February 16, 2021, made by and among Lipocine Inc., Lipocine Operating Inc. and Silicon Valley Bank.







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.


Date: February 18, 2021   By: /s/ Mahesh V. Patel
        Mahesh V. Patel
        President and Chief Executive Officer