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): April 30, 2012
LUCID, INC.
(Exact Name of Registrant as Specified in its Charter)
New York | | 001-35379 | | 16-1406957 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification Number) |
95 Methodist Hill Drive, Suite 500, Rochester, NY | | 14623 |
(Address of Principal Executive Offices) | | (Zip Code) |
Registrant’s Telephone Number Including Area Code: (585) 239-9800
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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On April 30, 2012, Lucid, Inc. (the “Company”) entered into a First Amendment to Forbearance Agreement and Second Amendment to Loan and Security Agreement (the “Amendment”) with Square 1 Bank (the “Bank”), relating to the Loan and Security Agreement dated as of July 20, 2011, as amended and the Forbearance Agreement and First Amendment to Loan and Security Agreement dated as of March 30, 2012, as amended, each by and between the Company and the Bank.
Among other things, the Amendment:
(a) extends the forbearance period to May 7, 2012;
(b) provides a new term loan maturity date, which is May 7, 2012; and
(c) requires immediate repayment of $500,000 in principal amount of the term loans by the Company upon effectiveness of the Amendment.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
The information included or incorporated by reference in Item 1.01 of this Current Report on Form 8-K with respect to the entering into the Amendment is incorporated by reference into this Item 2.04.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.1 First Amendment to Forbearance Agreement and Second Amendment to Loan and Security Agreement, dated as of April 30, 2012, by and between Lucid, Inc. and Square 1 Bank
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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.
| LUCID, INC. |
| | |
| | |
Date: May 4, 2012 | By: | /s/ Martin J. Joyce |
| | Martin J. Joyce |
| | Chief Financial Officer |
| | (Principal Financial Officer and Principal Accounting Officer) |
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