Nuwellis, Inc. Terminates Material Definitive Agreement
Ticker: NUWE · Form: 8-K · Filed: Oct 23, 2024 · CIK: 1506492
| Field | Detail |
|---|---|
| Company | Nuwellis, Inc. (NUWE) |
| Form Type | 8-K |
| Filed Date | Oct 23, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $900,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, material-event
Related Tickers: NUWE
TL;DR
Nuwellis terminated a key deal on Oct 20th, details TBD.
AI Summary
Nuwellis, Inc. filed an 8-K on October 23, 2024, to report the termination of a material definitive agreement. The filing indicates that the agreement was terminated as of October 20, 2024. No specific details about the agreement or the counterparty were provided in the excerpt.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's operations, financial standing, and future strategic direction.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement suggests a significant change in business relationships or contracts, which could carry financial or operational risks.
Key Players & Entities
- Nuwellis, Inc. (company) — Registrant
- October 20, 2024 (date) — Date of termination of agreement
- October 23, 2024 (date) — Filing date of the 8-K
- 12988 Valley View Road (address) — Principal Executive Offices
- Eden Prairie, MN (location) — Principal Executive Offices
- CHF Solutions, Inc. (company) — Former company name
- Sunshine Heart, Inc. (company) — Former company name
FAQ
What was the material definitive agreement that Nuwellis, Inc. terminated?
The provided excerpt does not specify the details of the material definitive agreement that was terminated.
Who was the counterparty to the terminated agreement?
The excerpt does not identify the other party involved in the terminated agreement.
What are the specific reasons for the termination of the agreement?
The filing excerpt does not state the reasons behind the termination of the material definitive agreement.
What is the potential financial impact of this termination on Nuwellis, Inc.?
The excerpt does not provide information regarding the financial implications of the agreement's termination.
When was the agreement originally entered into?
The filing excerpt does not mention the original date when the material definitive agreement was established.
Filing Stats: 653 words · 3 min read · ~2 pages · Grade level 12.4 · Accepted 2024-10-23 17:29:35
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share NUWE Nasdaq Capital Marke
- $900,000 — reed to pay the Company an aggregate of $900,000 payable in three installments through D
Filing Documents
- ef20037593_8k.htm (8-K) — 31KB
- ef20037593_ex10-1.htm (EX-10.1) — 37KB
- 0001140361-24-044033.txt ( ) — 209KB
- nuwe-20241020.xsd (EX-101.SCH) — 4KB
- nuwe-20241020_lab.xml (EX-101.LAB) — 21KB
- nuwe-20241020_pre.xml (EX-101.PRE) — 16KB
- ef20037593_8k_htm.xml (XML) — 4KB
02
Item 1.02 Termination of Material Definitive Agreement. On October 20, 2024 (the " Effective Date "), Nuwellis, Inc. (the " Company ") and SeaStar Medical Holding Corporation (" SeaStar ") entered into a Confidential Settlement Agreement and Release (the " Settlement Agreement "), which terminated the License and Distribution Agreement entered into by the Company and SeaStar, dated as of December 27, 2022 (the " Distribution Agreement ") and the Supplier and Distributor Quality Agreement dated as of March 5, 2024 (the " Supply Agreement ," and together with the Distribution Agreement, the " SeaStar Agreements ") pursuant to which SeaStar appointed the Company as its exclusive distributor for the sale and distribution of SeaStar's product, QUELIMMUNE . On May 20, 2024, SeaStar provided notice of breach of the Distribution Agreement to the Company, which the Company disputed as without merit. Without admitting any liability, fault or wrongdoing, the Company and SeaStar entered into the Settlement Agreement. As a result of the Settlement Agreement, SeaStar agreed to pay the Company an aggregate of $900,000 payable in three installments through December 31, 2024. The termination of the SeaStar Agreements was effective as of the Effective Date. The description of the terms of the Distribution Agreement is included in the Company's Current Report on Form 8-K filed on December 29, 2022 and is incorporated herein by reference. The foregoing summary of the Settlement Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Settlement Agreement filed as Exhibit 10.1 hereto and incorporated herein by reference.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Exhibit Description 10.1 Confidential Settlement Agreement & Release, dated October 20, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
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. Date: October 23, 2024 NUWELLIS, INC. By: /s/ Nestor Jaramillo, Jr Name: Nestor Jaramillo, Jr. Title: President and Chief Executive Officer