UNITED STATES
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): January 28,
2017
Echo Therapeutics, Inc.
(Exact name of Company as specified in its
charter)
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Delaware
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001-35218
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41-1649949
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(State or other jurisdiction of
Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification
No.)
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99 Wood Avenue South., Suite 302
Iselin,
NJ
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08830
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(Address of principal executive offices)
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(Zip Code)
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Company’s telephone number, including area code: (732)
201-4189
(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 Company under
any of the following provisions (see General Instruction A.2.
below):
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☐
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Item
2.04
Triggering
Events That Accelerate or Increase a Direct Financial Obligation or
an Obligation under an Off-Balance Sheet Arrangement.
As
previously reported, on January 29, 2016, Echo Therapeutics, Inc.
(the “Company”) issued $1,787,000 principal amount of
10% senior secured convertible notes of the Company (the
“Notes”) to certain institutional and other accredited
investors (the “Investors”). The Company’s
obligation to repay amounts due under the Notes is secured by a
security interest and lien on substantially all of the assets of
the Company. The principal amount of the Notes plus $38,086 of
accrued but unpaid interest was due and payable on January 28,
2017. Due to the financial condition of the Company, the Company
was unable to make payment. As a result, the interest rate on the
Notes increased from 10% to 15%. The Company is attempting to
negotiate a resolution with the Investors to obtain appropriate
forbearance and/or waivers in order to allow the Company additional
time to consummate one or more financings sufficient to capitalize
the Company. There can be no assurance that the Company will be
successful in obtaining such forbearance and/or waivers or
consummating any financing. Failure to obtain such forbearance
and/or waivers and consummate an acceptable financing may result in
the Company’s inability to continue as a going concern and
could lead to foreclosure upon the Company’s assets by the
collateral agent for the Investors.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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ECHO THERAPEUTICS, INC.
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Dated:
February 2, 2017
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By:
/s/ Alan W.
Schoenbart
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Alan W.
Schoenbart
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Interim
Chief Executive Officer
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