On August 4, 2023, 908 Devices Inc. entered into a Default Waiver and First Amendment to Loan and Security Agreement, by and between, the Company, as borrower, and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company as lender. The Amended Loan Agreement provides for a revolving line of credit of up to $10.0 million. The outstanding principal amount of any advance shall accrue interest at a floating rate per annum equal to the greater of 4.50% and the prime rate as published in The Wall Street Journal for the relevant period minus 0.50%.

The Company?s obligations under the Amended Loan Agreement are secured by substantially all of the Company?s assets, excluding its intellectual property, which is subject to a negative pledge. The revolving line of credit under the Amended Loan Agreement terminates on November 2, 2025. As of August 4, 2022, no amounts were outstanding under the Amended Loan Agreement.

Pursuant to the Amended Loan Agreement, the Lender waived filing any legal action or instituting or enforcing any rights and remedies it may have had against the Company in connection with the Company?s failing to maintain all of its operating accounts, depository accounts and excess cash with the Lender, as previously required prior to the effectiveness of the Amended Loan Agreement. The Amended Loan Agreement contains certain financial covenants, including a requirement that the Company maintain $20.0 million on account at or thru the Lender, and the amount of unrestricted and unencumbered cash minus advances under the Amended Loan Agreement, is not less than the amount equal to the greater of $10.0 million or 9 months of cash burn. The Amended Loan Agreement contains customary representations and warranties, as well as certain non-financial covenants, including limitations on, among other things, the Company?s ability to change the principal nature of its business, dispose of the Company?s business or property, engage in any change of control transaction, merge or consolidate with any other entity or to acquire all or substantially all the capital stock or property of another entity, incur additional indebtedness or liens, pay dividends or make other distributions on capital stock, redeem the Company?s capital stock, engage in transactions with affiliates or otherwise encumber the Company?s intellectual property, in each case, subject to customary exceptions.