ThermoGenesis : Accelaration/Increase of Financial Obligation Form 8 K

Item 2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On July 9, 2024, ThermoGenesis Holdings, Inc. (the "Company") received a notice of default (the "Default Notice") from Boyalife Group (USA), Inc. (the "Lender") under the First Amended and Restated Revolving Credit Agreement, dated April 16, 2018, between the Company and Lender, as amended (the "Credit Agreement"), and under the Second Amended and Restated Convertible Promissory Note, dated March 4, 2022, as amended, issued by the Company to the Lender under the Credit Agreement (the "Note"). The Default Notice states and declares that a default occurred under the Credit Agreement and Note as of July 9, 2024, for failure to make a required interest payment and declares the entire balance of the Note to be immediately due and payable. The Note is secured by the Company's shares in its ThermoGenesis Corp. subsidiary. The Default Notice also states that if the entire outstanding balance of the Note including accrued interest, which is $3,441,000 as of July 1, 2024, is not paid in full to the Lender on or before July 11, 2024, the Lender elects to "take all equity of the collateral assets, TG Corp. without any further consent action from the Company." The Company will not have the ability to pay the Note in full by July 11, 2024, and anticipates that the Lender will elect to exercise its rights under the Note. A copy of the Default Notice is filed as Exhibit 99.1 hereto.