UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 7.01 Regulation FD Disclosure.
On March 10, 2023, the Federal Deposit Insurance Corporation (“FDIC”) issued a press release announcing that the FDIC has been appointed as receiver for Silicon Valley Bank (“SVB”). ALX Oncology Holding Inc. (the “Company”) and its subsidiaries have cash in operating accounts with SVB. The Company believes that its direct exposure to SVB’s receivership is immaterial given that the aggregate amount of the Company’s cash held at SVB that is not FDIC insured is less than 0.8% of its total current cash, cash equivalents and investments. The majority of the Company’s cash, cash equivalents and investments are deposited in custodial accounts held by U.S. Bank for which SVB Asset Management (“SAM”) is the advisor. SAM is a SEC-registered investment adviser and manages client assets with a fiduciary standard of care. All SAM-managed cash, securities, and other assets are held in segregated custody accounts in the name of the Company or its subsidiary and SVB does not have a claim to those funds.
As previously disclosed, on October 27, 2022, the Company entered into a loan and security agreement (the “Loan Agreement”) among the Company, as borrower, and Oxford Finance LLC (“Oxford”), as collateral agent, and Oxford Finance LLC, Oxford Finance Credit Fund II LP, and SVB, as the lenders. The Loan Agreement provides for a secured term loan facility in an aggregate principal amount of up to $100 million, with 50% of the funding coming from SVB. Given the receivership of SVB, the Company will be analyzing its options with respect to SVB’s position under the Loan Agreement over time.
The information furnished pursuant to Item 7.01 on this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
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.
| ALX ONCOLOGY HOLDINGS INC. | ||||||
| Date: March 13, 2023 | By: | /s/ Peter Garcia | ||||
| Peter Garcia | ||||||
| Chief Financial Officer | ||||||