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[8-K] Akoya BioSciences, Inc. Reports Material Event

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(High)
Filing Sentiment
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Form Type
8-K
Rhea-AI Filing Summary

Transaction overview: On July 8, 2025, Akoya Biosciences, Inc. (“Akoya”) completed its merger with Wellfleet Merger Sub, a wholly-owned subsidiary of Quanterix Corporation, becoming a wholly-owned subsidiary of Quanterix pursuant to the Amended and Restated Agreement and Plan of Merger dated April 28, 2025.

Merger consideration: Each Akoya share was converted into (a) 0.1461 share of Quanterix common stock and (b) US $0.38 in cash, with caps that limit Quanterix’s total share issuance to 19.99 % of its pre-closing shares and aggregate cash to US $20 million; fractional shares will be paid in cash. Vested RSUs and in-the-money options were cancelled for the right to receive the same per-share consideration, while unvested RSUs rolled over into Quanterix-settled awards. Underwater options were terminated without payment.

Capital structure changes: Concurrent with closing, Akoya repaid in full and terminated its 2020 MidCap Credit and Security Agreement, ended its 2021 Employee Stock Purchase Plan, and provided notice to terminate its 2022 Equity Distribution Agreement with Piper Sandler. Akoya’s certificate of incorporation and bylaws were amended and restated to match those of the surviving subsidiary.

Listing & reporting status: Akoya requested Nasdaq to suspend trading on July 8, 2025 and will file Form 25 to delist its common stock, followed by Form 15 to terminate Exchange Act registration and reporting obligations.

Governance & management: All pre-merger directors and executive officers resigned. Masoud Toloue became sole director and President; Vandana Sriram (Treasurer), Laurie Churchill (Secretary) and Brian Keane (Assistant Secretary) filled the remaining officer roles.

Investor implications: Shareholders gain immediate liquidity and continued upside through Quanterix equity while Akoya eliminates its outstanding debt. However, AKYA will no longer trade independently, and minority holders’ future value will be tied to Quanterix’s performance.

Panoramica della transazione: L'8 luglio 2025, Akoya Biosciences, Inc. (“Akoya”) ha completato la fusione con Wellfleet Merger Sub, una controllata interamente posseduta da Quanterix Corporation, diventando una controllata al 100% di Quanterix ai sensi dell'Accordo e Piano di Fusione Modificato e Ristabilito datato 28 aprile 2025.

Considerazione per la fusione: Ogni azione Akoya è stata convertita in (a) 0,1461 azioni ordinarie Quanterix e (b) 0,38 USD in contanti, con limiti che restringono l'emissione totale di azioni Quanterix al 19,99% delle azioni pre-chiusura e un importo massimo di contanti pari a 20 milioni di USD; le frazioni di azioni saranno pagate in contanti. Le RSU maturate e le opzioni in-the-money sono state annullate in cambio del diritto a ricevere la stessa considerazione per azione, mentre le RSU non maturate sono state convertite in premi regolati da Quanterix. Le opzioni sott'acqua sono state terminate senza pagamento.

Cambiamenti nella struttura del capitale: Contestualmente alla chiusura, Akoya ha rimborsato integralmente e terminato il suo Accordo di Credito e Garanzia MidCap 2020, ha concluso il Piano di Acquisto Azionario per Dipendenti 2021 e ha notificato la cessazione dell'Accordo di Distribuzione Azionaria 2022 con Piper Sandler. Lo statuto e il regolamento di Akoya sono stati modificati e ristabiliti per allinearsi a quelli della controllata sopravvissuta.

Stato di quotazione e reporting: Akoya ha richiesto a Nasdaq la sospensione delle negoziazioni l'8 luglio 2025 e presenterà il Modulo 25 per la cancellazione delle azioni ordinarie, seguito dal Modulo 15 per terminare la registrazione e gli obblighi di reporting secondo l'Exchange Act.

Governance e management: Tutti i direttori e dirigenti precedenti alla fusione si sono dimessi. Masoud Toloue è diventato unico direttore e Presidente; Vandana Sriram (Tesoriere), Laurie Churchill (Segretaria) e Brian Keane (Vice Segretario) hanno assunto i restanti ruoli dirigenziali.

Implicazioni per gli investitori: Gli azionisti ottengono liquidità immediata e la possibilità di ulteriori guadagni tramite le azioni Quanterix, mentre Akoya elimina il proprio debito residuo. Tuttavia, AKYA non sarà più negoziata indipendentemente e il valore futuro per i detentori di minoranza dipenderà dalla performance di Quanterix.

Resumen de la transacción: El 8 de julio de 2025, Akoya Biosciences, Inc. (“Akoya”) completó su fusión con Wellfleet Merger Sub, una subsidiaria de propiedad total de Quanterix Corporation, convirtiéndose en una subsidiaria de propiedad total de Quanterix conforme al Acuerdo y Plan de Fusión Modificado y Restablecido fechado el 28 de abril de 2025.

Consideración por la fusión: Cada acción de Akoya se convirtió en (a) 0,1461 acciones ordinarias de Quanterix y (b) 0,38 USD en efectivo, con límites que restringen la emisión total de acciones de Quanterix al 19,99 % de sus acciones previas al cierre y un máximo de efectivo agregado de 20 millones de USD; las fracciones de acciones se pagarán en efectivo. Las RSU adquiridas y las opciones en el dinero fueron canceladas a cambio del derecho a recibir la misma consideración por acción, mientras que las RSU no adquiridas se convirtieron en premios liquidados por Quanterix. Las opciones bajo el agua fueron terminadas sin pago.

Cambios en la estructura de capital: De manera simultánea al cierre, Akoya pagó en su totalidad y terminó su Acuerdo de Crédito y Garantía MidCap 2020, finalizó su Plan de Compra de Acciones para Empleados 2021 y notificó la terminación de su Acuerdo de Distribución de Capital 2022 con Piper Sandler. El certificado de incorporación y los estatutos de Akoya fueron modificados y restablecidos para coincidir con los de la subsidiaria sobreviviente.

Estado de cotización e informes: Akoya solicitó a Nasdaq suspender la negociación el 8 de julio de 2025 y presentará el Formulario 25 para retirar sus acciones ordinarias, seguido del Formulario 15 para terminar el registro y las obligaciones de informes bajo la Exchange Act.

Gobernanza y gestión: Todos los directores y ejecutivos previos a la fusión renunciaron. Masoud Toloue se convirtió en director único y presidente; Vandana Sriram (Tesorera), Laurie Churchill (Secretaria) y Brian Keane (Secretario adjunto) ocuparon los cargos restantes.

Implicaciones para los inversores: Los accionistas obtienen liquidez inmediata y la posibilidad de ganancias continuas a través del capital de Quanterix, mientras que Akoya elimina su deuda pendiente. Sin embargo, AKYA dejará de cotizar de forma independiente y el valor futuro para los accionistas minoritarios dependerá del desempeño de Quanterix.

거래 개요: 2025년 7월 8일, Akoya Biosciences, Inc.(“Akoya”)는 Quanterix Corporation의 전액 출자 자회사인 Wellfleet Merger Sub와의 합병을 완료하여 2025년 4월 28일자 수정 및 재작성된 합병 계약 및 계획에 따라 Quanterix의 전액 출자 자회사가 되었습니다.

합병 대가: Akoya의 주식 1주당 (a) Quanterix 보통주 0.1461주와 (b) 현금 0.38달러로 전환되었으며, Quanterix의 총 주식 발행은 합병 전 주식의 19.99%로 제한되고, 총 현금 지급은 2,000만 달러로 제한됩니다; 소수 주식은 현금으로 지급됩니다. 기취득 RSU 및 행사 가치가 있는 옵션은 동일한 주당 대가를 받을 권리로 취소되었으며, 미취득 RSU는 Quanterix 정산 보상으로 이월되었습니다. 가치 하락 옵션은 지급 없이 종료되었습니다.

자본 구조 변경: 종결과 동시에 Akoya는 2020년 미드캡 신용 및 담보 계약을 전액 상환 및 종료하고, 2021년 직원 주식 구매 계획을 종료했으며, 2022년 Piper Sandler와의 주식 배포 계약 종료를 통지했습니다. Akoya의 정관과 내부 규정은 존속 자회사와 일치하도록 수정 및 재작성되었습니다.

상장 및 보고 상태: Akoya는 2025년 7월 8일 나스닥 거래 중단을 요청했으며, Form 25를 제출하여 보통주 상장을 폐지하고 이어서 Form 15를 제출하여 증권거래법 등록 및 보고 의무를 종료할 예정입니다.

거버넌스 및 경영진: 합병 이전의 모든 이사 및 임원은 사임했으며, Masoud Toloue가 단독 이사 겸 사장이 되었고 Vandana Sriram(재무담당), Laurie Churchill(비서), Brian Keane(부비서)가 나머지 임원직을 맡았습니다.

투자자에 대한 영향: 주주들은 즉각적인 유동성을 확보하고 Quanterix 주식을 통해 추가 상승 가능성을 가지게 되었으며, Akoya는 미상환 부채를 해소했습니다. 다만 AKYA는 독립적으로 거래되지 않으며 소수 주주의 미래 가치는 Quanterix의 실적에 연동됩니다.

Vue d'ensemble de la transaction : Le 8 juillet 2025, Akoya Biosciences, Inc. (« Akoya ») a finalisé sa fusion avec Wellfleet Merger Sub, une filiale en propriété exclusive de Quanterix Corporation, devenant ainsi une filiale à 100 % de Quanterix conformément à l'accord et plan de fusion modifié et révisé en date du 28 avril 2025.

Contrepartie de la fusion : Chaque action Akoya a été convertie en (a) 0,1461 action ordinaire Quanterix et (b) 0,38 USD en espèces, avec des plafonds limitant l'émission totale d'actions Quanterix à 19,99 % de ses actions avant clôture et un montant global en espèces plafonné à 20 millions USD ; les fractions d'actions seront payées en espèces. Les RSU acquises et les options « dans la monnaie » ont été annulées en échange du droit de recevoir la même contrepartie par action, tandis que les RSU non acquises ont été converties en récompenses réglées par Quanterix. Les options « sous l'eau » ont été résiliées sans paiement.

Modifications de la structure du capital : Lors de la clôture, Akoya a remboursé intégralement et résilié son accord de crédit et de garantie MidCap 2020, a mis fin à son plan d'achat d'actions pour employés 2021 et a notifié la résiliation de son accord de distribution d'actions 2022 avec Piper Sandler. Les statuts et règlements d'Akoya ont été modifiés et révisés pour correspondre à ceux de la filiale survivante.

Statut de cotation et de reporting : Akoya a demandé à Nasdaq de suspendre la négociation le 8 juillet 2025 et déposera le formulaire 25 pour radier ses actions ordinaires, suivi du formulaire 15 pour mettre fin à son enregistrement et à ses obligations de reporting en vertu de l'Exchange Act.

Gouvernance et direction : Tous les administrateurs et dirigeants avant la fusion ont démissionné. Masoud Toloue est devenu administrateur unique et président ; Vandana Sriram (trésorière), Laurie Churchill (secrétaire) et Brian Keane (secrétaire adjoint) ont occupé les autres postes de direction.

Implications pour les investisseurs : Les actionnaires bénéficient d'une liquidité immédiate et d'un potentiel de hausse continue via les actions Quanterix, tandis qu'Akoya élimine sa dette en cours. Cependant, AKYA ne sera plus négociée de manière indépendante et la valeur future des actionnaires minoritaires dépendra des performances de Quanterix.

Transaktionsübersicht: Am 8. Juli 2025 schloss Akoya Biosciences, Inc. („Akoya“) seine Fusion mit Wellfleet Merger Sub ab, einer hundertprozentigen Tochtergesellschaft der Quanterix Corporation, und wurde gemäß dem geänderten und neu gefassten Fusionsvertrag vom 28. April 2025 eine hundertprozentige Tochtergesellschaft von Quanterix.

Fusionsgegenleistung: Jede Akoya-Aktie wurde in (a) 0,1461 Quanterix-Stammaktien und (b) 0,38 USD in bar umgewandelt, wobei Obergrenzen die Gesamtausgabe von Quanterix-Aktien auf 19,99 % der Vor-Closing-Aktien und den Gesamtkassenbetrag auf 20 Millionen USD begrenzen; Bruchstücke von Aktien werden bar ausgezahlt. Unmittelbar fällige RSUs und im Geld befindliche Optionen wurden gegen das Recht auf dieselbe Gegenleistung pro Aktie storniert, während nicht fällige RSUs in von Quanterix abgewickelte Auszeichnungen überführt wurden. Wertlose Optionen wurden ohne Zahlung beendet.

Änderungen der Kapitalstruktur: Gleichzeitig mit dem Closing zahlte Akoya den MidCap-Kredit- und Sicherungsvertrag von 2020 vollständig zurück und beendete ihn, beendete den Mitarbeiter-Aktienkaufplan von 2021 und kündigte die Beendigung des Aktienverteilungsabkommens von 2022 mit Piper Sandler an. Die Satzung und Geschäftsordnung von Akoya wurden geändert und neu gefasst, um denen der überlebenden Tochtergesellschaft zu entsprechen.

Notierungs- und Berichtstatus: Akoya beantragte am 8. Juli 2025 die Aussetzung des Handels bei Nasdaq und wird Formular 25 zur Delistung seiner Stammaktien einreichen, gefolgt von Formular 15 zur Beendigung der Registrierung und Berichtspflichten gemäß dem Exchange Act.

Governance & Management: Alle Vor-Fusions-Direktoren und Führungskräfte traten zurück. Masoud Toloue wurde alleiniger Direktor und Präsident; Vandana Sriram (Schatzmeister), Laurie Churchill (Sekretärin) und Brian Keane (stellvertretender Sekretär) übernahmen die übrigen Führungspositionen.

Auswirkungen für Investoren: Aktionäre erhalten sofortige Liquidität und weiterhin Aufwärtspotenzial durch Quanterix-Aktien, während Akoya seine ausstehenden Schulden beseitigt. AKYA wird jedoch nicht mehr eigenständig gehandelt, und der zukünftige Wert der Minderheitsaktionäre hängt von der Leistung von Quanterix ab.

Positive
  • Full repayment and termination of the 2020 MidCap Credit Agreement eliminates all outstanding debt obligations.
  • Shareholders receive definitive consideration of 0.1461 Quanterix share plus US $0.38 cash per AKYA share, providing both liquidity and future upside.
  • Effective rollover of unvested RSUs preserves employee incentive alignment under Quanterix equity.
Negative
  • AKYA common stock will be delisted from Nasdaq, ending independent trading liquidity.
  • Underwater stock options cancelled with no compensation, negatively impacting certain employees and option holders.
  • Complete turnover of board and executive team introduces integration and leadership transition risk.

Insights

TL;DR: Deal closed; AKYA holders receive Quanterix stock plus cash, Akoya delisted and debt repaid.

The transaction is structurally straightforward: a fixed-ratio share exchange of 0.1461 Quanterix share plus US $0.38 cash per Akoya share, subject to caps that prevent Quanterix from breaching 20 % issuance or US $20 million cash outlay. From a legal standpoint, customary closing conditions, equity award treatment and charter/bylaw restatements have all been satisfied, so integration risk now shifts to operational execution. Termination of credit facilities removes covenant constraints and immediate refinancing risk. Overall, the event is both definitive and accretive in terms of balance-sheet clarity for the acquired entity.

TL;DR: Positive liquidity event for AKYA investors; loss of standalone listing introduces reliance on Quanterix performance.

Shareholders secure a mixed cash/stock payout, giving them partial liquidity and ongoing exposure to the combined diagnostics platform. The cash component is modest (≈ US $20 million aggregate), limiting immediate value realisation, but debt retirement and contract terminations improve the subsidiary’s financial flexibility. Delisting removes daily price discovery for legacy AKYA holders, and employee options cancelled at zero value may affect morale. For Quanterix, dilution is capped below 20 %, mitigating pressure on its float. Net impact is moderately positive for Akoya investors, neutral for Quanterix shareholders until synergies materialise.

Panoramica della transazione: L'8 luglio 2025, Akoya Biosciences, Inc. (“Akoya”) ha completato la fusione con Wellfleet Merger Sub, una controllata interamente posseduta da Quanterix Corporation, diventando una controllata al 100% di Quanterix ai sensi dell'Accordo e Piano di Fusione Modificato e Ristabilito datato 28 aprile 2025.

Considerazione per la fusione: Ogni azione Akoya è stata convertita in (a) 0,1461 azioni ordinarie Quanterix e (b) 0,38 USD in contanti, con limiti che restringono l'emissione totale di azioni Quanterix al 19,99% delle azioni pre-chiusura e un importo massimo di contanti pari a 20 milioni di USD; le frazioni di azioni saranno pagate in contanti. Le RSU maturate e le opzioni in-the-money sono state annullate in cambio del diritto a ricevere la stessa considerazione per azione, mentre le RSU non maturate sono state convertite in premi regolati da Quanterix. Le opzioni sott'acqua sono state terminate senza pagamento.

Cambiamenti nella struttura del capitale: Contestualmente alla chiusura, Akoya ha rimborsato integralmente e terminato il suo Accordo di Credito e Garanzia MidCap 2020, ha concluso il Piano di Acquisto Azionario per Dipendenti 2021 e ha notificato la cessazione dell'Accordo di Distribuzione Azionaria 2022 con Piper Sandler. Lo statuto e il regolamento di Akoya sono stati modificati e ristabiliti per allinearsi a quelli della controllata sopravvissuta.

Stato di quotazione e reporting: Akoya ha richiesto a Nasdaq la sospensione delle negoziazioni l'8 luglio 2025 e presenterà il Modulo 25 per la cancellazione delle azioni ordinarie, seguito dal Modulo 15 per terminare la registrazione e gli obblighi di reporting secondo l'Exchange Act.

Governance e management: Tutti i direttori e dirigenti precedenti alla fusione si sono dimessi. Masoud Toloue è diventato unico direttore e Presidente; Vandana Sriram (Tesoriere), Laurie Churchill (Segretaria) e Brian Keane (Vice Segretario) hanno assunto i restanti ruoli dirigenziali.

Implicazioni per gli investitori: Gli azionisti ottengono liquidità immediata e la possibilità di ulteriori guadagni tramite le azioni Quanterix, mentre Akoya elimina il proprio debito residuo. Tuttavia, AKYA non sarà più negoziata indipendentemente e il valore futuro per i detentori di minoranza dipenderà dalla performance di Quanterix.

Resumen de la transacción: El 8 de julio de 2025, Akoya Biosciences, Inc. (“Akoya”) completó su fusión con Wellfleet Merger Sub, una subsidiaria de propiedad total de Quanterix Corporation, convirtiéndose en una subsidiaria de propiedad total de Quanterix conforme al Acuerdo y Plan de Fusión Modificado y Restablecido fechado el 28 de abril de 2025.

Consideración por la fusión: Cada acción de Akoya se convirtió en (a) 0,1461 acciones ordinarias de Quanterix y (b) 0,38 USD en efectivo, con límites que restringen la emisión total de acciones de Quanterix al 19,99 % de sus acciones previas al cierre y un máximo de efectivo agregado de 20 millones de USD; las fracciones de acciones se pagarán en efectivo. Las RSU adquiridas y las opciones en el dinero fueron canceladas a cambio del derecho a recibir la misma consideración por acción, mientras que las RSU no adquiridas se convirtieron en premios liquidados por Quanterix. Las opciones bajo el agua fueron terminadas sin pago.

Cambios en la estructura de capital: De manera simultánea al cierre, Akoya pagó en su totalidad y terminó su Acuerdo de Crédito y Garantía MidCap 2020, finalizó su Plan de Compra de Acciones para Empleados 2021 y notificó la terminación de su Acuerdo de Distribución de Capital 2022 con Piper Sandler. El certificado de incorporación y los estatutos de Akoya fueron modificados y restablecidos para coincidir con los de la subsidiaria sobreviviente.

Estado de cotización e informes: Akoya solicitó a Nasdaq suspender la negociación el 8 de julio de 2025 y presentará el Formulario 25 para retirar sus acciones ordinarias, seguido del Formulario 15 para terminar el registro y las obligaciones de informes bajo la Exchange Act.

Gobernanza y gestión: Todos los directores y ejecutivos previos a la fusión renunciaron. Masoud Toloue se convirtió en director único y presidente; Vandana Sriram (Tesorera), Laurie Churchill (Secretaria) y Brian Keane (Secretario adjunto) ocuparon los cargos restantes.

Implicaciones para los inversores: Los accionistas obtienen liquidez inmediata y la posibilidad de ganancias continuas a través del capital de Quanterix, mientras que Akoya elimina su deuda pendiente. Sin embargo, AKYA dejará de cotizar de forma independiente y el valor futuro para los accionistas minoritarios dependerá del desempeño de Quanterix.

거래 개요: 2025년 7월 8일, Akoya Biosciences, Inc.(“Akoya”)는 Quanterix Corporation의 전액 출자 자회사인 Wellfleet Merger Sub와의 합병을 완료하여 2025년 4월 28일자 수정 및 재작성된 합병 계약 및 계획에 따라 Quanterix의 전액 출자 자회사가 되었습니다.

합병 대가: Akoya의 주식 1주당 (a) Quanterix 보통주 0.1461주와 (b) 현금 0.38달러로 전환되었으며, Quanterix의 총 주식 발행은 합병 전 주식의 19.99%로 제한되고, 총 현금 지급은 2,000만 달러로 제한됩니다; 소수 주식은 현금으로 지급됩니다. 기취득 RSU 및 행사 가치가 있는 옵션은 동일한 주당 대가를 받을 권리로 취소되었으며, 미취득 RSU는 Quanterix 정산 보상으로 이월되었습니다. 가치 하락 옵션은 지급 없이 종료되었습니다.

자본 구조 변경: 종결과 동시에 Akoya는 2020년 미드캡 신용 및 담보 계약을 전액 상환 및 종료하고, 2021년 직원 주식 구매 계획을 종료했으며, 2022년 Piper Sandler와의 주식 배포 계약 종료를 통지했습니다. Akoya의 정관과 내부 규정은 존속 자회사와 일치하도록 수정 및 재작성되었습니다.

상장 및 보고 상태: Akoya는 2025년 7월 8일 나스닥 거래 중단을 요청했으며, Form 25를 제출하여 보통주 상장을 폐지하고 이어서 Form 15를 제출하여 증권거래법 등록 및 보고 의무를 종료할 예정입니다.

거버넌스 및 경영진: 합병 이전의 모든 이사 및 임원은 사임했으며, Masoud Toloue가 단독 이사 겸 사장이 되었고 Vandana Sriram(재무담당), Laurie Churchill(비서), Brian Keane(부비서)가 나머지 임원직을 맡았습니다.

투자자에 대한 영향: 주주들은 즉각적인 유동성을 확보하고 Quanterix 주식을 통해 추가 상승 가능성을 가지게 되었으며, Akoya는 미상환 부채를 해소했습니다. 다만 AKYA는 독립적으로 거래되지 않으며 소수 주주의 미래 가치는 Quanterix의 실적에 연동됩니다.

Vue d'ensemble de la transaction : Le 8 juillet 2025, Akoya Biosciences, Inc. (« Akoya ») a finalisé sa fusion avec Wellfleet Merger Sub, une filiale en propriété exclusive de Quanterix Corporation, devenant ainsi une filiale à 100 % de Quanterix conformément à l'accord et plan de fusion modifié et révisé en date du 28 avril 2025.

Contrepartie de la fusion : Chaque action Akoya a été convertie en (a) 0,1461 action ordinaire Quanterix et (b) 0,38 USD en espèces, avec des plafonds limitant l'émission totale d'actions Quanterix à 19,99 % de ses actions avant clôture et un montant global en espèces plafonné à 20 millions USD ; les fractions d'actions seront payées en espèces. Les RSU acquises et les options « dans la monnaie » ont été annulées en échange du droit de recevoir la même contrepartie par action, tandis que les RSU non acquises ont été converties en récompenses réglées par Quanterix. Les options « sous l'eau » ont été résiliées sans paiement.

Modifications de la structure du capital : Lors de la clôture, Akoya a remboursé intégralement et résilié son accord de crédit et de garantie MidCap 2020, a mis fin à son plan d'achat d'actions pour employés 2021 et a notifié la résiliation de son accord de distribution d'actions 2022 avec Piper Sandler. Les statuts et règlements d'Akoya ont été modifiés et révisés pour correspondre à ceux de la filiale survivante.

Statut de cotation et de reporting : Akoya a demandé à Nasdaq de suspendre la négociation le 8 juillet 2025 et déposera le formulaire 25 pour radier ses actions ordinaires, suivi du formulaire 15 pour mettre fin à son enregistrement et à ses obligations de reporting en vertu de l'Exchange Act.

Gouvernance et direction : Tous les administrateurs et dirigeants avant la fusion ont démissionné. Masoud Toloue est devenu administrateur unique et président ; Vandana Sriram (trésorière), Laurie Churchill (secrétaire) et Brian Keane (secrétaire adjoint) ont occupé les autres postes de direction.

Implications pour les investisseurs : Les actionnaires bénéficient d'une liquidité immédiate et d'un potentiel de hausse continue via les actions Quanterix, tandis qu'Akoya élimine sa dette en cours. Cependant, AKYA ne sera plus négociée de manière indépendante et la valeur future des actionnaires minoritaires dépendra des performances de Quanterix.

Transaktionsübersicht: Am 8. Juli 2025 schloss Akoya Biosciences, Inc. („Akoya“) seine Fusion mit Wellfleet Merger Sub ab, einer hundertprozentigen Tochtergesellschaft der Quanterix Corporation, und wurde gemäß dem geänderten und neu gefassten Fusionsvertrag vom 28. April 2025 eine hundertprozentige Tochtergesellschaft von Quanterix.

Fusionsgegenleistung: Jede Akoya-Aktie wurde in (a) 0,1461 Quanterix-Stammaktien und (b) 0,38 USD in bar umgewandelt, wobei Obergrenzen die Gesamtausgabe von Quanterix-Aktien auf 19,99 % der Vor-Closing-Aktien und den Gesamtkassenbetrag auf 20 Millionen USD begrenzen; Bruchstücke von Aktien werden bar ausgezahlt. Unmittelbar fällige RSUs und im Geld befindliche Optionen wurden gegen das Recht auf dieselbe Gegenleistung pro Aktie storniert, während nicht fällige RSUs in von Quanterix abgewickelte Auszeichnungen überführt wurden. Wertlose Optionen wurden ohne Zahlung beendet.

Änderungen der Kapitalstruktur: Gleichzeitig mit dem Closing zahlte Akoya den MidCap-Kredit- und Sicherungsvertrag von 2020 vollständig zurück und beendete ihn, beendete den Mitarbeiter-Aktienkaufplan von 2021 und kündigte die Beendigung des Aktienverteilungsabkommens von 2022 mit Piper Sandler an. Die Satzung und Geschäftsordnung von Akoya wurden geändert und neu gefasst, um denen der überlebenden Tochtergesellschaft zu entsprechen.

Notierungs- und Berichtstatus: Akoya beantragte am 8. Juli 2025 die Aussetzung des Handels bei Nasdaq und wird Formular 25 zur Delistung seiner Stammaktien einreichen, gefolgt von Formular 15 zur Beendigung der Registrierung und Berichtspflichten gemäß dem Exchange Act.

Governance & Management: Alle Vor-Fusions-Direktoren und Führungskräfte traten zurück. Masoud Toloue wurde alleiniger Direktor und Präsident; Vandana Sriram (Schatzmeister), Laurie Churchill (Sekretärin) und Brian Keane (stellvertretender Sekretär) übernahmen die übrigen Führungspositionen.

Auswirkungen für Investoren: Aktionäre erhalten sofortige Liquidität und weiterhin Aufwärtspotenzial durch Quanterix-Aktien, während Akoya seine ausstehenden Schulden beseitigt. AKYA wird jedoch nicht mehr eigenständig gehandelt, und der zukünftige Wert der Minderheitsaktionäre hängt von der Leistung von Quanterix ab.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

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): July 8, 2025

 

 

 

Akoya Biosciences, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware 001-40344 47-5586242
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

 

100 Campus Drive, 6th Floor

Marlborough, MA
(Address of principal executive offices)

01752
(Zip Code)

 

(855) 896-8401

(Registrant’s telephone number, including area code)

 

 

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading
Symbol
  Name of each exchange on which registered
Common stock, par value $0.00001 per share   AKYA   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company   x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨

 

 

 

 

 

 

Introductory Note

 

On July 8, 2025 (the “Closing Date”), Akoya Biosciences, Inc., a Delaware corporation (the “Company” or “Akoya”), completed the transactions contemplated by the Amended and Restated Agreement and Plan of Merger dated as of April 28, 2025 (the “Merger Agreement”), by and among Quanterix Corporation, a Delaware corporation (“Quanterix”), Wellfleet Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Quanterix (“Merger Sub”), and the Company. On the Closing Date, Merger Sub merged with and into Akoya (the “Merger”), with Akoya surviving the Merger as a wholly owned subsidiary of Quanterix. The Merger was described in the Registration Statement on Form S-4 (File No. 333- 284932) filed by Quanterix with the U.S. Securities and Exchange Commission (the “SEC”) on February 14, 2025, as amended including by Post-Effective Amendments Nos. 1 and 2, filed on May 21, 2025 and June 6, 2025, respectively, and declared effective by the Commission on June 12, 2025 (as amended, the “Registration Statement”).

 

Item 1.02Termination of a Material Definitive Agreement.

 

In connection with and substantially concurrently with the occurrence of the Merger, on July 8, 2025, Akoya repaid all of the outstanding obligations in respect of principal, interest and fees under the Credit and Security Agreement (as amended, the “Credit Agreement”), dated October 27, 2020, by and among Akoya, MidCap Financial Trust, as a lender and as agent, and the other lenders named therein, and terminated the Credit Agreement, including all applicable commitments thereunder.

 

Also in connection with the Merger, on July 8, 2025, Akoya terminated its 2021 Employee Stock Purchase Plan.

 

Also in connection with the Merger, on July 8, 2025, Akoya provided notice of termination of its Equity Distribution Agreement, dated November 7, 2022, by and between Akoya and Piper Sandler & Co.

 

Item 2.01Completion of Acquisition or Disposition of Assets.

 

The information set forth in the Introductory Note is incorporated herein by reference.

 

Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.00001 per share, of Akoya (“Akoya Common Stock”) outstanding immediately prior to the Effective Time (other than (x) shares held as of the Effective Time by Quanterix, Merger Sub, any direct or indirect wholly owned subsidiary of Quanterix or Akoya or by Akoya as treasury shares and (y) shares as to which a holder properly demanded appraisal and did not withdraw or lose such claim for appraisal) was converted into the right to receive the following consideration, which may be adjusted as described below: (a) 0.1461 of a fully paid and nonassessable share of common stock, par value $0.001 per share, of Quanterix (the shares so delivered in respect of each share of Akoya common stock, the “Per Share Stock Consideration”) and, if applicable, cash in lieu of fractional shares, subject to any applicable withholding and (b) $0.38 in cash, without interest (the “Per Share Cash Consideration”). Each of the Per Share Stock Consideration and the Per Share Cash Consideration may be adjusted up or down from $0.1461 and $0.38, respectively, pursuant to the provisions of the Merger Agreement that require an adjustment to such components in order to ensure that (i) the aggregate number of shares of common stock issued by Quanterix in connection with the transactions contemplated in the Merger Agreement does not exceed 19.99% of the issued and outstanding shares of common stock of Quanterix immediately prior to the Effective Time and (ii) the aggregate Per Share Cash Consideration paid by Quanterix in connection with the transactions contemplated in the Merger Agreement does not exceed $20,000,000.

 

As of immediately prior to the Effective Time, each restricted stock unit in respect of shares of Akoya Common Stock (each, an “Akoya RSU”) that was outstanding and:

 

·unvested immediately prior to the Effective Time (a “Rollover RSU”) was automatically converted into an award of restricted stock units with respect to Per Share Merger Consideration such that the holder thereof will have the right to receive, upon vesting, the Per Share Merger Consideration in respect of each share of Akoya Common Stock subject to such Rollover RSU immediately prior to the Effective Time. Each Rollover RSU shall otherwise remain subject to the same terms and conditions, including vesting, as were applicable to the relevant Akoya RSU immediately prior to the Effective Time, except that Akoya RSUs that, by their existing terms, provided for vesting acceleration triggered in connection with the Effective Time were so accelerated in accordance with such terms; and

 

·vested immediately prior to the Effective Time (including after giving effect to the vesting acceleration referred to in the bullet above) was automatically cancelled in consideration for the right to receive the Per Share Merger Consideration in respect of each share of Akoya Common Stock subject to such Akoya RSU.

 

2

 

 

As of immediately prior to the Effective Time, each option to acquire shares of Akoya Common Stock (each, an “Akoya Option”) that was outstanding became vested (if unvested at such time) and:

 

·if the per share exercise price for the shares underlying such Akoya Option was equal to or greater than the implied value of the Per Share Merger Consideration (as determined pursuant to the Merger Agreement), was automatically terminated and cancelled for no consideration; and

 

·if the per share exercise price for the shares underlying such Akoya Option was less than the value of the Per Share Merger Consideration, was automatically terminated and cancelled in consideration for the right to receive the Per Share Merger Consideration in respect of a number of shares of Akoya Common Stock determined assuming a synthetic cashless exercise of such Akoya Options as determined based on the aggregate excess of the per share exercise price of such Akoya Options divided by the value of the Per Share Merger Consideration.

 

The foregoing summary of the Merger Agreement and the Merger is not complete and is qualified in its entirety by reference to the complete text of the Merger Agreement, which is attached as Exhibit 2.1 hereto and is incorporated herein by reference.

 

Item 3.01Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

The information set forth in the Introductory Note and in Item 2.01 is incorporated herein by reference.

 

On July 8, 2025, Akoya requested that the Nasdaq Stock Market LLC suspend trading of the shares of Akoya Common Stock prior to the opening of trading on July 8, 2025, and file with the SEC a Notification of Removal from Listing and/or Registration on Form 25 to withdraw the Akoya Common Stock from listing on the Nasdaq Global Select Market and terminate the registration of Akoya Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In addition, Akoya intends to file with the SEC a certification and notice of termination on Form 15 to terminate the registration of the Akoya Common Stock under the Exchange Act and to suspend its reporting obligations under Section 15(d) of the Exchange Act.

 

Item 3.03Material Modification to the Rights of Security Holders.

 

The information set forth in the Introductory Note, Item 2.01, Item 3.01 and Item 5.03 is incorporated herein by reference.

 

Item 5.01Changes in Control of Registrant.

 

The information set forth in the Introductory Note and in Item 2.01, Item 3.03, Item 5.02 and Item 5.03 is incorporated herein by reference.

 

As a result of the Merger, a change in control of Akoya occurred and the surviving entity of the Merger, Akoya, became a wholly owned subsidiary of Quanterix.

 

Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

The information set forth in the Introductory Note and in Item 2.01 is incorporated herein by reference.

 

As a result of the Merger, effective as of the Effective Time and pursuant to the Merger Agreement, (i) each of Myla Lai-Goldman, M.D., Scott Mendel, Thomas Raffin, M.D., Thomas P. Schnettler, Robert Shepler, Matthew Winkler, Ph.D., and Garry Nolan, Ph.D., ceased to be members of the Akoya board of directors and any committees of the Akoya board of directors of which he or she was a member and (ii) Masoud Toloue (the sole director of Merger Sub immediately prior to the Effective Time) became the sole member of the Akoya board of directors in lieu of the individuals listed in the foregoing item (i).

 

As a result of the Merger, effective as of the Effective Time and pursuant to the Merger Agreement, all individuals who served as executive officers of Akoya as of immediately prior to the Effective Time ceased to be executive officers of Akoya and the following individuals became the executive officers of Akoya: Masoud Toloue as President, Vandana Sriram as Treasurer, Laurie Churchill as Secretary, and Brian Keane as Assistant Secretary.

 

Item 5.03Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

The information set forth in the Introductory Note and in Item 2.01 is incorporated herein by reference.

 

Pursuant to the terms of the Merger Agreement and as a result of the Merger, at the Effective Time, the Certificate of Incorporation of Akoya was amended and restated in the form of the Amended and Restated Certificate of Incorporation that is filed as Exhibit 3.1 hereto and is incorporated herein by reference.

 

3

 

 

Pursuant to the terms of the Merger Agreement and as a result of the Merger, at the Effective Time, the bylaws of Merger Sub as in effect as of immediately prior to the Effective Time became the Amended and Restated Bylaws of Akoya, in the form attached as Exhibit 3.2 hereto and incorporated herein by reference.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.
 
  Description
2.1*   Amended and Restated Agreement and Plan of Merger, dated April 28, 2025, by and among Quanterix Corporation, Wellfleet Merger Sub, Inc., and Akoya Biosciences, Inc. (incorporated herein by reference to the Company’s Current Report on Form 8-K filed on April 29, 2025).
3.1   Amended and Restated Certificate of Incorporation of Akoya Biosciences, Inc.
3.2   Amended and Restated Bylaws of Akoya Biosciences, Inc.
104   The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

 

* Certain exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish supplemental copies of any of the omitted exhibits and schedules upon request by the SEC; provided, however, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any exhibits or schedules so furnished.

 

4

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: July 8, 2025 AKOYA BIOSCIENCES, INC.
     
  By: /s/ Vandana Sriram  
    Vandana Sriram
    Treasurer

 

5

 

FAQ

What do Akoya (AKYA) shareholders receive in the Quanterix merger?

Each AKYA share converts into 0.1461 Quanterix share plus US $0.38 in cash, subject to caps on total shares (19.99 %) and cash (US $20 million).

Will AKYA remain listed on Nasdaq after the transaction?

No. Akoya requested Nasdaq to suspend trading and file Form 25 on July 8, 2025, leading to delisting and deregistration.

How does the merger affect Akoya’s outstanding debt?

Akoya repaid in full and terminated its 2020 Credit and Security Agreement with MidCap on the closing date.

What happens to Akoya’s RSUs and stock options?

Unvested RSUs roll into Quanterix-settled awards; vested RSUs and in-the-money options get the per-share merger consideration; underwater options are cancelled without payment.

Who will manage Akoya after the merger?

Masoud Toloue became sole director and President; Vandana Sriram, Laurie Churchill and Brian Keane assumed key officer roles.

Did Akoya terminate any other agreements at closing?

Yes. The company ended its 2021 Employee Stock Purchase Plan and issued notice to terminate its 2022 Equity Distribution Agreement with Piper Sandler.
Akoya Biosciences, Inc.

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