# EDGAR Filing Document

**Accession Number:** 0001630627
**File Stem:** 0001193125-25-323802
**Filing Date:** 2025-12
**Character Count:** 20407
**Document Hash:** b0c2aa9406e5b0ed86c8eef205c46be6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-323802.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001193125-25-323802

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251216

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TREACE MEDICAL CONCEPTS, INC.
- **CENTRAL INDEX KEY:** 0001630627
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 471052611
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40355
- **FILM NUMBER:** 251581407

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PALMETTO PARK PLACE
- **CITY:** PONTE VEDRA
- **STATE:** FL
- **ZIP:** 32081
- **BUSINESS PHONE:** (904) 373-5940

**MAIL ADDRESS:**
- **STREET 1:** 100 PALMETTO PARK PLACE
- **CITY:** PONTE VEDRA
- **STATE:** FL
- **ZIP:** 32081

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM** 8-K

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**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported):** **December 16, 2025** 

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TREACE MEDICAL CONCEPTS, Inc.

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| Delaware | 001-40355 | 47-1052611 |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification Number)** |

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100 Palmetto Park Place

Ponte Vedra**,** Florida 32081

**(Address of principal executive offices, including Zip Code)** 

**Registrant's telephone number, including area code: (**904**)** 373-5940

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Check the appropriate box below if the Form 8-K filing 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))

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.001 par value per share | TMCI | The Nasdaq Global Select Market |

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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 ☐

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. ☐

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement** |

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On December 17, 2025, Treace Medical Concepts, Inc. (the "Company") entered into (1) a Loan and Security Agreement (the "Term Loan Agreement") with SLR Investment Corp. ("SLR") and the lenders thereto, and (2) a Credit Agreement (the "Revolving Loan Agreement" and collectively with the Term Loan Agreement, the "Loan Agreements") with Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL ("SLR-ABL").

The Term Loan Agreement provides a 60 month term loan facility for up to $125 million in borrowing capacity to the Company over four tranches. At the loan closing, the Company drew $60 million under tranche one. The remaining tranches provide up to an additional $65 million in borrowing capacity, of which $55 million is subject to the achievement of certain revenue objectives with respect to tranches three and four.

The Revolving Loan Agreement establishes a 60 month revolving loan facility providing $30 million in additional borrowing capacity to the Company. The Company may request SLR-ABL to approve two additional $10 million increases in the revolving loan facility for a total commitment of $50 million. The amount available is based on a borrowing base calculation determined by the Company's accounts receivable and inventory assets.

The term loan bears interest at a rate per annum equal to the 1-Month SOFR plus 5.05%. The "1- Month SOFR" means the greater of (1) the forward-looking term rate based on the secured overnight financing rate for a one-month tenor and (2) 3.00% per annum, with the rate reset monthly.

The revolving loan bears interest at a rate per annum equal to the 3-Month SOFR plus 4.00%. The "3- Month SOFR" means the greater of (1) the forward-looking term rate based on the secured overnight financing rate for a three-month tenor and (2) 3.00% per annum, with the rate reset daily.

Interest is payable monthly in arrears on the first day of each month and on the maturity of the Loan Agreements. The Company is obligated to pay interest only for the first 48 months and straight-line amortization for the remaining 12 months, subject to the Company's election to extend the initial interest-only period by 12 months to 60 months total, subject to the Company's achievement of a trailing 12-month EBITDA objective measured as of September 30, 2029.

The Company pays (1) a servicing/collateral monitoring fee of 0.10% per month on the average borrowing base under the Revolving Loan Agreement; (2) an unused line fee equal to 0.50% per annum of the average unused portion of the Revolving Loan Agreement; (3) fees of $360,000 payable on the earlier of funding of tranche two, June 30, 2027, or the prepayment or acceleration of the Term Loan Agreement; and (4) a fee of $225,000 payable on the earlier of funding of tranche three, March 31, 2028, or the prepayment or acceleration of the Term Loan Agreement.

The Company may borrow, repay and reborrow under the revolving loan before the maturity date, subject to the terms, provisions and limitations set forth in the Revolving Loan Agreement. If the revolving loan is repaid before final maturity, the Company pays a fee of 3.0% of the commitment amount in the first year, 2.0% in the second year and 1.0% in the third year and thereafter. If the term loan is repaid before final maturity, the Company pays (1) fees of 3.0% of the term loan principal amount in the first year, 2.0% in the second year and 1.0% in the third year and thereafter, and (2) a final payment fee of 3.95% of the amount borrowed under the term loan. The prepayment fees are waived if the Company refinances the outstanding balances with SLR or its affiliates.

The loans are secured by substantially all of the Company's assets, including intellectual property. The Loan Agreements and other ancillary documents contain customary representations and warranties and affirmative and negative covenants.

Under the Loan Agreements, the Company is required to meet (1) a minimum liquidity requirement that the Company's cash and cash equivalents held in accounts subject to account control agreements in favor of the lenders exceed 60% of term loans outstanding and (2) certain minimum revenue covenants but only if the Company does not meet the minimum liquidity requirement. If the Company's liquidity falls below the minimum liquidity requirement, then the Company is subject to minimum revenue covenants.

The foregoing description of the material terms of the Loan Agreements is only a summary and is qualified in its entirety by reference to the terms and conditions of the Loan Agreements, copies of which will be filed as exhibits to the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 1.02 Termination of a Material Definitive Agreement.**

On December 17, 2025, in connection with the Company's entry into the Loan Agreements discussed in Item 1.01 of this Report, the Company used proceeds from the new term loan to pay the outstanding balance and fees under, and subsequently terminated, (1) the Credit and Security Agreement (Term Loan) with MidCap Financial Trust and (2) the Credit and Security Agreement (Revolving Loan)

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with MidCap Funding IV Trust and lenders thereto (collectively, the "MidCap Loan Agreements"). As provided in the MidCap Loan Agreements, the Company paid prepayment and exit fees totaling $2.3 million for the term and revolving loans.

The terms and conditions of the MidCap Loan Agreements were disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on February 27, 2025, which disclosures are incorporated herein by reference.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information set forth under Item 1.01 is incorporated herein by reference.

**Item 3.03. Material Modification to Rights of Security Holders.** 

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 3.03 by reference. Pursuant to the terms of the Loan Agreements, the Company's ability to pay cash dividends on shares of its common stock will be subject to the Company being in compliance with the financial covenant set forth in the Loan Agreements (subject to certain additional exceptions specified in the Loan Agreements).

**Item 7.01 Regulation FD Disclosure.**

On December 18, 2025, the Company issued a press release announcing the entry into the Loan Agreements. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

The information in Item 7.01 of this Report (including Exhibit 99.1) is being furnished pursuant to Item 7.01 and shall not be deemed to be "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 to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as set forth by specific reference in such filing.

**Item 8.01 Other Events.**

On December 16, 2025, the Company's Board of Directors appointed John K. Bakewell to serve as lead independent director.

Mr. Bakewell has served as a member of the Company's Board since November 2020 and is the Chair of the Audit Committee and a member of the Nominating and Corporate Governance Committee. He is an experienced executive with more than 30 years of service across the medical device, diagnostics, specialty pharma and healthcare services sectors. He most recently held the position of Chief Financial Officer of Exact Sciences Corporation (NASDAQ: EXAS), a molecular diagnostics company. Mr. Bakewell also previously served as Chief Financial Officer at Lantheus Holdings, Inc. (NASDAQ: LNTH), a diagnostic medical imaging company, Interline Brands, Inc., RegionalCare Hospital Partners, Inc., Wright Medical Group, Inc., which was acquired by Stryker Corporation (NYSE: SYK) in November 2020, Cyberonics, Inc., now part of LivaNova PLC (NASDAQ:LIVN), Altra Energy Technologies, Inc. and ZEOS International, Ltd. Mr. Bakewell has served as a member of the board of directors of Xtant Medical Holdings, Inc. (NYSE MKT: XTNT), a medical device company, since February 2018. Mr. Bakewell also previously served as a member of the board of directors of Neuronetics, Inc. (NASDAQ: STIM), a medical technology company, from May 2020 until May 2024, Entellus Medical, Inc., now part of Stryker Corporation (NYSE: SYK), ev3 Inc., now part of Medtronic plc (NYSE: MDT) and Corindus Vascular Robotics, Inc., now a Siemens Healthineers company. Mr. Bakewell holds a BA in Accounting from the University of Northern Iowa and is a certified public accountant (current status inactive).

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| | | |
|:---|:---|:---|
| **Item 9.01**<br>(d) *Exhibits*<br>| **Financial Statements and Exhibits.** | **Financial Statements and Exhibits.** |
| Exhibit No. |  | Description |
| 99.1 |  | [<u>Press Release of Treace Medical Concepts, Inc. dated December 18, 2025</u>](tmci-ex99_1.htm) |
| 104 |  | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES** 

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

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**TREACE MEDICAL CONCEPTS, INC.** | &nbsp;&nbsp;&nbsp;**TREACE MEDICAL CONCEPTS, INC.** |
| Date: December 18, 2025 | By: | /s/ Mark L. Hair |
|  |  | &nbsp;&nbsp;&nbsp;Mark L. Hair |
|  |  | &nbsp;&nbsp;&nbsp;Chief Financial Officer  |

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## Exhibit 99.1

![img32504678_0.jpg](img32504678_0.jpg)

**Treace Medical Secures Up to $175 Million in Debt Financing**

***New 5-Year Agreement Provides Continued Financial Strength & Flexibility*** 

**PONTE VEDRA, Florida, December 18, 2025** -- Treace Medical Concepts, Inc. ("Treace" or the "Company") (NasdaqGS: TMCI), a medical technology company driving a fundamental shift in the surgical treatment of bunions and related midfoot deformities, today announced it has entered into a new five year $175 million senior secured loan arrangement with credit funds managed by SLR Capital Partners, consisting of $60 million in term loans funded at close, $65 million of additional term loan availability, and a $50 million revolving credit facility, each subject to certain conditions. Proceeds from the new term loan were used to prepay the Company's $50 million term loan and $4 million drawn under its previously-existing revolving credit facility.

John T. Treace, CEO, Founder and Chairman of Treace, said, "This financing gives us a capital-efficient vehicle, helping our business stay well-capitalized as we work to expand our market and strengthen our competitive position. By securing this non-dilutive $175 million debt facility, we are further reinforcing our balance sheet and enhancing our financial flexibility to advance our commercial strategies and our goal of becoming the standard of care in bunion surgery."

The Company's new loan arrangement includes a maturity date of five years for both the term loan and revolving credit facility. The annual interest rate is equal to the applicable SOFR<sup>1</sup> subject to a floor of 3%, plus (1) 5.05% under the term loan and (2) 4% under the revolving loan. The term loan provides for 48 months of interest-only payments, which can be extended by 12 additional months.

With the completion of this refinancing, the Company now has total liquidity, consisting of cash, cash equivalents, marketable securities, and unused availability under its new credit facility (subject to meeting certain conditions), of approximately $165 million.

Armentum Partners served as financial advisor to Treace on the transaction. Additional detail regarding the foregoing financing is set forth in the Company's Current Report on Form 8-K, filed today with the SEC.

<sup>[1]</sup> The applicable SOFR means for (1) the term loan, the 1-month term secured overnight financing rate, reset monthly and (2) the revolving loan, the 3-month term secured overnight financing rate, reset daily.

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, the Company's expectations regarding the financial flexibility provided by the new loan facilities and its plans for using the financing to expand the market, strengthen its competitive position, and advance its commercial strategies. Forward-looking statements are based on management's current assumptions and expectations of future events and trends, which affect or may affect the Company's business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results or other events to differ materially from those contemplated in this press release can be found in the Risk Factors section of Treace's public filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 27, 2025, and its subsequent

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Quarterly Reports on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of their date and, except to the extent required by law, the Company undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise.

**Internet Posting of Information**

Treace routinely posts information that may be important to investors in the "Investor Relations" section of its website at www.treace.com. The Company encourages investors and potential investors to consult the Treace website regularly for important information about Treace.

**About Treace Medical Concepts**

Treace Medical Concepts, Inc. is a medical technology company with the goal of advancing the standard of care for the surgical management of bunion and related midfoot deformities. Bunions are complex 3-dimensional deformities that originate from an unstable joint in the middle of the foot and affect approximately 67 million Americans, of which Treace estimates 1.1 million are annual surgical candidates. Treace has pioneered and patented the Lapiplasty<sup>®</sup>3D Bunion Correction<sup>®</sup> System – a combination of instruments, implants, and surgical methods designed to surgically correct all three planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion and helping patients get back to their active lifestyles. To further support the needs of surgeons and bunion patients, Treace offers its Adductoplasty<sup>®</sup> Midfoot Correction System, designed for reproducible surgical correction of midfoot deformities, two systems for minimally invasive osteotomy procedures, namely the Nanoplasty<sup>®</sup> 3D Minimally Invasive Bunion Correction System and the Percuplasty™ Percutaneous 3D Bunion Correction System, and the SpeedMTP<sup>®</sup> MTP Fusion System. Treace continues to expand its footprint in the marketplace by extending its SpeedPlate<sup>®</sup> rapid compression implant platform to new applications, as well as providing surgeons with advanced digital solutions with its IntelliGuide™ patient specific, pre-op planning and cut guide technology. For more information, please visit www.treace.com.

To learn more about Treace, connect with us on LinkedIn, X, Facebook and Instagram.

**Contacts**:

Treace Medical Concepts

Mark L. Hair

Chief Financial Officer

mhair@treace.net

(904) 373-5940

**Investors**:

Gilmartin Group<br>Philip Trip Taylor

IR@treace.net

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