Rapid Micro Biosystems, Inc. (Nasdaq: RPID) (the “Company” or “Rapid Micro”), an innovative life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products, today announced that it has entered into a five-year, $45 million term loan facility with Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital”).

Proceeds from this facility will be used for general corporate purposes, which may include supporting the continued global commercial expansion of the Growth Direct system, and ongoing investments in manufacturing efficiencies, service productivity, and product cost reduction initiatives.

“This facility significantly strengthens our financial position and supports our continued focus on long-term revenue growth, margin expansion and increasing shareholder value,” said Robert Spignesi, President and CEO of Rapid Micro Biosystems. “We are pleased with the highly favorable terms of this facility, which positions us well to build on our meaningful progress across the business.”

The loan facility consists of four tranches, with the first tranche of $20 million drawn upon closing of the agreement. The second and third tranches totaling $20 million are available to be drawn subject to the achievement of certain commercial and operational milestones, and the fourth tranche of $5 million is available at the lender’s discretion. Interest is payable on the outstanding principal amount at a floating rate, initially 11.5% per annum. The loan facility has a five-year term with an interest-only period of 36 months, which is extendable if future tranches are drawn down. The loan facility contains customary representations, warranties, covenants and events of default but does not require the Company to maintain a specified level of revenues or cash resources.

The Growth Direct system is the only fully automated, non-destructive growth-based platform for MQC testing that offers manufacturers faster time to results, improved data integrity and enhanced accuracy.

Armentum Partners acted as the Company’s exclusive financial advisor on this transaction.