Corbus Pharmaceuticals amends loan agreement, defers principal payments, adjusts conversion prices on $2M of debt

Corbus Pharmaceuticals Holdings, Inc.

Principal repayments deferred from Sept 2022 to Sept 2023; if Co. raises ≥$30M, extended to March 2024.
Conversion price on $875K debt lowered to $0.15/share, $1.125M to $0.2625/share (from $9.40).
Company paid $100K at amendment and will pay $400K at loan maturity.
Lenders refunded Sept & Oct 2022 principal payments already made.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Corbus Pharmaceuticals Holdings, Inc. amended Amended Loan Agreement with K2 HealthVentures LLC, as administrative agent, and the lenders party thereto (effective 2022-10-25).

Action: amendment
Agreement: credit facility
Counterparty: K2 HealthVentures LLC, as administrative agent, and the lenders party thereto
Effective: 2022-10-25

Exact text from the filing

On October 25, 2022, Corbus Pharmaceuticals Holdings, Inc. (the “ Company ”) entered into an amendment to the Loan and Security Agreement (the “ Loan Agreement ” and the amendment, the “ Amended Loan Agreement ”), dated as of July 28, 2020, with its subsidiary, Corbus Pharmaceuticals, Inc. as borrower, the Company as guarantor, each lender party thereto (the “ Lenders ”), K2 HealthVentures LLC, as administrative agent for the Lenders, and Ankura Trust Company, LLC, as collateral agent for the Lenders.

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Corbus Pharmaceuticals Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-22-020636

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