Cibus, Inc. (CBUS): debt financing — Calyxt extends merger outside date to June 30; Cibus increases interim funding to $5M

Cibus, Inc.

Cibus increased interim funding line to $5M aggregate; $2M drawn as of May 17.
Outside Date under merger agreement extended to June 30, 2023; effects after May 15 not considered for MAE.
2023 STIP adopted; bonuses tied to performance and merger closing, target payouts from 25% to 100% of base salary.
Executive Severance Plan amended: bonus portion of severance based on prior-year actual bonus prorated.
PSUs intended for named executives (Carr 49k, Koschak 25k) contingent on S-8 filing, performance tied to merger closing.

item 2.03 item 8.01 item 5.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Cibus, Inc. amended revolving credit of increased to $5,000,000 in the aggregate with Cibus Global LLC.

Instrument: revolving credit
Principal: increased to $5,000,000 in the aggregate
Counterparty: Cibus Global LLC
Event: amendment

Exact text from the filing

(“Calyxt” or the “Company”) on January 17, 2023 (the “Merger 8-K”), pursuant to the terms of the Merger Agreement (as defined in the Merger 8-K), beginning on March 15, 2023, Calyxt could request, and Cibus Global LLC (“Cibus”) has agreed to provide, an unsecured, interest-free revolving line of credit of up to $3,000,000 in cash, which amount may be increased as described in the Merger 8-K (the “Interim Funding”).

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Cibus, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-147101

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