Veru enters forbearance with Onconetix on $10M notes after default

VERU INC.

Onconetix defaulted on $5M April 2024 note due Apr 19, 2024; Veru forbears until Mar 31, 2025.
Borrower pays $50k upfront, then 15% of certain cash receipts monthly and 10% of net proceeds from financings.
Interest accrues at 10% on unpaid April note balance from Apr 20; Sept note ($5M) due Sep 30, 2024 unchanged.
Total principal $10M; no assurance of recovery; insolvency default provision waived during forbearance.

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