secwatch.observer — SEC 8-K summary
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Issuer:     Virpax Pharmaceuticals, Inc. (—)
CIK:        0001708331
Form:       8-K
Filed at:   2024-07-08T23:59:59+00:00
Accession:  0001213900-24-059660
Event type: debt
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 2.03, 5.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Virpax secures $2.5M secured loan at 18% to settle litigation; board control transferred to investor
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- Issued $2.5M senior secured note at 18% interest, due Dec 31, 2025, with security interest in all assets including IP.
- Proceeds used to satisfy final payment of litigation settlement with Sorrento Therapeutics and Scilex Pharmaceuticals.
- Five directors resigned (Ruskin, Sendrow, Gudin, Jambulingam, Dubin); four investor-nominated directors appointed (Su, Dhaliwal, Field, Herman).
- Investor gains majority board control; exclusive right to negotiate a subsequent financing of at least $5M by Sep 30, 2024.
- If subsequent financing not completed by Sep 30, investor-nominated directors must resign.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1708331/000121390024059660/0001213900-24-059660-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1708331/000121390024059660/ea0208818-8k_virpax.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-059660

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