8-K
filed February 21, 2023, 6:59 PM ET
ticker IBIO
CIK 0001420720
debt
confidence high
sentiment negative
materiality 0.80
iBio amends credit agreement; warns of potential liquidity covenant default by Feb 28, 2023
iBio, Inc.
- Third Amendment removes a milestone default trigger; modifies liquidity covenant to allow Fraunhofer settlement funds until Feb 28, 2023.
- Company must pay 40% of net proceeds from at-the-market equity issuances to Woodforest within 5 days.
- Currently compliant due to $2.1M from auction sale, but without additional funds, expects to fail liquidity covenant by Feb 28, 2023.
- If default occurs, further amendment may be needed; discussions with Woodforest ongoing.
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
iBio, Inc. amended Third Amendment to the Guaranty with Woodforest National Bank (effective 2023-02-20).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Woodforest National Bank
- Effective
- 2023-02-20
Exact text from the filing
In addition, the Guaranty was amended to allow the Company until February 28, 2023, to account for the Fraunhofer Settlement Funds
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
iBio, Inc. amended Second Amendment to the Guaranty with Woodforest National Bank (effective 2023-02-09).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Woodforest National Bank
- Effective
- 2023-02-09
Exact text from the filing
On February 9, 2023, the Company, as guarantor, entered into the Second Amendment to the Guaranty, which was executed on November 1, 2021, as amended (the “Guaranty”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
iBio, Inc. amended Second Amendment to the Credit Agreement with Woodforest National Bank (effective 2023-02-09).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Woodforest National Bank
- Effective
- 2023-02-09
Exact text from the filing
On February 9, 2023, iBio CDMO LLC, a wholly owned subsidiary of iBio, Inc. (the “Company”) and Woodforest National Bank (“Woodforest”) entered into the Second Amendment to the Credit Agreement that was entered into on November 1, 2021, as amended (the “Credit Agreement”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
iBio, Inc. amended Third Amendment to the Credit Agreement with Woodforest National Bank (effective 2023-02-20).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Woodforest National Bank
- Effective
- 2023-02-20
Exact text from the filing
On February 20, 2023, iBio CDMO LLC entered into the Third Amendment to the Credit Agreement, which removed the added milestone specified in the Second Amendment, the failure of which would be an event of default.
View on SEC.gov
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