---
schema_version: "secwatch.filing_event.v1"
accession: "0001420720-23-000017"
form_type: "8-K"
ticker: "IBIO"
cik: "0001420720"
company_name: "iBio, Inc."
filed_at: "2023-02-21T23:59:59+00:00"
generated_at: "2026-06-19T06:46:12.871328+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# iBio amends credit agreement; warns of potential liquidity covenant default by Feb 28, 2023

## Summary
- 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.

## SEC filing metadata
- accession: 0001420720-23-000017
- form_type: 8-K
- ticker: IBIO
- cik: 0001420720
- company_name: iBio, Inc.
- filed_at: 2023-02-21T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1420720/000142072023000017/0001420720-23-000017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1420720/000142072023000017/ibio-20230220x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001420720-23-000017
- JSON: https://secwatch.observer/filing/0001420720-23-000017.json
- Plain text: https://secwatch.observer/filing/0001420720-23-000017.txt

## Key facts
- Material Agreements
  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
  source text: In addition, the Guaranty was amended to allow the Company until February 28, 2023, to account for the Fraunhofer Settlement Funds
  evidence_url: https://www.sec.gov/Archives/edgar/data/1420720/000142072023000017/0001420720-23-000017-index.htm
- Material Agreements
  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
  source text: 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”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1420720/000142072023000017/0001420720-23-000017-index.htm
- Material Agreements
  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
  source text: 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”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1420720/000142072023000017/0001420720-23-000017-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1420720/000142072023000017/0001420720-23-000017-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.