Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
iBio, Inc. entered into Fourth Amendment to the Guaranty with Woodforest National Bank valued at Liquidity covenant reduced from $7,500,000 to $1,000,000 (effective 2023-03-24).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Woodforest National Bank
- Value
- Liquidity covenant reduced from $7,500,000 to $1,000,000
- Effective
- 2023-03-24
Exact text from the filing
In addition, on March 24, 2023, the Company, as guarantor, entered into the Fourth Amendment to the Guaranty, which was executed on November 1, 2021, as amended (the “Guaranty”), which reduced the Liquidity Covenant (as defined in the Credit Agreement, which required the Company to maintain a certain level of unrestricted cash) from $7,500,000 to $1,000,000.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
iBio, Inc. entered into Fourth Amendment to the Credit Agreement with Woodforest National Bank valued at $2,000,000 retained of Fraunhofer settlement funds; $75,000 fee on closing or Maturity Date; liquidi (effective 2023-03-24).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Woodforest National Bank
- Value
- $2,000,000 retained of Fraunhofer settlement funds; $75,000 fee on closing or Maturity Date; liquidi
- Effective
- 2023-03-24
Exact text from the filing
On March 24, 2023, iBio CDMO LLC, a wholly owned subsidiary of iBio, Inc. (the “Company”) and Woodforest National Bank (“Woodforest”) entered into the Fourth Amendment to the Credit Agreement (the “Fourth Amendment”) that was entered into on November 1, 2021, as amended (the “Credit Agreement”), which within the Fourth Amendment Woodforest agreed to (i) reduce the percentage of any payment to Woodforest the Company is required to make from the proceeds of sales of its common stock under its at-the-market facility from 40% to 20%, (ii) reduce the percentage of any payment to Woodforest the Company is required to make from the proceeds of sales of its equipment from 40% to 20%, and (iii) allow the Company to retain $2,000,000 million of the $5,100,000 million that the Company received from Fraunhofer USA Inc. (“Fraunhofer”) as part of its legal settlement with them (the “Fraunhofer Settlement Funds”), with the remaining $3,000,000 million being held in a Company account at Woodforest.
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