secwatch.observer — SEC 8-K summary
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Issuer:     iBio, Inc. (IBIO)
CIK:        0001420720
Form:       8-K
Filed at:   2023-03-30T23:59:59+00:00
Accession:  0001420720-23-000022
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.02, 8.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

iBio amends credit agreement, must sell facility by April 14 or face default; liquidity covenant cut to $1M
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- Woodforest reduced mandatory prepayment percentages from 40% to 20% on ATM proceeds and equipment sales.
- iBio must deliver executed purchase agreement for 130,000 sq ft Bryan facility by April 14, 2023; failure is immediate default.
- Liquidity covenant reduced from $7.5M to $1M; company received $5.1M from Fraunhofer settlement, $3M held in restricted account.
- Company raised ~$3.8M in Q1 2023 from ATM sales and warrant exercises.
- iBio must pay $75,000 fee to Woodforest upon closing of facility sale or maturity.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1420720/000142072023000022/0001420720-23-000022-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1420720/000142072023000022/ibio-20230324x8k.htm
  HTML page:      https://secwatch.observer/filing/0001420720-23-000022

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