Avalo extends loan forbearance to Sept 15, receives Apollo license breach notice for $837K

Avalo Therapeutics, Inc.

Second forbearance agreement extends forbearance period to September 15, 2023; company must maintain at least $3M cash in deposit accounts subject to control agreement.
Company acknowledges MAC default and outstanding loan principal of $13,743,373 plus interest and fees.
Apollo AP43 Limited alleges breach of license agreement due to $837,522 owed to service provider; dispute resolution initiated.
Preliminary cash and cash equivalents approximately $5.4M as of August 11, 2023; subject to change.
Company may need to negotiate settlement with Apollo, but success not guaranteed.

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

Avalo Therapeutics, Inc. entered into Second Forbearance Agreement with Holders valued at forbearance period extended to September 15, 2023; cash deposit set at $3,000,000 without addition o (effective 2023-08-14).

Action: entry
Agreement: credit facility
Counterparty: Holders
Value: forbearance period extended to September 15, 2023; cash deposit set at $3,000,000 without addition o
Effective: 2023-08-14

Exact text from the filing

On August 14, 2023, the Company and the Holders entered into a Second Forbearance Agreement (the “Second Forbearance Agreement”) whereby the forbearance period was extended to September 15, 2023.

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Avalo Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-029393

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