Avalo extends debt forbearance to Oct 15; grants IP as collateral on $13M loan

Avalo Therapeutics, Inc.

Forbearance extended from Sept 15 to Oct 15, 2023 under Third Forbearance Agreement.
Outstanding loan principal of $13.07M; MAC default asserted by lenders.
Avalo grants security interest in owned patents and trademarks (First Amendment).
Covenant to maintain at least $3M cash in deposit accounts subject to control agreement.
Lenders have sole discretion to extend forbearance beyond Oct 15.

item 1.01 item 9.01

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 Third Forbearance Agreement with Holders (effective 2023-09-13).

Action: entry
Counterparty: Holders
Effective: 2023-09-13

Exact text from the filing

On September 13, 2023, the Company and the Holders entered into a Third Forbearance Agreement (the “Third Forbearance Agreement”) to, among other things, further extend the forbearance period until October 15, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Avalo Therapeutics, Inc. amended Note Amendment with Holders (effective 2023-09-13).

Action: amendment
Agreement: credit facility
Counterparty: Holders
Effective: 2023-09-13

Exact text from the filing

the Company agreed to amend the Note to grant to the Holders a security interest in the Company’s owned patents and trademarks (the “Note Amendment”).

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622 material agreements filed in the last 30 days. Browse all material agreements →

Avalo Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-032187

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