secwatch.observer — SEC 8-K summary
======================================

Issuer:     AMERICAN BIO MEDICA CORP (—)
CIK:        0000896747
Form:       8-K
Filed at:   2023-03-01T23:59:59+00:00
Accession:  0001654954-23-002266
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 2.01, 5.02
LLM model:  deepseek-v4-flash:cloud@v2

American Bio Medica completes sale of substantially all assets for $3M; CEO departs
--------------------------------------------------------------------------------

- Sale closed Feb 28, 2023; purchase price $3M, with $300K held back for indemnification claims.
- Net proceeds to company $247K after paying $965K loan, $1.031M mortgage, $252K unsecured loan, and $205K taxes.
- CEO Melissa Waterhouse employment terminated March 1; she will consult up to 3 months for $4K/month retainer, payment suspended.
- Waterhouse deferred $92K salary and $29K current salary until ERC refund of $202K or retention fund release.
- Company now seeks new line of business or business combination using publicly traded stock.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/896747/000165495423002266/0001654954-23-002266-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/896747/000165495423002266/abmc_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-002266

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer