International Stem Cell CORP (ISCO): debt financing — International Stem Cell extends $2.9M CEO loan maturity to September 2023

International Stem Cell CORP

Principal $2.9M from CEO Andrey Semechkin; maturity extended from Mar 15 to Sep 15, 2023.
Interest rate 4.5% per annum; note is unsecured, non-convertible, prepayable without penalty.
Unpaid interest on original note approx. $451,000 as of March 15, 2023.
Loan is a replacement for prior note issued Sept 15, 2022; no new proceeds.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

International Stem Cell CORP incurred loan of $2,900,000 with Dr. Andrey Semechkin at four and a half percent (4.5%) per annum maturing September 15, 2023.

Instrument: loan
Principal: $2,900,000
Counterparty: Dr. Andrey Semechkin
Rate: four and a half percent (4.5%) per annum
Maturity: September 15, 2023
Event: incurrence

Exact text from the filing

extend (until September 15, 2023) the maturity date of the loan (in the principal amount of $2,900,000) from Dr. Semechkin to the Company that had been reflected in a promissory note dated September 15, 2022 (the “Original Note”), and which would have been due on March 15, 2023. In exchange for the Original Note, the Company issued to Dr. Semechkin an unsecured, non-convertible promissory note in the principal amount of $2,900,000 (the “Note”) with the extended maturity date.

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International Stem Cell CORP filing history →

Source: SEC EDGAR

accession 0001683168-23-001546

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