Company: OPGN
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001829126-25-006628
Chunk: 1569

Company: OPGEN INC
Filing Date: 2025-08-21
Form: 10-K
Item: Item 9
Chunk 1569
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 Agreement. The Amendment amended the August 2024 Securities Purchase Agreement by: (1)
granting the Company the right to sell two additional tranches of common stock to AEI Capital Ltd. of $3.0 million each, for an
aggregate amount of $9.0
million under the Purchase Agreement; and (2) extending the Company’s ability to sell shares of common stock to AEI Capital
Ltd. under the Purchase Agreement until December 31, 2025. As of December 31, 2024, the Company sold 1,079,109
shares of common stock to AEI Capital Ltd. for gross proceeds of $2.0
million before deducting offering expenses. Accordingly, the Company has the right, in its discretion, to sell to AEI Capital Ltd.,
at any time prior to December 31, 2025, shares of common stock, par value $0.01
per share (the “Shares”), of the Company having an aggregate value of up to an additional $7.0
million. As a result, the Company believes that its current cash and its access to additional cash under the August 2024
Securities Purchase Agreement will allow the Company to fund operations in excess of 12 months from the issuance date of these
financial statements.

    F-10

On June 5, 2024, the Company received a letter from the listing staff of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company was no longer in compliance with the minimum stockholders’ equity requirement for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(b)(1) (the “Stockholders’ Equity Rule”). The Stockholders’ Equity Rule requires companies listed on the Nasdaq Capital Market to maintain stockholders’ equity of at least $2,500,000 or to meet alternatives of market value of listed securities or net income from continuing operations, which the Company does not currently meet. In response to the letter, the Company submitted its plan to regain compliance with the Stockholders’ Equity Rule to the Nasdaq Hearings Panel (the “Panel”) and requested additional time to regain compliance with such rule. On August 16, 2024, following the Panel’s review of the Company’s plan to regain compliance, the Company received a letter (the “Notice”) indicating that the Panel had determined to deny the Company’s request for continued listing on Nasdaq. Pursuant to the Notice, based on the preliminary nature of the Company’s