Company: OPGN
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008771
Chunk: 65

Company: OPGEN INC
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 65
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 (“EIB”). The debt was amended several times through 2020 and was guaranteed by OpGen, Inc.

In December 2023, the Company received a notice
from the EIB stating that Curetis was in default and pursuant to that certain Guarantee and Indemnity Agreement, between the EIB and the
Company, the EIB demanded that the Company, as guarantor, immediately repay the EIB all amounts owed to the EIB. In March 2024, the
Company entered into settlement agreements with each of the EIB and Curetis and Curetis’ trustee in insolvency, pursuant to which
the Company agreed to pay a total of $2.0 million to settle all outstanding debt and liabilities of the Company to EIB and Curetis. In
August 2024, the Company paid and settled its outstanding indebtedness with the EIB and Curetis, which terminated the Guarantee and
Indemnity Agreement. Accordingly, upon termination of such Guarantee and Indemnity Agreement, the Company recorded a gain on extinguishment
of debt in excess of $9.7 million.

Short-term insurance financing

In May 2025, the Company entered into an agreement to finance a portion of the premium for its directors and officers insurance policy
for the policy period of May 2025 through May 2026. The agreement provided for financing of approximately $284,000
of the premium, which financing would be repaid in 10 equal monthly installments of approximately $29,000 each through March 2026 and accrued interest at 6.85%.

In May 2024, the Company entered into an agreement to finance a portion of the premium for its directors and officers insurance policy
for the policy period of May 2024 through May 2025. The agreement provided for financing of approximately $301,000
of the premium, which financing would be repaid in 10 equal monthly installments of approximately $31,000
each through March 2025 and accrued interest at 7.75%.
The loan was paid in full as of March 31, 2025.

Note 8 – Stockholders’ equity

Common Stock

As of June 30, 2025, the Company had 100,000,000 shares of authorized common stock, of which 10,071,286 shares were issued and outstanding, and 10,000,000 shares of authorized preferred stock, of which 250 shares were issued