Company: OPGN
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001829126-25-006628
Chunk: 1272

Company: OPGEN INC
Filing Date: 2025-08-21
Form: 10-K
Item: Item 7
Chunk 1272
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 outstanding debt and liabilities of the Company to EIB and Curetis. The settlement agreement with EIB also provided for the termination of that certain Guarantee and Indemnity Agreement, dated as of July 9, 2020, by and between the EIB and the Company, pursuant to which the Company had guaranteed all of Curetis’ debt to EIB. On August 19, 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 2024, the Company entered into an agreement to finance a portion of the premium for its Directors and Officers Insurance. The agreement provides for financing of $300,926 of the premium, repayments in 10 equal monthly installments of $31,172 each through March 2025 and accrued interest at 7.75%.

Total interest expense (including amortization of debt discounts and financing fees) on all debt instruments was $7,555 and $1,838,933 for the years ended December 31, 2024 and 2023, respectively.

    F-24

Note 8 – Stockholders’ Equity

As of December 31, 2024, the Company had 100,000,000 shares of authorized common stock, of which 10,070,779 shares were issued and outstanding, and 10,000,000 shares of authorized preferred stock, of which 250 were issued and outstanding.

The Company effected one-for-twenty and one-for-ten reverse stock splits on January 5, 2023 and May 20, 2024, respectively. All share amounts and per share prices in this Annual Report have been adjusted to reflect the reverse stock splits.

In January 2023, the Company closed a best-efforts public offering pursuant to a securities purchase agreement with a certain institutional investor for the purchase of (i) 32,121 shares of the Company’s common stock, par value $0.01 per share, (ii) pre-funded warrants to purchase up to an aggregate of 226,500 shares of common stock, (iii) Series A-1 common warrants to purchase an aggregate of 258,621 shares of common stock, and (iv) Series A-2 common warrants to purchase an aggregate