Company: OPGN
Filing Date: 2025-10-01
Form Type: 10-Q
Source: 0001829126-25-007819
Chunk: 59

Company: OPGEN INC
Filing Date: 2025-10-01
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 senior, unsecured loan financing facility from the European Investment Bank (“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. As of December 31, 2023, the guaranty remained unpaid and outstanding, with the liability reflected on the Company’s financial statements.

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 2024, the Company entered into an agreement to finance a portion of the premium for its Directors and Officers Insurance. The agreement provided 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%. The loan was paid in full as of March 31, 2025. The Company entered into a similar financing agreement in May 2025 with a principal amount of approximately $284,304.

Note 8 – Stockholders’ equity

Common Stock

As of March 31, 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 and outstanding.

The Company effected a one-for-ten reverse stock split on May 20, 2024. All share amounts and per share prices in this quarterly report have been adjusted to reflect the reverse stock split.

Preferred Stock

In October 2023, the Company entered into a