Company: OPGN
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008771
Chunk: 24

Company: OPGEN INC
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 $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 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 Preferred Stock Purchase Agreement (the “October 2023 Purchase Agreement”) with a single investor, pursuant to which the Company agreed to issue and sell to the investor in a private placement (the “Private Placement”) 1,000 shares of the Company’s Series D Preferred Stock, par value $0.01 per share (the “Preferred Stock”) at a price of $1,000 per share for expected aggregate gross proceeds of $1.0 million before deducting offering expenses. The investor funded $250,000 worth of the October 2023 Purchase Agreement in November 2023 and was issued 250 shares in consideration for the partial payment. As of June 30, 2025, all 250 Series D Preferred Shares remain outstanding and the remaining $750,000 of the purchase price remains unpaid. The Company reserves all rights