UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Item 1.02. Termination of a Material Definitive Agreement.
As previously disclosed, on July 4, 2023, OpGen, Inc. (the “Company”) entered into a Standstill Agreement (the “Standstill Agreement”), by and among Curetis GmbH, the Company’s wholly owned subsidiary, as borrower (“Curetis”), the Company and Ares Genetics GmbH, the Company’s indirect wholly owned subsidiary (“Ares”), as guarantors, and the European Investment Bank, as lender (the “EIB”). Pursuant to the Standstill Agreement, among other things, the EIB agreed not to take any action or exercise any right, including any right of acceleration or termination, with respect to certain defaults under that certain Finance Contract, originally dated December 12, 2016, as amended, by and between Curetis and the EIB (the “Finance Contract”), until the earlier of the entry into a definitive agreement for the restructuring of certain of the debt under the Finance Contract and November 30, 2023.
On November 20, 2023, Curetis received a termination notice from the EIB terminating the Standstill Agreement effective as of November 20, 2023. The EIB’s termination notice stated that the termination of the Standstill Agreement was as a result of and in connection with certain defaults of the Standstill Agreement arising from, among other related reasons, Curetis’ and Ares’ entry into insolvency proceedings. Upon the termination of the Standstill Agreement, the EIB may again take action and exercise its rights under the Finance Contract as a result of the defaults described in the Standstill Agreement.
The foregoing summary of the Standstill Agreement does not purport to be complete and is qualified in its entirety by reference to, and should be read in conjunction with, the full text of the Standstill Agreement, a copy of which is filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 5, 2023, and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
10.1 | Standstill Agreement, dated July 4, 2023, by and among Curetis GmbH, as borrower, OpGen, Inc. and Ares Genetics GmbH, as guarantors, and the European Investment Bank, as lender (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 5, 2023).* | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
* Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules have been omitted. The Company agrees to furnish supplementally a copy of any omitted schedule to the Securities and Exchange Commission upon request.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: November 22, 2023 | OpGen, Inc. | |||||
By: |
/s/ Albert Weber | |||||
Name: | Albert Weber | |||||
Title: | Chief Financial Officer |