NetworkNewsBreaks – Scinai Immunotherapeutics Lt
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Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company focused on developing inflammation and immunology (“I&I”) biological products and on providing contract development and manufacturing organization (“CDMO”) services through its Scinai Bioservices business unit, has closed on its previously announced loan restructuring agreement. According to the announcement, the agreement is with the European Investment Bank (“EIB”) and includes an amendment.
Specifically, the agreement notes that “in connection with the transaction, an amount equal to approximately EUR 26.6 million (equal to approximately $29 million), including interest accrued to date, owed by the company to the EIB under the finance contract was converted into 1,000 preferred shares, no par value per share, of the company. Following such conversion, the total outstanding amount owed by the company to the EIB is EUR 250,000 (equal to approximately $273,000 ). The outstanding amount has a maturity date of Dec. 31, 2031, is not prepayable in advance, and no interest accrues or is due and payable on such amount.”
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