OpGen Inc (OPGN) just unveiled an update.
OpGen, Inc. has struck a deal with investor David E. Lazar, who will purchase 3 million shares of Series E Convertible Preferred Stock for $3 million. The initial payment of $200,000 has been made for 200,000 shares, with the rest to follow by May 1, 2024. This strategic move aims to alleviate the company’s debt and support general corporate needs. The agreement includes provisions to prevent Lazar from overshooting ownership limitations and outlines the preferred stock’s convertibility and voting rights, ensuring Lazar’s influence remains within regulatory bounds. The terms of the deal also involve settling liabilities with the European Investment Bank and Curetis GmbH and include a commitment to not issue additional shares for 180 days post-final closing.
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