VBI Vaccines (VBIV) has released an update to notify the public and investors about an entry into a material definitive agreement.
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VBI Vaccines Inc. and its subsidiary faced challenges meeting the minimum net revenue requirements as stipulated in their Loan Agreement with K2 HealthVentures LLC. To address this, they entered into a series of forbearance agreements, allowing them temporary relief from lenders’ actions on this default. The forbearance periods were extended multiple times, most recently until February 20, 2024. Despite these extensions, there is no guarantee the company will fulfill the agreement’s conditions to avoid default, which could lead to immediate repayment demands and increased interest rates.
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For a comprehensive understanding of the announcement, you can read the full document here.
