Summary by Futu AI
On May 17, 2024, iBio Inc, through its subsidiary iBio CDMO LLC, entered into a definitive agreement with The Board of Regents of the Texas A&M University System to sell a property comprising land, improvements, and personal property for $8.5 million. The property sale is expected to close by May 31, 2024, subject to certain conditions. Concurrently, iBio CDMO amended its credit agreement with Woodforest National Bank, setting the term loan maturity to May 31, 2024, or earlier upon certain conditions. The outstanding balance of the term loan is approximately $13.1 million as of May 14, 2024. Additionally, iBio CDMO and iBio Inc have entered into a settlement agreement with the bank, agreeing to pay the sale proceeds from the property and issue a pre-funded warrant to the lender to cover the remaining balance. The warrant is exercisable for 1,560,570 shares of iBio Inc's common stock at a nominal price, equating to an indebtedness deficiency amount of approximately $4.5 million. The settlement will release both parties from any claims up to the closing date of the property sale.