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Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 11 - Subsequent Events

 

On April 25, 2022, the Company announced that its subsidiary, Curetis, and the EIB expect to restructure the repayment of the first tranche of debt, which matured on April 22, 2022. Under the currently contemplated terms of the restructured repayment plan, OpGen’s subsidiary Curetis repaid €5.0 million in cash in April 2022 and the remainder of the debt tranche of approximately €8.35 million (approximately $9 million at current foreign exchange rates) would be amortized over a 12 month-period commencing at the end of May 2022, which would be paid in equal monthly installments of approximately €0.7 million in cash. Interest rates on the remaining debt would remain unchanged at 10% per annum. The parties also anticipate increasing the PPI from its current 0.3% on then prevailing OpGen market cap in June 2024 to 0.75% at that time. No other payments or consideration (including any equity) is contemplated as part of the currently proposed restructuring plan. The second and third tranches of €3.0 million and €5.0 million principal plus respective accumulated deferred interest which mature and become due for repayment in June 2023 and June 2024, respectively, remain unchanged at this time. The Company expects to enter into an amendment or side letter memorializing the foregoing restructuring as soon as practicable. The proposed restructuring is subject to approval by the EIB, and there can be no assurance that the Company will succeed in securing such approval.