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13. SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
13. SUBSEQUENT EVENTS

On July 20, 2018, in connection with the U.S. Government required divestiture of all of BPC’s U.S. assets in connection with the sale of Biotest AG to CREAT Group Corporation, Biotest AG, BPC, ADMA BioManufacturing and the Company entered into an Assignment and Assumption Agreement whereby BPC transferred to Biotest AG all of its obligations, rights, title and interest in the subordinated loan agreement, dated as of June 6, 2017, between BPC and the Company, under which the Company borrowed $15.0 million from BPC (see Note 4).

 

On July 24, 2018, pursuant to the Biotest Transfer Agreement (see Note 3), BPC transferred its remaining 10,109,534 shares of the Company’s common stock to the Biotest Trust. In connection with this transfer, the Biotest Trust agreed to be bound by all obligations of, and will have all of the remaining rights of BPC under, that certain: (i) Stockholders Agreement, dated as of June 6, 2017, by and between the Company and BPC, as amended by the Biotest Transfer Agreement; and (ii) Registration Rights Agreement, dated as of June 6, 2017, by and between the Company and BPC, as amended by the Biotest Transfer Agreement. Like BPC, the Biotest Trust will be subject to compliance with U.S. securities laws by virtue of ownership of the Company’s common stock.