UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On June 19, 2023, iBio, Inc., a Delaware corporation (the “Company”), issued a promissory note (the “Note”) with Safi Biotherapeutics Inc. (“Safi”), in the principal amount of $1,500,000, which Note was issued in exchange for the convertible promissory note issued by the Company to Safi on October 1, 2020 (the “Convertible Note”). The Note will have a maturity date of two (2) years from the date of issuance and can be extended by the mutual consent of the Company and Safi for two (2) additional one (1) year terms upon the payment of all accrued interest accrued through the date of such extension. In addition, the outstanding balance under the Note, or portions thereof, is due within a specified number of days after the receipt by Safi in a closing of specified financing milestones as more detailed in the Note. The Note will bear interest at the rate of 5% per annum and will increase to 7% for the first one (1) year extension and 9% for the second one (1) year extension. Upon the issuance of the Note, the Convertible Note was voided.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 20, 2023 | IBIO, INC. | ||
By: | /s/ Marc A. Banjak | ||
Name: | Marc A. Banjak | ||
Title: | General Counsel and Corporate Secretary | ||
Document And Entity Information |
Jun. 19, 2023 |
|---|---|
| Document And Entity Information | |
| Document Type | 8-K |
| Written Communications | false |
| Document Period End Date | Jun. 19, 2023 |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Registrant Name | iBio, Inc. |
| Entity Incorporation, State or Country Code | DE |
| Entity File Number | 001-35023 |
| Entity Tax Identification Number | 26-2797813 |
| Entity Address, Address Line One | 8800 HSC Parkway |
| Entity Address, City or Town | Bryan |
| Entity Address, State or Province | TX |
| Entity Address, Postal Zip Code | 77807 |
| City Area Code | 979 |
| Local Phone Number | 446-0027 |
| Title of 12(b) Security | Common Stock |
| Trading Symbol | IBIO |
| Security Exchange Name | NYSEAMER |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0001420720 |
| Amendment Flag | false |
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