Imugene Gains Conditional Right to Redeem CVI Convertible Notes [VIDEO]

Imugene has agreed changes with CVI Investments that give it a conditional right to repay two sets of convertible notes early, but only with the lender's written consent.

By Josua Ferreira -

Key Takeaways

  • The Imugene CVI convertible notes amendments give the company a new right to repay its notes early at face value, but only with CVI's written consent.
  • Only $375,000 and $1,050,000 remain on the two sets of zero coupon notes, which fall due in 2030.
  • Missing a payment after giving a firm repayment notice now counts as a new event of default.
  • Cash was about $5.25 million at the end of September, with funding flagged at just 0.70 of a quarter.
  • The conversion price, payment schedule and lender protections stay the same, and no new warrants are issued.
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