Item 1.02 Termination of a Material Definitive Agreement

On June 1, 2020, Celsion Corporation (the "Company") filed a Current Report on Form 8-K announcing that it had entered into a loan agreement with Silicon Valley Bank (the "PPP Loan"), pursuant to the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security Act. The Company received proceeds of $692,530 under the PPP Loan which, as previously disclosed, was guaranteed by the U.S. Small Business Administration and evidenced by a promissory note of the Company dated May 26, 2020 (the "Note"). Pursuant to the terms of the Note, it may be prepaid in part or in full, at any time, without penalty.

On June 22, 2020, as disclosed in the Company's Current Report on Form 8-K filed on the same date, the Company commenced an offering of 2,666,667 shares of its common stock (the "Offering"), which Offering closed on June 24, 2020. The Company received net proceeds of approximately $9.1 million from the Offering, after deducting the underwriting discount and estimated offering expenses payable by the Company. In light of the proceeds received from the Offering, on June 25, 2020, the Company elected to repay the PPP Loan in full, terminating all obligations of the Company under the Note. The foregoing description of the Note is qualified in its entirety by reference to the full text of the Note, a copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the three-month period ending June 30, 2020.

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