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MarketScreener Homepage  >  Equities  >  Nasdaq  >  OpGen, Inc.    OPGN

OPGEN, INC.

(OPGN)
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OPGEN INC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

04/28/2020 | 04:50pm EST

Item 1.01. Entry into a Material Definitive Agreement.

On April 22, 2020, OpGen, Inc. (the "Company") entered into a Term Note (the "Company Note") with Silicon Valley Bank (the "Bank") pursuant to the Paycheck Protection Program (the "PPP") of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") administered by the U.S. Small Business Administration. The Company's wholly owned subsidiary, Curetis USA Inc. ("Curetis USA" and collectively with the Company, the "Borrowers"), also entered into a Term Note with the Bank (the "Subsidiary Note," and collectively with the Company Note, the "Notes"). The Notes are dated April 22, 2020. The principal amount of the Company Note is $879,630, and the principal amount of the Subsidiary Note is $259,353.

In accordance with the requirements of the CARES Act, the Borrowers will use the proceeds from the Notes in accordance with the requirements of the PPP to cover certain qualified expenses, including payroll costs, rent and utility costs. Interest accrues on the Notes at the rate of 1.00% per annum. The Borrowers may apply for forgiveness of amount due under the Notes, in an amount equal to the sum of qualified expenses under the PPP, which include payroll costs, rent obligations, and covered utility payments incurred during the eight weeks following disbursement under the Notes. The Borrowers intend to use the entire proceeds under the Notes for such qualifying expenses.

Subject to any forgiveness under the PPP, the Notes mature two years following the date of issuance of the Notes and includes a period for the first six months during which time required payments of interest and principal are deferred. Beginning on the seventh month following the date of the Notes, the Borrowers are required to make 18 monthly payments of principal and interest. The Notes may be prepaid at any time prior to maturity with no prepayment penalties. The Notes provide for customary events of default, including, among others, those relating to breaches of their obligations under the Notes, including a failure to make payments, any bankruptcy or similar proceedings involving the Borrowers, and certain material effects on the Borrowers' ability to repay the Notes. The Borrowers did not provide any collateral or guarantees for the Notes.

The foregoing description of the Notes is qualified by reference to the complete text of the Notes, copies of which are attached as Exhibit 10.1 and Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits


Exhibit No. Document
10.1          Term Note between OpGen, Inc. and Silicon Valley Bank, dated April
            22, 2020

10.2 Term Note between Curetis USA Inc. and Silicon Valley Bank, dated

            April 22, 2020

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 4,12 M - -
Net income 2020 -26,4 M - -
Net Debt 2020 14,6 M - -
P/E ratio 2020 -1,16x
Yield 2020 -
Capitalization 44,3 M 44,3 M -
EV / Sales 2020 14,3x
EV / Sales 2021 7,36x
Nbr of Employees 39
Free-Float 99,9%
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Technical analysis trends OPGEN, INC.
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Mean consensus HOLD
Number of Analysts 3
Average target price 5,33 $
Last Close Price 1,97 $
Spread / Highest target 187%
Spread / Average Target 170%
Spread / Lowest Target 154%
EPS Revisions
Managers
NameTitle
Oliver Schacht Chief Executive Officer & Director
Bill E. Rhodes Non-Executive Chairman
Johannes Bacher Chief Operating Officer
Timothy C. Dec CFO, Secretary & Chief Accounting Officer
Vadim Sapiro Chief Information Officer
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