OpGen, Inc. announced that it expects to receive $3 million in funding
March 24, 2024
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OpGen, Inc announced it has entered into a Securities Purchase Agreement of 3,000,000 shares of Series E Convertible Preferred Stock at a price of $1 per share for aggregate gross proceeds of $3,000,000 on March 25, 2024. The transaction included participation from David E. Lazar. Investor will pay an additional $200,000 on or before April 8, 2024, and the balance of $2,600,000 will be paid no later than May 1, 2024. Each share of Series E Preferred Stock is convertible into 24 shares of the Company?s common stock; provided, that, in no event, will the Series E Preferred Stock be convertible into Common Stock in a manner that would result in Mr. Lazar or his transferees or their affiliates holding more than the lesser of 19.99% and such lower percentage as may be required by applicable stock exchange rules of the then issued and outstanding Common Stock, prior to the date that the Company?s stockholders approve the issuance of shares of Common Stock to Mr. Lazar upon conversion of the Series E Preferred Stock; and provided further, however, that even following a vote of the stockholders of the Company in accordance with the rules and regulations of the trading market on which the Common Stock trades on such date and applicable securities laws to approve the removal of the Ownership Limitation, the Company shall not effect any conversion of the Series E Preferred Stock, and a holder of Series E Preferred Stock shall not have the right to convert any portion of the Series E Preferred Stock, to the extent that, after giving effect to the conversion, such holder would beneficially own the number of shares of Common Stock, which would be in excess of any statutory threshold pursuant to which the acquisition of such shares would trigger a compulsory offer requirement under applicable federal or state tender offer rules for the holder and its affiliates to make a tender offer for all the shares of the Company.
On same day, the company issued 200,000 shares of Series E Preferred Stock at a price of $1 per share for aggregate gross proceeds of $200,000 in its first tranche
OpGen, Inc. is a precision medicine company that uses molecular diagnostics and informatics to combat infectious diseases. The Company distributes molecular microbiology solutions that help guide clinicians with more information about life threatening infections to improve patient outcomes and decrease the spread of infections caused by multidrug-resistant microorganisms (MDROs). The Company's product portfolio includes Unyvero Lower Respiratory Tract Panels, Unyvero Urinary Tract Infection Panel, Unyvero System, and Unyvero Resources. The Unyvero LRT panels enable comprehensive detection of the most clinically relevant pathogens and antibiotic resistance markers. The Unyvero Urinary Tract Infection (UTI) panel simultaneously identifies a comprehensive range of pathogens and antibiotic resistance markers associated with urinary tract infections. The Unyvero system uses multiplex PCR technology to simultaneously test for a range of microorganisms and antibiotic resistance markers.