Brief: Entero Therapeutics Says ImmunogenX Received Notice Of Default And Acceleration Relating To Credit Agreement

GridAI Technologies

07/08/2024 23:31

Aug 7 (Reuters) - Entero Therapeutics Inc  ENTO.O :
    * ENTERO THERAPEUTICS - ON AUGUST 2, IMMUNOGENX RECEIVED
NOTICE OF
DEFAULT AND ACCELERATION RELATING TO CREDIT AGREEMENT, DATED AS
OF OCT 3, 2022
    * ENTERO THERAPEUTICS INC - NOTICE INFORMED IMMUNOGENX THAT
ONE OR
MORE EVENTS OF DEFAULT UNDER CREDIT AGREEMENT WERE EXISTING AND
CONTINUING
    * ENTERO THERAPEUTICS INC - ON AUGUST 1, APPROVED
TERMINATION OF
ALL NON-ESSENTIAL CO EMPLOYEES AND DETERMINED TO VACATE ITS BOCA
RATON OFFICE
    * ENTERO THERAPEUTICS INC - PAUSED ANY NON-ESSENTIAL
RESEARCH AND
DEVELOPMENT ACTIVITIES
    * ENTERO THERAPEUTICS INC - EXPLORING ALL POSSIBILITIES TO
MAXIMIZE VALUE FOR ALL OF COMPANY'S STAKEHOLDERS
    * ENTERO THERAPEUTICS - EXPLORING POSSIBILITIES INCLUDING
BUT NOT
LIMITED TO RAISING CAPITAL, RESTRUCTURING INDEBTEDNESS AND OTHER
RESTRUCTURING OPTIONS
    * ENTERO THERAPEUTICS - ON AUG 2, BOARD APPROVED TERMINATION
OF
EMPLOYMENT AGREEMENT, DATED OCT 8, 2019, BY AND BETWEEN CO AND
CEO JAMES SAPIRSTEIN

Source text for Eikon:  ID:n0001104659-24-086824 
Further company coverage:  ENTO.O 

 ((Reuters.Briefs@thomsonreuters.com;))