Brief: Statera Biopharma - Received Letter From Avenue Regarding Default With Respect To Loan, Security Agreement

Statera Biopharma

31/03/2022 22:38

March 31 (Reuters) - Statera Biopharma Inc  STAB.O :
    * STATERA BIOPHARMA - ON MAR 25, RECEIVED LETTER FROM AVENUE
REGARDING DEFAULT WITH RESPECT TO LOAN, SECURITY AGREEMENT,
DATED AS OF APRIL 26, 2021
    * STATERA BIOPHARMA - IN LETTER, AVENUE ALLEGES THAT CERTAIN
EVENTS OF DEFAULT UNDER LOAN AGREEMENT HAVE OCCURRED AND
CONTINUE TO EXIST
    * STATERA - AVENUE ALLEGES CO IS IN VIOLATION OF AGREEMENT
DUE TO
CO'S FAILURE TO TIMELY DELIVER MONTHLY FINANCIAL STATEMENTS FOR
CERTAIN PERIODS
    * STATERA- AVENUE ALLEGES CO IS IN VIOLATION OF AGREEMENT
DUE TO
CO'S FAILURE OBTAIN AVENUE'S CONSENT TO REPURCHASE CERTAIN
SECURITIES FROM STOCKHOLDERS
    * STATERA - AVENUE ALLEGES CO IS IN VIOLATION OF AGREEMENT
DUE TO
CO'S FAILURE TO PAY PRINCIPAL AND INTEREST WHEN DUE, INCLUDING
ON MARCH 1, 2022


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