International Stem Cell Corporation
09/16/2025 | Press release | Distributed by Public on 09/16/2025 07:58
Material Agreement, Financial Obligation (Form 8-K)
| Item 1.01 | Entry into a Material Definitive Agreement. |
On September 15, 2025, International Stem Cell Corporation (the "Company") and Dr. Andrey Semechkin agreed to extend (until September 15, 2026) the maturity date of the loan (in the principal amount of $2,500,000) from Dr. Semechkin to the Company that had been reflected in a promissory note dated September 15, 2024 (the "Original Note"), and which would have been due on September 15, 2024. Dr. Semechkin is the Company's Co-Chairman and Chief Executive Officer.
The outstanding principal amount under the Note accrues interest at a rate of five and a half percent (5.5%) per annum. The Note is due and payable September 15, 2026 but may be pre-paid by the Company without penalty at any time.
The foregoing summary of the Note is qualified in its entirety by reference to the full text of the form of Note filed as Exhibit 10.1 to this Current Report on Form 8-K.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant. |
The information disclosed in Item 1.01 is incorporated herein by reference.
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