INTERNATIONAL STEM CELL CORPORATION (OTCMKTS:ISCO) Files An 8-K Entry into a Material Definitive AgreementItem 9.01
Entry into a Material Definitive Agreement.
INTERNATIONAL STEM CELL CORPORATION (OTCMKTS:ISCO) Files An 8-K Entry into a Material Definitive Agreement
On September 1, 2017, to obtain funding for working capital purposes and to refinance the indebtedness incurred on June2, 2017, International Stem Cell Corporation (the “Company”) issued an unsecured, non-convertible promissory note in the principal amount of $2,700,000 (the “Note”) to Dr. Andrey Semechkin in return for Dr. Semechkin (i) surrendering the note issued to him by the Company on June 2, 2017 in the principal amount of $2,000,000 and (ii) providing an additional $700,000 of funds to the Company. Dr.Semechkin is the Company’s Co-Chairman and Chief Executive Officer.
The principal amount under the Note accrues interest at a rate of Three and One Half of One Percent (3.50%) per annum. The Note is due and payable December 15, 2017, 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 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
|
Exhibit Number |
Description |
|
10.1 |
Form of Note issued on September 1, 2017 |
(s)
International Stem Cell CORP ExhibitEX-10.1 2 isco-ex101_6.htm EX-10.1 isco-ex101_6.htm Exhibit 10.1 INTERNATIONAL STEM CELL CORPORATION PROMISSORY NOTE FOR VALUE RECEIVED,…To view the full exhibit click here
About INTERNATIONAL STEM CELL CORPORATION (OTCMKTS:ISCO)
International Stem Cell Corporation (ISCO) is a biotechnology company. The Company is focused on therapeutic and biomedical product development. The Company’s segments include Therapeutic Market, Cosmetic Market and Biomedical Market. The Company’s subsidiaries include International Stem Cell Corporation, a research and development company, for the Therapeutic Market for clinical applications of human parthenogenetic stem cells (hpSCs) for the treatment of various diseases, such as Parkinson’s disease, liver diseases and corneal blindness; Cyto Therapeutics, PTY LTD, a research and development company, for the Therapeutic Market; Lifeline Skin Care, Inc. for the Cosmetic Market, which develops, manufactures and markets a category of cosmetic skin care products based on biotechnology with human stem cells, and Lifeline Cell Technology, LLC for the Biomedical Market, which develops, manufactures and commercializes primary human cell research products. INTERNATIONAL STEM CELL CORPORATION (OTCMKTS:ISCO) Recent Trading Information
INTERNATIONAL STEM CELL CORPORATION (OTCMKTS:ISCO) closed its last trading session down -0.04 at 1.46 with 27,795 shares trading hands.
