UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 1.01 Entry Into a Material Definitive Agreement.
On February 22, 2024, ImmuCell Corporation (the “Company”) entered into an Allonge to and Amendment of Line of Credit (the “Allonge”) between the Company and Gorham Savings Bank (GSB) pursuant to which the Company’s $1 million line of credit with GSB was extended through September 11, 2025.
In addition, each of GSB and the Finance Authority of Maine (“FAME”) waived, on February 21, 2024 and February 26, 2024, respectively, the minimum debt service coverage ratio requirement of 1.35 (the “DSC Requirement”) for the 12-month period ending June 30, 2024, which DSC Requirement is described in the definitive agreements covering the credit facilities with GSB and FAME.
The forgoing description of the Allonge is qualified in its entirety by reference to the Allonge, which is filed as Exhibit 10.1 hereto and incorporated herein by this reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information included in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 of this Current Report on Form 8-K by reference.
Item 9.01 Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Allonge to and Amendment of Line of Credit between the Company and Gorham Savings Bank, dated February 22, 2024. | |
| 104 | Cover Page Interactive Data File |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| IMMUCELL CORPORATION | ||
| Date: February 27, 2024 | By: | /s/ Michael F. Brigham |
| Michael F. Brigham | ||
| President and Chief Executive Officer | ||
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EXHIBIT INDEX
| Exhibit No. | Description | |
| 10.1 | Allonge to and Amendment of Line of Credit between the Company and Gorham Savings Bank, dated February 22, 2024. | |
| 104 | Cover Page Interactive Data File |
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