IGC Pharma, Inc. has successfully amended its existing Master Loan and Security Agreement with O-Bank, CO., LTD., securing an extension of the loan term originally set to expire. The amendment, effective as of July 8, 2024, comes with a notable reduction in facility fees from $120,000 to $84,000, as announced in a recent filing with the Securities and Exchange Commission.
The loan extension ensures that all other material terms of the Loan Agreement remain unchanged, providing IGC Pharma with continued financial stability under the same conditions as before. The original agreement and its terms were previously disclosed in the company's Form 8-K filed on July 7, 2023.
IGC Pharma, operating under the pharmaceutical preparations industry, is maintaining its financial obligations through this strategic financial maneuver. The company, headquartered in Potomac, Maryland, is listed on the NYSE American under the ticker symbol IGC.
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