Management ChangeJun 12, 2026, 05:01 PM
BioRestorative Therapies Secures $1M Loan; Board Overhauled
AI Summary
BioRestorative Therapies, Inc. entered into a Revolving Loan Agreement with Bowery Group LLC for up to $1,000,000 at a 12% annual interest rate, maturing in one year. This agreement led to the resignation of three directors (Francisco Silva, Nickolay Kukekov, Patrick F. Williams) and the appointment of three new directors (Mika Grasso, Katharyn Field, Jatinder Dhaliwal) designated by the lender, significantly altering the company's board composition and governance.
Key Highlights
- BioRestorative Therapies secured a Revolving Loan Agreement for up to $1,000,000 from Bowery Group LLC.
- The loan bears interest at 12% per annum, with a default rate of 16% per annum.
- The loan matures on the first anniversary of the closing date.
- Three directors (Francisco Silva, Nickolay Kukekov, Patrick F. Williams) resigned effective June 11, 2026.
- Three new directors (Mika Grasso, Katharyn Field, Jatinder Dhaliwal), designated by the lender, were appointed on June 12, 2026.
- New directors are independent; Mika Grasso appointed Chair of Audit Committee and audit committee financial expert.
Price Impact
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