Loan & DebtJun 30, 2026, 09:07 AM
Celularity Secures $1M Loan from Related Party; Director Resigns
AI Summary
Celularity Inc. entered into a secured loan agreement for $1,000,000 with the Philip & Daniele Barach Family Trust, a related party. The loan carries an interest rate of 4.0% per annum, escalating to 18.0% upon default, and matures within 30 days or upon new financing. Concurrently, Vincent LeVien resigned from the Company's Board of Directors, though his resignation was not due to any disagreement with the company.
Key Highlights
- Celularity Inc. secured a $1,000,000 loan from the Philip & Daniele Barach Family Trust, a related party.
- The loan bears an interest rate of 4.0% per annum, increasing to 18.0% upon an event of default.
- Maturity is the earlier of 30 days after closing or receipt of proceeds from certain financing transactions.
- The loan is secured by a first-priority security interest in substantially all of the Company’s personal property.
- Robert J. Hariri, M.D. entered into a waiver and subordination agreement for debt owed to him as a condition for the loan.
- Vincent LeVien resigned as a member of the Company’s Board of Directors, effective June 26, 2026.
Price Impact
More from CELU