Loan & DebtMay 22, 2026, 05:02 PM
VolitionRx Gets Waiver from Lind on Debt Covenant Breach
AI Summary
VolitionRx Limited failed to comply with the Market Capitalization Covenant related to its senior secured convertible promissory notes held by Lind Global Asset Management XII LLC. On May 21, 2026, Lind issued a waiver, preventing it from exercising certain rights and remedies such as accelerating obligations or foreclosing on collateral. However, the company is now required to pay an additional 10% of the outstanding principal amount of each note, and Lind gained more favorable terms for converting the notes into common stock.
Key Highlights
- VolitionRx failed to comply with the Market Capitalization Covenant on its senior secured convertible notes.
- Lind Global Asset Management XII LLC issued a waiver on May 21, 2026, for the covenant breach.
- The waiver prevents Lind from declaring amounts due, accelerating obligations, or foreclosing on collateral.
- VolitionRx is required to pay an additional amount equal to 10% of the Outstanding Principal Amount of each note.
- Lind may convert notes into common stock at the lower of the current conversion price or 90% of the average of the three lowest VWAPs.
- The original notes were for $7,500,000 (May 15, 2025) and $2,400,000 (January 7, 2026).
Price Impact
More from VNRX