Adicet Bio, Inc. (NASDAQ:ACET), a pharmaceutical company specializing in the development of therapies, has modified its loan agreement with Pacific Western Bank, according to an 8-K filing with the SEC. The amendment, finalized on November 8, 2024, adjusts the terms related to the company's subsidiary in Shanghai.
The revised loan terms now exclude the equity interests of Adicet Shanghai from the collateral requirements initially mandated by the agreement. Additionally, the company can now invest up to $500,000 in Adicet Shanghai without requiring further approval from the bank. This move provides Adicet Bio with more flexibility in managing its financial resources and investments in its subsidiary.
The original Loan and Security Agreement between Adicet Bio's wholly-owned subsidiary, Adicet Therapeutics, Inc., and Pacific Western Bank was signed on April 28, 2020. The agreement included provisions for term loans and ancillary services, which have been in place to support the company's financial needs.
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