Scinai Announces Signing of Loan Restructuring Agreement with European Investment Bank; Converting Approximately $29 million of Debt to Preferred Equity Convertible into 19.5% Common Equity

August 13, 2024

https://www.prnewswire.com/news-releases/scinai-announces-signing-of-loan-restructuring-agreement-with-european-investment-bank-converting-approximately-29-million-of-debt-to-preferred-equity-convertible-into-19-5-common-equity-302220743.html

JERUSALEM, Aug. 13, 2024 /PRNewswire/ — Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) (the “Company”), a biopharmaceutical company focused on developing inflammation and immunology (I&I) biological products and on providing CDMO services through its Scinai Bioservices business unit, today announced that it has signed a definitive Loan Restructuring Agreement (the “Restructuring Agreement”) with its lender, the European Investment Bank (the “EIB”).  The Restructuring Agreement also included an amendment and restatement to the Finance Contract (the “Finance Contract”) between the parties.

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