ABVC Biopharma Files 8-K with Material Agreement Details
Ticker: ABVC · Form: 8-K · Filed: May 15, 2024 · CIK: 1173313
| Field | Detail |
|---|---|
| Company | Abvc Biopharma, Inc. (ABVC) |
| Form Type | 8-K |
| Filed Date | May 15, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $6,250,000, $5, $625,000, $100,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financials
TL;DR
ABVC Bio just dropped an 8-K with a material agreement & financials - check it out!
AI Summary
On May 15, 2024, ABVC Biopharma, Inc. filed an 8-K report detailing a material definitive agreement. The filing also includes financial statements and exhibits, with the company's principal executive offices located at 44370 Old Warm Springs Blvd., Fremont, CA.
Why It Matters
This filing provides crucial updates on significant agreements and financial information for ABVC Biopharma, impacting investor understanding of the company's current status and future direction.
Risk Assessment
Risk Level: medium — 8-K filings can signal significant corporate events, but the specific nature of the material agreement is not detailed here, requiring further investigation.
Key Players & Entities
- ABVC BIOPHARMA, INC. (company) — Registrant
- May 15, 2024 (date) — Date of Report
- 44370 Old Warm Springs Blvd. (address) — Principal Executive Offices
- Fremont, CA (location) — Principal Executive Offices
FAQ
What is the nature of the material definitive agreement filed by ABVC Biopharma?
The filing indicates the entry into a material definitive agreement, but the specific details of this agreement are not provided in the provided text.
When was this 8-K filing submitted?
The filing was submitted on May 15, 2024.
What is the principal business address of ABVC Biopharma?
The principal executive offices are located at 44370 Old Warm Springs Blvd., Fremont, CA 94538.
What is ABVC Biopharma's state of incorporation?
ABVC Biopharma, Inc. is incorporated in Nevada.
What are the key items reported in this 8-K filing?
The key items reported are the entry into a Material Definitive Agreement and Financial Statements and Exhibits.
Filing Stats: 829 words · 3 min read · ~3 pages · Grade level 13 · Accepted 2024-05-15 09:00:26
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share ABVC The Nasdaq Stock Mar
- $6,250,000 — hereof, Oncox shall pay ABVC a total of $6,250,000 (or 1,250,000 Oncox shares valued at $5
- $5 — 00 (or 1,250,000 Oncox shares valued at $5 per share 1 ) 30 days after entering in
- $625,000 — with an additional milestone payment of $625,000 in cash after OncoX's next round of fun
- $100,000 — cox may remit cash payments of at least $100,000 towards the licensing fees and deductib
Filing Documents
- ea0206070-8k_abvcbio.htm (8-K) — 29KB
- ea020607001ex10-1_abvcbio.htm (EX-10.1) — 35KB
- ea020607001ex10-2_abvcbio.htm (EX-10.2) — 36KB
- ea020607001ex99-1_abvcbio.htm (EX-99.1) — 19KB
- ex99-1_001.jpg (GRAPHIC) — 2KB
- 0001213900-24-043229.txt ( ) — 312KB
- abvc-20240515.xsd (EX-101.SCH) — 3KB
- abvc-20240515_lab.xml (EX-101.LAB) — 33KB
- abvc-20240515_pre.xml (EX-101.PRE) — 22KB
- ea0206070-8k_abvcbio_htm.xml (XML) — 3KB
01 Entry into Material Definitive Agreements
Item 1.01 Entry into Material Definitive Agreements On May 14, 2024, the Company entered into a definitive agreement with OncoX BioPharma, Inc., a private company registered in the British Virgin Islands (" Oncox "), pursuant to which the Company will grant Oncox an exclusive right to develop and commercialize ABVC's BLEX 404 single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Tripple Negative Breast Cancer (the " Licensed Products "), within a certain territory, specified as 50% of the Worldwide Markets for 20 years (the " Oncox Agreement "). In consideration thereof, Oncox shall pay ABVC a total of $6,250,000 (or 1,250,000 Oncox shares valued at $5 per share 1 ) 30 days after entering into the Oncox Agreement, with an additional milestone payment of $625,000 in cash after OncoX's next round of fundraising, of which there can be no guarantee. Oncox may remit cash payments of at least $100,000 towards the licensing fees and deductible from the second milestone payment; ABVC is also entitled to royalties of 5% of Net Sales, as defined in the Oncox Agreement, from the first commercial sale of the Licensed Product in the noted territory, which remains uncertain. The Company will permit Oncox to pay the license fee in installments or in a lump sum and will allow Oncox to use its revenue to fund such payments. Oncox entered into the same agreement with ABVC's affiliate, Biolite, Inc. The foregoing description of the agreements is not complete and is qualified in its entirety by reference to the full text of the agreements, copies of which are attached as Exhibit 10.1 and Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference. Neither this Current Report on Form 8-K, nor any exhibit attached hereto, is an offer to sell or the solicitation of an offer to buy the Securities described herein. Such disclosure does not constitute an offer to sell, or the solicitation of an offer to
01 Financial Statement and Exhibits
Item 9.01 Financial Statement and Exhibits (d) Exhibits Exhibit No. Description 10.1 Definitive License Agreement between the Company and OncoX BioPharma, Inc. May 14, 2024 10.2 Definitive License Agreement between Biolite, Inc. and OncoX BioPharma, Inc. dated May 14, 2024 99.1 Press Release 104 Cover Page Interactive Data File, formatted in Inline XBRL 1 Price was determined through private negotiations between the parties; no third party valuation was completed. 1 SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ABVC BioPharma, Inc. May 15, 2024 By: /s/ Uttam Patil Uttam Patil Chief Executive Officer 2