Mosaic ImmunoEngineering Enters and Terminates Agreements
Ticker: CPMV · Form: 8-K · Filed: Mar 28, 2024 · CIK: 836564
| Field | Detail |
|---|---|
| Company | Mosaic Immunoengineering INC. (CPMV) |
| Form Type | 8-K |
| Filed Date | Mar 28, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $303,000, $5 million, $407,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, termination
TL;DR
Mosaic ImmunoEngineering signed and broke a deal on the same day - what's going on?
AI Summary
Mosaic ImmunoEngineering Inc. entered into a Material Definitive Agreement on March 22, 2024. The company also terminated a Material Definitive Agreement on the same date. Specific details of these agreements were not disclosed in this filing.
Why It Matters
The company's strategic direction and operational agreements are subject to change, which could impact its future business and financial performance.
Risk Assessment
Risk Level: medium — The simultaneous entry into and termination of material agreements suggests potential strategic shifts or unresolved issues that could pose risks.
Key Players & Entities
- Mosaic ImmunoEngineering Inc. (company) — Registrant
- March 22, 2024 (date) — Date of earliest event reported
FAQ
What was the nature of the Material Definitive Agreement entered into by Mosaic ImmunoEngineering?
The filing does not specify the nature of the Material Definitive Agreement entered into on March 22, 2024.
What were the reasons for the termination of the Material Definitive Agreement?
The filing does not provide details or reasons for the termination of the Material Definitive Agreement.
Did the entry into and termination of the agreement occur on the same date?
Yes, both the entry into and termination of a Material Definitive Agreement were reported as occurring on March 22, 2024.
What is the company's primary business based on its SIC code?
Mosaic ImmunoEngineering Inc. is classified under SIC code 2836, which relates to Biological Products (No Diagnostic Substances).
What is the company's state of incorporation?
Mosaic ImmunoEngineering Inc. is incorporated in Delaware.
Filing Stats: 750 words · 3 min read · ~3 pages · Grade level 13.4 · Accepted 2024-03-28 16:00:37
Key Financial Figures
- $303,000 — ortfolio in the amount of approximately $303,000, payable in four (4) equal quarterly in
- $5 million — ny closing a financing in the amount of $5 million or more. While CWRU has previously prov
- $407,000 — owed to CWRU increased to approximately $407,000 related to past due intellectual proper
Filing Documents
- mosaic_8k.htm (8-K) — 27KB
- 0001683168-24-001813.txt ( ) — 190KB
- cpmv-20240322.xsd (EX-101.SCH) — 3KB
- cpmv-20240322_lab.xml (EX-101.LAB) — 33KB
- cpmv-20240322_pre.xml (EX-101.PRE) — 22KB
- mosaic_8k_htm.xml (XML) — 3KB
01 Entry Into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement. To the extent required, the information set forth in Item 1.02 below is hereby incorporated by reference into this Item 1.01.
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement As previously disclosed, on May 4, 2022, Mosaic ImmunoEngineering, Inc., a Delaware corporation (the "Company"), entered into a License Agreement (the "Agreement") with Case Western Reserve University ("CWRU"). Under the Agreement, CWRU licensed to the Company the exclusive worldwide rights to develop and commercialize oncology treatments based on cowpea mosaic virus (CPMV), the core technology behind the Company's lead immunotherapy candidate, MIE-101. Pursuant to the Agreement, the Company initially agreed to reimburse CWRU for all intellectual property fees incurred since inception of the portfolio in the amount of approximately $303,000, payable in four (4) equal quarterly installments beginning upon the sooner of (i) August 31, 2022 or (ii) upon the Company closing a financing in the amount of $5 million or more. While CWRU has previously provided the Company with additional time to pay past due amounts owed under the Agreement beyond the initial August 31, 2022 due date, on March 22, 2024, the Company received a letter of termination from CWRU terminating our Agreement effective immediately due to our financial default. In addition, pursuant to the letter of termination, CRWU did not relieve us of any amounts past due under the Agreement and requested payment in full. As of December 31, 2023, the Company's balance owed to CWRU increased to approximately $407,000 related to past due intellectual property fees. Due to our limited cash position, we do not have sufficient capital to pay amounts owed under the Agreement. We have been and are continuing to evaluate strategic options for the Company, which include bringing in additional capital allowing the Company to bring in more advanced product candidates as well as possible mergers or other business combinations. If we are not successful in exploring these or other strategic options, we may wind-down operations or liquidate and dissolve the Company. Th
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Mosaic ImmunoEngineering, Inc. Date: March 28, 2024 By: /s/ Steven King Steven King President and Chief Executive Officer, Director 3