OpGen announces leadership change and equity transaction

Published 02/08/2024, 22:34
OpGen announces leadership change and equity transaction

ROCKVILLE, MD – OpGen Inc . (NASDAQ:OPGN), a medical laboratory services provider, has undergone significant changes in its leadership and ownership structure, according to a recent 8-K filing with the Securities and Exchange Commission. The company reported a series of transactions and appointments that have reshaped its executive team and board of directors.

On July 29, 2024, David Lazar, the former Chief Executive Officer and Chairman, sold 550,000 shares of Series E Convertible Preferred Stock and rights to purchase an additional 2,450,000 shares to AEI Capital Ltd. This transaction, which totaled $2,550,000, resulted in Lazar's resignation from his executive roles and the board on August 2, 2024. In lieu of cash compensation owed under his employment agreements, Lazar received 440,028 shares of common stock from the company.

Concurrent with Lazar's departure, AEI Capital Ltd. has significantly increased its stake in OpGen. As of August 2, 2024, AEI Capital Ltd. holds approximately 49% of the outstanding voting securities on an as-converted to common stock basis. This percentage could rise to approximately 80% upon acquisition of the remaining shares of Series E Stock.

In the wake of these changes, John Tan, a designee of AEI Capital Ltd., has been appointed as the new CEO, Chairman, and Director of OpGen. Tan, 34, a corporate strategist and private equity investor based in Kuala Lumpur, Malaysia, brings a wealth of experience in M&A transactions, private equity, and venture capital deals. His previous roles include Chairman and CEO of AEI Capital Group and co-President of Investment Banking Services Group at European Credit Investment Bank Ltd.

Additionally, on July 29, 2024, Avraham Ben-Tzvi, Matthew C. McMurdo, and David Natan resigned from the board of directors, effective August 2, 2024. Their resignations were contingent upon the completion of the transaction and fulfillment of certain conditions, including the receipt of all amounts owed by the company under their respective director agreements.

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