VolitionRx breaches debt covenant, faces $990K penalty and more dilutive conversion terms

Filed May 22, 2026 · Period ending May 21, 2026 · ~1 min read

Key Changes

• high

  Company violated minimum market capitalization requirement on $9.9M in convertible notes, triggering automatic 10% penalty ($990K) on outstanding principal and requiring lender waiver to avoid immediate repayment.

  Item 1.01 verify on EDGAR →
• high

  Lender Lind can now convert debt to shares at more favorable terms: the lower of existing conversion price or 90% of the average of three lowest trading prices over prior 20 days, significantly increasing dilution risk.

  Item 1.01 verify on EDGAR →
• high

  Waiver prevents immediate default and acceleration of $9.9M debt ($7.5M from May 2025 note, $2.4M from January 2026 note), but company's declining market cap suggests ongoing covenant compliance challenges.

  Item 1.01 verify on EDGAR →