STOCK TITAN

NanoViricides 8-K: exec extensions plus line-of-credit, note, mortgage

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

NanoViricides, Inc. filed an 8-K disclosing several exhibit-level agreements that were furnished with the report. The filing lists extensions of employment agreements for Anil Diwan and Meeta Vyas, with Meeta Vyas’s extension effective July 1, 2025. It also furnishes credit-and-collateral documents dated September 23, 2025: an amendment to a line of credit, an open-ended promissory note, and an open-ended mortgage deed. The report is signed by Anil Diwan as President and Chairman and dated October 1, 2025.

The filing provides the existence and dates of these agreements but contains no financial tables, amounts, or detailed terms in the provided text. The exhibits indicate personnel continuity at the executive level and new or amended financing arrangements secured on September 23, 2025, but the document fragment does not disclose monetary values, interest rates, collateral descriptions, covenants, or counterparty names beyond what is listed.

Positive

  • Executive continuity maintained via extensions for Anil Diwan and Meeta Vyas
  • Financing documents furnished (line-of-credit amendment, promissory note, mortgage deed), indicating formalized capital arrangements

Negative

  • No monetary terms disclosed
  • Security instrument present (mortgage deed) could create liens but scope and collateral are not described

Insights

Exhibits show employment continuity and financing documents were furnished, but terms are not disclosed.

The filing lists extensions of employment agreements and multiple financing-related exhibits including an amendment to a line of credit, a promissory note, and a mortgage deed dated September 23, 2025. These exhibit filings typically preserve disclosure compliance by making agreements available to investors.

Without the exhibit text, material legal terms—such as covenants, default triggers, lien scope, or waiver language—are unknown. Review the actual exhibits to assess lender rights and any restrictive covenants that could limit corporate actions in the near term.

Financing-related exhibits suggest amended credit arrangements but no amounts are disclosed here.

The 8-K furnishes an amendment to a line of credit and an open-ended promissory note plus mortgage deed dated September 23, 2025, which implies updated or new borrowing terms and secured obligations were executed.

Key investor metrics such as principal amounts, interest rates, maturity, and impact on leverage are not provided in this excerpt. If the exhibits show material changes, expect near-term balance sheet and liquidity effects once amounts and terms are known.

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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported) September 25, 2025

 

NANOVIRICIDES, INC.
(Exact Name of Registrant as Specified in Its Charter)

 

Delaware 001-36081 76-0674577
(State or Other Jurisdiction of
Incorporation)
(Commission File Number) (I.R.S. Employer Identification No.)
     
1 Controls Drive,
Shelton, Connecticut
06484
(Address of Principal Executive Offices) (Zip Code)

 

(203) 937-6137
(Registrant's Telephone Number, Including Area Code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:   Trading Symbol(s)   Name of each exchange on which registered:
Common Stock,   NNVC   NYSE-American

 

 

 

 

 

 

Item 5.02. Compensatory Arrangements of Certain Officers.

 

Extension Employment Agreement - Anil Diwan

 

On September 25, 2025, NanoViricides, Inc. (the “Registrant”) entered into an Extension Agreement effective July 1, 2025 (the “Diwan Extension”) of the Employment Agreement with Dr. Anil R. Diwan entered into on July 1, 2018 (the “Diwan Employment Agreement”) to continue to serve as the President of the Registrant, effective July 1, 2025.

 

The Extension provides that Dr. Diwan will continue to serve as the Registrant’s President until June 30, 2026 at a base annual base salary of $400,000. Dr. Diwan shall be entitled to participate in all fringe benefits the Registrant provides for its employees generally and such other benefits as the Registrant provides for its senior executives. In addition, the Registrant shall maintain a Term Life Insurance policy for Dr. Diwan, valued at $2 million, of which $1 million shall be assigned to the Registrant and the remaining balance to Dr. Diwan’s estate.

 

In addition, as an incentive towards the ultimate success of the Registrant, and to provide leadership authority to Dr. Diwan, the Registrant granted 10,204 shares of the Registrant’s Series A Preferred Stock, par value $0.00001 per share to Dr. Diwan. Dr. Diwan’s rights in the shares shall vest in equal, quarterly installments commencing on September 30, 2025 and fully vest on June 30, 2026. Dr. Diwan will be eligible to receive severance if he is terminated by the Registrant other than for cause in which event the Registrant shall pay to Dr. Diwan an amount equal to six (6) month’s salary as severance compensation (without regard to compensation or benefits Dr. Diwan receives from any other source). Dr. Diwan shall be eligible for all benefits during this six (6) month period including bonuses, vesting of previously awarded stock options, health care insurance and other fringe benefits that have been ongoing. The Registrant may elect to pay such severance compensation in a lump sum or in equal payments over the six month period. A copy of the Diwan Extension is attached to this Form 8-K as Exhibit 10.1 and is incorporated by reference.

 

Extension Employment Agreement - Meeta Vyas

 

Also on September 25, 2025, the Registrant) entered into an Extension Agreement effective July 1, 2025 (the “Vyas Extension”) of the Employment Agreement with Meeta Vyas of the Employment Agreement with Ms. Vyas entered into on May 31, 2013, (the “Vyas Employment Agreement”) to continue to serve as the Chief Financial Officer of the Registrant, effective July 1, 2025.

 

The Vyas Extension is renewable on an annual basis. The Vyas Employment Agreement provided for a term of three (3) years with a base compensation of $9,000 per month and 129 shares of Series A preferred stock, also on a monthly basis. On January 1, 2015, her cash compensation was increased to $10,800 per month. The Vyas Extension is for a period of one year from July 1, 2025 through June 30, 2026 under the same general terms as the Vyas Employment Agreement with amendments to provide that the CFO shall be reimbursed up to 50% of all costs of Health Insurance including any Medical, Dental, and any and all parts and subparts of Medicare Insurance that she subscribes to, not to exceed $2,500 per month. A copy of the Vyas Extension is attached to this Form 8-K as Exhibit 10.2 and is incorporated by reference.

 

Amendment to Line of Credit Agreement

 

On November 13, 2023, the Company’s President and CEO, Dr. Anil Diwan, entered into a Line of Credit Agreement whereby Dr. Diwan agreed to provide a standby Line of Credit to the Company in the maximum amount of $2,000,000. All amounts outstanding under the Line of Credit, including principal, accrued interest and other fees and charges, will be due and payable on December 31, 2024. Amounts drawn down under the Line of Credit shall bear interest at a fixed rate of 12%. Advancements under the Line of Credit will be collateralized by an Open End Mortgage Deed on the Company’s real property at 1 Controls Drive, Shelton, Connecticut and a Chattel Mortgage (U.C.C - 1 filing) against the Company’s equipment and fixtures. Any draw down under the Line of Credit requires the approval of the Company’s Board of Directors. On February 12, 2024, the Company, pursuant to Article 2.5 of the Company’s Line of Credit Agreement with Dr. Anil Diwan, signed an Extension Agreement which extended the maturity of the Company’s Line of Credit from December 31, 2024 to December 31, 2025. There were no other amendments to the original Line of Credit. On September 23, 2024 the Company, pursuant to Article 2.5 of the Company’s Line of Credit Agreement with Dr. Anil Diwan, signed an Amendment Agreement which increased the available line of credit from $2 million to $3 million, and extended the maturity of the Company’s Line of Credit from December 31, 2025 to March 31, 2026. On July 25, 2025, the Company, pursuant to Article 2.5 of the Line of Credit Agreement signed an Amendment Agreement extending the maturity of the Company’s Line of Credit from March 31, 2026 to March 31, 2027.

 

Item. 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No. Description
10.1 Extension of Employment Agreement with Anil Diwan c
10.2 Extension of Employment Agreement with Meeta Vyas effective July 1, 2025
10.3 Amendment to Line of Credit Agreement dated September 23, 2025
10.4 Open Ended Promissory Note dated September 23, 2025
10.5 Open End Mortgage Deed dated September 23, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

   

 

 

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 THEREUNTO DULY AUTHORIZED.

 

  NANOVIRICIDES, INC.
   
     
Date: October 1, 2025 By: /s/ Anil Diwan
  Name: Anil Diwan
  Title: President, Chairman

  

   

 

FAQ

What did NNVC disclose in its 8-K dated October 1, 2025?

The 8-K furnishes exhibit filings: employment agreement extensions for Anil Diwan and Meeta Vyas, an amendment to a line of credit, an open-ended promissory note, and an open-ended mortgage deed, with financing documents dated September 23, 2025.

Are the financial terms of the line of credit amendment included in the filing?

No. The provided text lists the exhibit but does not include monetary amounts, interest rates, maturities, or other financial terms.

When does Meeta Vyas’s employment extension become effective?

The extension for Meeta Vyas is stated to be effective July 1, 2025.

Does the filing identify the lender or counterparty for the promissory note?

The excerpt does not name any lender or other counterparty; it only lists the document titles and dates.

Who signed the 8-K for NanoViricides?

The filing is signed by Anil Diwan, who is listed as President and Chairman, and dated October 1, 2025.
Nanoviricides

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Biotechnology
Pharmaceutical Preparations
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United States
SHELTON