UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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): December 31, 2014
CORTEX
PHARMACEUTICALS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
1-16467 |
|
33-0303583 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S
Employer
Identification No.) |
126
Valley Road, Suite C
Glen
Rock, New Jersey |
|
07452 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (201) 444-4947
(Former
name or former address, if changed since last report.)
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:
[ ] |
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)) |
Item
1.01 Entry into a Material Definitive Agreement.
On
November 5, 2014, Cortex Pharmaceuticals, Inc. (the “Company”) entered into a Convertible Note and Warrant Purchase
Agreement (the “Purchase Agreement”) with various accredited investors (each, a “Purchaser”), pursuant
to which the Company sold an aggregate principal amount of $238,500 of its (i) 10% Convertible Notes due September 15, 2015 (“Notes”)
and (ii) Warrants to Purchase Common Stock (“Warrants”), as described below. That closing was the first closing in
a private placement of up to $1,000,000 (the “Private Placement”). The Company filed a Current Report on Form 8-K
in connection with that closing on November 12, 2014.
On
December 9, 2014, a second closing under the Private Placement for $46,000 took place and on December 31, 2014, a third closing
under the Private Placement took place for $85,000, bringing the aggregate amount financed under the Private Placement to $369,500
as of December 31, 2014. There may be one or more additional closings under the Private Placement.
Unless
otherwise provided for in the Notes, the outstanding principal balance of each Note and all accrued and unpaid interest is due
and payable in full on September 15, 2015. At any time, each Purchaser may elect, at its option and in its sole discretion, to
convert the outstanding principal amount under its Note plus accrued and unpaid interest under its Note into a number of shares
of the Company’s Common Stock, par value $0.001 (“Common Stock”) equal to the quotient obtained by dividing
the outstanding principal amount plus any accrued and unpaid interest under such Note by $0.035. In the case of a Qualified Financing
(as defined in the Purchase Agreement), the outstanding principal amount and accrued and unpaid interest under the Notes automatically
convert into Common Stock, at a Common Stock equivalent price of $0.035. In the case of an Acquisition (as defined in the Purchase
Agreement), the Company may elect to either: (i) convert the outstanding principal amount and all accrued and unpaid interest
into shares of Common Stock or (ii) accelerate the maturity date of the Note to the date of closing of the Acquisition. The Warrants
are exercisable until 5:00 p.m. on September 15, 2015 at the same price per share of Common Stock at which the Notes are convertible
and into the number of shares of Common Stock calculated as each Purchaser’s investment amount divided by $0.035. The Warrants
do not have any cashless exercise provisions. The shares of common stock issuable upon conversion of the Notes and exercise of
the Warrants are not subject to any registration rights.
Placement
agent fees, brokerage commissions, finder’s fees or similar payments were made in the form of cash and warrants to qualified
referral sources in connection with the sale of the Notes and Warrants. In connection with the initial closing, fees of $16,695
were paid in cash, based on 7% of the aggregate principal amount of the Notes issued to such referral sources, and the fees paid
in warrants (the “Placement Agent Warrants”) consisted of 477,000 warrants, reflecting warrants for that number of
shares equal to 7% of the number of shares of common stock into which the corresponding Notes are convertible. In connection with
the second closing, fees of $700 were paid in cash and 20,000 Placement Agent Warrants were issued. In connection with the third
closing, fees of $3,500 were paid in cash and 100,000 Placement Agent Warrants were issued. The Placement Agent Warrants have
a cashless exercise provision and are exercisable through September 15, 2015 at a fixed price of $0.035 per share. Aurora Capital
LLC, a related party, is acting as the placement agent for this financing.
The
Notes and Warrants were offered and sold without registration under the Securities Act of 1933, as amended (the “Securities
Act”) in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as provided in Rule 506 of Regulation
D promulgated thereunder. The Notes and Warrants and the Common Stock issuable upon conversion of the Notes and exercise of the
Warrants, have not been registered under the Securities Act or any other applicable securities laws, and unless so registered,
may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities
Act.
This
description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the form
of Purchase Agreement (including the Form of Note and the Form of Warrant), a copy of which is attached as Exhibit 10.1 to the
Company’s Current Report on Form 8-K filed November 12, 2014 and is incorporated herein by reference.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The
information provided in response to Item 1.01 of this report is incorporated by reference into this Item 2.03.
Item
3.02 Unregistered Sales of Securities Convertible or Exercisable into Equity Securities.
The
information provided in response to Item 1.01 of this report is incorporated by reference into this Item 3.02. The Purchasers
of the Notes and Warrants made representations to the Company that they met the accredited investor definition of Rule 501 of
the Securities Act, and the Company relied on such representations. The offer and sale of the Notes and Warrants were made in
reliance on the exemption from registration afforded by Section 4(a)(2) of the Securities Act as provided in Rule 506(b) of Regulation
D promulgated thereunder. The offering of the Notes and Warrants were not conducted in connection with a public offering, and
no public solicitation or advertisement was made or relied upon by any investor in connection with the offering. This Current
Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall such securities be
offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
Item
9.01 Financial Statements and Exhibits
(d) Exhibits.
A
list of exhibits required to be filed as part of this report is set forth in the Exhibit Index, which is presented elsewhere in
this document, and is incorporated herein by reference.
SIGNATURE
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.
Date: January
7, 2015 |
CORTEX
PHARMACEUTICALS, INC. |
|
|
|
|
By:
|
/s/
Arnold S. Lippa |
|
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Arnold S. Lippa
|
|
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President and
Chief Executive Officer |
EXHIBIT
INDEX
Exhibit
Number |
|
Exhibit
Description |
|
|
|
10.1 |
|
Form
of Purchase Agreement (including the Form of Note and the Form of Warrant), incorporated by reference to Exhibit 10.1 to the
Company’s Current Report on Form 8-K filed November 12, 2014. |
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