Amended Tender Offer Statement by Issuer (sc To-i/a)
December 15 2016 - 4:06PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
TO
Tender
Offer Statement Under Section 14(d)(1) or 13(e)(1)
of
the Securities Exchange Act of 1934
ONCOSEC
MEDICAL INCORPORATED
(Name
of Subject Company (Issuer) and Filing Person (Offeror))
Options
to Purchase Common Stock, Par Value $0.0001 Per Share
(Title
of Class of Securities)
68234L207
(CUSIP
Number of Class of Securities Underlying Options)
Punit
Dhillon
President
and Chief Executive Officer
OncoSec
Medical Incorporated
5820
Nancy Ridge Drive
San
Diego, California 92121
(855)
662-6732
(Name,
address and telephone numbers of person authorized to receive notices and communications on behalf of filing persons)
Copy
to:
Steven
G. Rowles
Morrison
& Foerster LLP
12531
High Bluff Drive, Suite 100
San
Diego, California 92130
CALCULATION
OF FILING FEE
Transaction
Valuation*
|
|
Amount
of Filing Fee*
|
$2,221,592
|
|
$444
|
*
|
This
Transaction Valuation was calculated solely for purposes of determining the filing fee and should not be used for any other
purpose. This amount assumes that stock options to purchase 2,479,671 shares of the Issuer’s common stock having an
aggregate value of $2,221,592 based on the Black-Scholes option pricing model as of November 11, 2016 will be exchanged pursuant
to this offer. The amount of the filing fee, calculated in accordance with Rule 0-11(b) of the Securities Exchange Act of
1934, as amended, equals $200 for each $1,000,000 of the aggregate amount of the Transaction Valuation.
|
[X]
|
Check
the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting
fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date
of its filing.
|
Amount
Previously Paid: $444
|
|
Filing
party: OncoSec Medical Incorporated
|
Form
or Registration No.: 005-86770
|
|
Date
filed: November 16, 2016
|
[ ]
|
Check
the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
|
Check
the appropriate boxes below to designate any transactions to which the statement relates:
|
[ ]
|
third
party tender offer subject to Rule 14d-1.
|
|
|
|
|
[X]
|
issuer
tender offer subject to Rule 13e-4.
|
|
|
|
|
[ ]
|
going-private
transaction subject to Rule 13e-3.
|
|
|
|
|
[ ]
|
amendment
to Schedule 13D under Rule 13d-2.
|
Check
the following box if the filing is a final amendment reporting the results of the tender offer: [X]
If
applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:
|
[ ]
|
Rule
13e-4(i) (Cross-Border Issuer Tender Offer).
|
|
|
|
|
[ ]
|
Rule
14d-1(d) (Cross-Border Third-Party Tender Offer).
|
This
Amendment No. 1 (this “
Amendment
”) amends and supplements the Tender Offer Statement on Schedule TO
filed with the Securities and Exchange Commission on November 16, 2016 (the “
Schedule TO
”), relating
to an offer (the “
Exchange Offer
”) by OncoSec Medical Incorporated, a Nevada corporation (“
OncoSec
”
or the “
Company
”), to exchange certain stock options to purchase up to an aggregate of 2,479,671 shares
of its common stock that were granted to eligible participants for a lesser number of new stock options with a lower exercise
price.
This
Amendment is the final amendment to the Schedule TO made to report the results of the offer and is being filed in satisfaction
of the reporting requirement of Rule 13e-4(e)(4) under the Securities Exchange Act of 1934, as amended (the “
Exchange
Act
”). Pursuant to Rule 12b-15 under the Exchange Act, this Amendment amends and restates only the items and exhibits
to the Schedule TO that are being amended and restated, and unaffected items and exhibits are not included or referenced herein.
Except as amended or supplemented herby, all terms of the Schedule TO and the exhibits thereto remain unchanged.
All
capitalized terms used but not defined in this Amendment have the same meanings set forth in the Offer to Exchange, filed as Exhibit
(a)(1)(A) to the Schedule TO. This Amendment should be read in conjunction with the Schedule TO and the exhibits filed therewith.
Item 4.
|
Terms of the Transaction.
|
This
Amendment herby amends Item 4 of the Schedule TO by adding the following information:
The
Exchange Offer expired at 9:00 p.m., Pacific Time, on December 14, 2016. OncoSec has accepted for cancellation all eligible stock
options that were tendered in the Exchange Offer, which were cancelled as of December 14, 2016, and, in exchange, has granted
new stock options with the terms described in the Offer to Exchange, including an exercise price per share of $1.29, the closing
price of OncoSec’s common stock as reported by the NASDAQ Capital Market on December 14, 2016.
The
results of the Exchange Offer were as follows:
No. of Shares Subject to
Eligible Stock Options Exchanged
|
|
|
|
|
Exercise Price of
$3.00 — $9.99
(Exchanged at a ratio of 2:1)
|
|
|
Exercise Price of
$10.00 or More
(Exchanged at a ratio of 3:1)
|
|
|
Total No. of Shares Subject to New Stock Options Granted
|
|
|
1,994,250
|
|
|
|
220,250
|
|
|
|
1,070,536
|
|
As
described in the Offer to Exchange, all members of OncoSec’s Board of Directors and all of OncoSec’s executive officers
were eligible to participate in the Exchange Offer with respect to any eligible stock options held by them. The results of the
Exchange Offer for these persons were as follows:
|
|
No.
of Shares Subject to
Eligible Stock Options Exchanged
|
|
|
Total No. of Shares
Subject to New Stock
Options Granted
|
|
Name
and Position of Directors and Executive Officers
|
|
Exercise
Price of
$3.00 — $9.99
(Exchanged at a ratio of 2:1)
|
|
|
Exercise
Price of
$10.00 or More
(Exchanged at a ratio of 3:1)
|
|
|
|
Avtar Dhillon,
Chairman
of the Board of Directors
|
|
|
522,500
|
|
|
|
12,500
|
|
|
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265,416
|
|
Punit Dhillon,
President, Chief Executive
Officer and Director
|
|
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562,500
|
|
|
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100,000
|
|
|
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314,583
|
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James DeMesa,
Director
|
|
|
—
|
|
|
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—
|
|
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—
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Anthony Maida,
Director
|
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—
|
|
|
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—
|
|
|
|
—
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|
Richard Slansky,
Chief Financial Officer
|
|
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225,000
|
|
|
|
—
|
|
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112,500
|
|
Sharron Gargosky,
Chief Clinical and Regulatory
Officer
|
|
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—
|
|
|
|
—
|
|
|
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—
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Sheela Mohan-Peterson,
Chief Legal and Compliance
Officer
|
|
|
90,250
|
|
|
|
—
|
|
|
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45,125
|
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All directors and executive officers, collectively
|
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1,400,250
|
|
|
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112,500
|
|
|
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737,624
|
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SIGNATURE
After
due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete
and correct.
|
ONCOSEC
MEDICAL INCORPORATED
|
|
|
|
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By:
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/s/ Punit Dhillon
|
|
|
Punit
Dhillon
|
|
|
President,
Chief Executive Officer
|
Date:
December 15, 2016
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