Check the appropriate box to
designate the rule pursuant to which this Schedule is filed:
The information required in the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
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1.
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Names of
Reporting Persons.
Mitchell P. Kopin
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2.
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Check the Appropriate Box if a Member
of a Group (See Instructions)
(a) ☐ (b) ☐
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3.
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SEC Use Only
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4.
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Citizenship or Place of
Organization
United States of America
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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5.
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Sole Voting Power
0
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6.
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Shared Voting Power
2,164,799
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7.
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Sole Dispositive Power
0
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8.
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Shared Dispositive Power
2,164,799
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9.
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Aggregate Amount Beneficially Owned by Each Reporting Person
2,164,799 (see Item 4)
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10.
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Check if the Aggregate Amount in Row
(9) Excludes Certain Shares (See Instructions) ☐
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11.
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Percent of Class Represented by Amount
in Row (9)
4.0% (see Item 4)
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12.
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Type of Reporting Person (See
Instructions)
IN; HC
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Page 2 of 9
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1.
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Names of
Reporting Persons.
Daniel B. Asher
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2.
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Check the Appropriate Box if a Member
of a Group (See Instructions)
(a) ☐ (b) ☐
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3.
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SEC Use Only
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4.
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Citizenship or Place of
Organization
United States of America
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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5.
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Sole Voting Power
0
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6.
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Shared Voting Power
2,164,799
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7.
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Sole Dispositive Power
0
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8.
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Shared Dispositive Power
2,164,799
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9.
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Aggregate Amount Beneficially Owned by Each Reporting Person
2,164,799 (see Item 4)
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10.
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Check if the Aggregate Amount in Row
(9) Excludes Certain Shares (See Instructions) ☐
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11.
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Percent of Class Represented by Amount
in Row (9)
4.0% (see Item 4)
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12.
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Type of Reporting Person (See
Instructions)
IN; HC
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Page 3 of 9
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1.
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Names of
Reporting Persons.
Intracoastal Capital LLC
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2.
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Check the Appropriate Box if a Member
of a Group (See Instructions)
(a) ☐ (b) ☐
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3.
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SEC Use Only
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4.
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Citizenship or Place of
Organization
United States of America
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person
With:
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5.
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Sole Voting Power
0
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6.
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Shared Voting Power
2,164,799
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7.
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Sole Dispositive Power
0
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8.
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Shared Dispositive Power
2,164,799
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9.
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Aggregate Amount Beneficially Owned by Each Reporting Person
2,164,799 (see Item 4)
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10.
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Check if the Aggregate Amount in Row
(9) Excludes Certain Shares (See Instructions) ☐
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11.
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Percent of Class Represented by Amount
in Row (9)
4.0% (see Item 4)
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12.
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Type of Reporting Person (See
Instructions)
OO
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Page 4 of 9
(a) Name of Issuer
Celsion Corporation (the
Issuer
)
(b) Address of Issuers Principal Executive Offices
997 Lenox Drive, Suite 100
Lawrenceville, New Jersey 08648-2311
(a) Name of Person Filing
(b) Address of Principal Business Office or, if none, Residence
(c) Citizenship
This Schedule
13G is being filed on behalf of (i) Mitchell P. Kopin, an individual who is a citizen of the United States of America (
Mr. Kopin
), (ii) Daniel B. Asher, an individual who is a citizen of the United States of America
(
Mr. Asher
) and (iii) Intracoastal Capital LLC, a Delaware limited liability company (
Intracoastal
and together with Mr. Kopin and Mr. Asher, collectively the
Reporting
Persons
).
The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as
Exhibit 1
, pursuant to which the Reporting Persons have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended.
The principal business office of Mr. Kopin and Intracoastal is 245 Palm Trail, Delray Beach, Florida 33483.
The principal business office of Mr. Asher is 111 W. Jackson Boulevard, Suite 2000, Chicago, Illinois 60604.
(d) Title of Class of Securities
Common stock, $0.01 par value per share, of the Issuer (the
Common Stock
).
(e) CUSIP Number
15117N404
Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
Not applicable.
Item 4. Ownership.
(a) and (b):
(i) Immediately following the execution of the Securities Purchase Agreement with the Issuer on February 15, 2017 (the
SPA
) (as disclosed in the Form 8-K filed by the Issuer with the Securities and Exchange Commission on February 15, 2017), each of the Reporting Persons may have been deemed to have beneficial ownership of 3,670,546 shares of
Common Stock, which consisted of (i) 2,173,913 shares of Common Stock that were to be issued to Intracoastal at the closing of the transaction contemplated by the SPA and (ii) 1,496,633 shares of Common Stock issuable upon exercise of a
warrant that was to be issued to Intracoastal at the closing of the transaction contemplated by the SPA (
Intracoastal Warrant 1
), and all such shares of Common Stock in the aggregate represented beneficial ownership of
approximately 9.99% of the Common Stock, based on (1) 33,071,657 shares of Common
Page 5 of 9
Stock outstanding as of February 14, 2017 as reported by the Issuer, plus (2) 2,173,913 shares of Common Stock that were to be issued to Intracoastal at the closing of the transaction
contemplated by the SPA and (3) 1,496,633 shares of Common Stock issuable upon exercise of Intracoastal Warrant 1. The foregoing excludes: (I) 133,802 shares of Common Stock issuable upon exercise of Intracoastal Warrant 1 because
Intracoastal Warrant 1 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 1 to the extent that such exercise would result in beneficial ownership by the holder thereof, together with
any persons whose beneficial ownership of the Common Stock would or could be aggregated with such holders for purposes of Section 13(d) of the Securities Exchange Act of 1934, of more than 4.99% of the Common Stock, (II) 1,428,572 shares
of Common Stock issuable upon exercise of a second warrant held by Intracoastal (
Intracoastal Warrant 2
) because Intracoastal Warrant 2 is not exercisable until June 24, 2017 (and Intracoastal Warrant 2 contains a blocker
provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 1 to the extent that such exercise would result in beneficial ownership by the holder thereof, together with any persons whose beneficial ownership of
the Common Stock would or could be aggregated with such holders for purposes of Section 13(d) of the Securities Exchange Act of 1934, of more than 9.99% of the Common Stock), and (III) 497,768 shares of Common Stock in the aggregate
issuable upon exercise of other warrants held by Intracoastal (the
Other Intracoastal Warrants
) because each of the Other Intracoastal Warrants contains a blocker provision under which the holder thereof does not have the right to
exercise such Other Intracoastal Warrant to the extent that such exercise would result in beneficial ownership by the holder thereof, together with any persons whose beneficial ownership of the Common Stock would or could be aggregated with such
holders for purposes of Section 13(d) of the Securities Exchange Act of 1934, of more than 4.99% of the Common Stock. Without such blocker provisions (and assuming Intracoastal Warrant 2 was currently exercisable), each of the Reporting
Persons may have been deemed to have beneficial ownership of 5,730,688 shares of Common Stock.
(ii) As of the close of
business on February 21, 2017, each of the Reporting Persons may be deemed to have beneficial ownership of 2,164,799 shares of Common Stock, which consisted of (i) 36,596 shares of Common Stock held by Intracoastal, (ii) 1,630,435
shares of Common Stock issuable upon exercised of Intracoastal Warrant 1 and (iii) 497,768 shares of Common Stock in the aggregate issuable upon exercise of the Other Intracoastal Warrant, and all such shares of Common Stock in the aggregate
represent beneficial ownership of approximately 4.0% of the Common Stock, based on (1) 33,071,657 shares of Common Stock outstanding as of February 14, 2017 as reported by the Issuer, plus (2) 19,385,869 shares of Common Stock issued
at the closing of the transaction contemplated by the SPA as reported by the Issuer, (3) 1,630,435 shares of Common Stock issuable upon exercised of Intracoastal Warrant 1 and (4) 497,768 shares of Common Stock in the aggregate issuable
upon exercise of the Other Intracoastal Warrants. The foregoing excludes 1,428,572 shares of Common Stock issuable upon exercise of Intracoastal Warrant 2 because Intracoastal Warrant 2 is not exercisable until June 24, 2017. Assuming
Intracoastal Warrant 2 was currently exercisable, each of the Reporting Persons may have been deemed to have beneficial ownership of 3,593,371 shares of Common Stock.
(c)
Number of shares as to
which each Reporting Person has:
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(1)
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Sole power to vote or to direct the vote:
0
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(2)
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Shared power to vote or to direct the vote:
2,164,799
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(3)
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Sole power to dispose or to direct the disposition of
0
.
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(4)
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Shared power to dispose or to direct the disposition of
2,164,799
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Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of
more than 5 percent of the class of securities, check the following ☒.
Item 6. Ownership of More than Five Percent on Behalf of
Another Person.
Not applicable.
Page 6 of 9
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on
By the Parent Holding Company
Not applicable.
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of
Dissolution of Group
Not applicable.
Item 10. Certification
By signing
below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.
Page 7 of 9
SIGNATURE
After reasonable 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.
Date: February 21, 2017
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/s/ Mitchell P. Kopin
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Mitchell P. Kopin
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/s/ Daniel B. Asher
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Daniel B. Asher
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Intracoastal Capital LLC
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By:
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/s/ Mitchell P. Kopin
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Mitchell P. Kopin, Manager
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Page 8 of 9
Exhibit 1
JOINT FILING AGREEMENT
The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that
all subsequent amendments to this statement on Schedule 13G may be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others,
except to the extent that he or it knows or has reason to believe that such information is inaccurate.
Date: February 21, 2017
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/s/ Mitchell P. Kopin
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Mitchell P. Kopin
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/s/ Daniel B. Asher
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Daniel B. Asher
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Intracoastal Capital LLC
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By:
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/s/ Mitchell P. Kopin
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Mitchell P. Kopin, Manager
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Page 9 of 9