Current Report Filing (8-k)
January 23 2019 - 4:27PM
Edgar (US Regulatory)
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): January 21, 2019
INTERNATIONAL STEM CELL CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware
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000-51891
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20-4494098
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification Number)
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5950 Priestly Drive, Carlsbad, California 92008
(Address of principal executive offices, including zip code)
(760)
940-6383
(Registrants telephone number, including area code)
(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17
CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b)
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☐
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Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CAR
240.13e-4(c))
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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. ☐
Item 1.01
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Entry into a Material Definitive Agreement.
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On January 21, 2019, International Stem Cell Corporation (the Company) entered into a Note Conversion Agreement with Dr. Andrey
Semechkin, the Companys
Co-Chairman
and Chief Executive Officer (the Conversion Agreement). The Conversion Agreement provides for the conversion of a total of $1,048,638.89 (representing
$1,000,000 of principal and $48,638.89 of accrued interest, representing all accrued interest on the amount owed to Dr. Semechkin) under the promissory note issued to Dr. Semechkin on August 8, 2018 (the Original Note)
into a total of 599,222 shares of the Companys common stock, representing a conversion price of $1.75 per share. Under the Conversion Agreement, the remaining $1,000,000 owned to Dr. Semechkin under the Original Note has been reflected in
a new unsecured,
non-convertible
promissory note in the principal amount of $1,000,000 (the New Note). The outstanding principal amount under the New Note accrues interest at a rate of four and
one-half
percent (4.5%) per annum. The New Note is due and payable on January 15, 2020, but may be
pre-paid
by the Company without penalty at any time.
The foregoing descriptions of the Conversion Agreement and the New Note are subject to, and qualified in their entirety by, such documents attached hereto as
Exhibit 10.1, which is incorporated herein by reference
Item 3.02
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Unregistered Sales of Equity Securities.
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The information included in Item 1.01 above is incorporated by reference into this Item 3.02.
On November 14, 2018, the Company filed its Quarterly Report on Form
10-Q
for the quarterly period ended
September 30, 2018 (the Quarterly Report), reporting 6,771,425 shares of common stock outstanding as of November 9, 2018.
Through
January 21, 2019, the Company has issued a total of an additional 749,222 shares of common stock (including the 599,222 shares discussed in Item 1.01) in transactions that were not registered under the Securities Act of 1933, resulting in an
increase in the number of shares of common stock outstanding by more than 5% compared to the number of shares outstanding as reported in the Quarterly Report. On November 15, 2018, the Company issued 150,000 shares to the holders of Series
I-1
Convertible Preferred Stock upon the conversion of a portion of the shares of Series
I-1
Convertible Preferred Stock held by such holders, with a conversion price of
$1.75 per share. These shares of common stock issued upon conversion of the shares of Series
I-1
Convertible Preferred Stock were issued in reliance upon the exemption from registration in
Section 3(a)(9) of the Securities Act of 1933. As noted in Item 1.01, on January 21, 2019, the Company issued 599,222 shares of common stock upon conversion of a portion of the Companys outstanding indebtedness and all accrued
interest. The shares of common stock issued upon such conversion were issued in a private transaction in reliance upon the exemption from registration in Section 4(a)(2) of the Securities Act of 1933.
Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits
Signature(s)
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.
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INTERNATIONAL STEM CELL CORPORATION
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Date: January 23, 2019
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By:
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/s/ Sophia Garnette
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Sophia Garnette
Vice President, Legal
Affairs and Operations
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