Current Report Filing (8-k)
March 13 2020 - 6:06AM
Edgar (US Regulatory)
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): March 10, 2020
AYTU
BIOSCIENCE, INC.
(Exact name of registrant as specified in its charter)
Delaware
|
|
001-38247
|
|
47-0883144
|
(State or other jurisdiction
of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer
Identification No.)
|
373
Inverness Parkway, Suite 206
Englewood,
CO 80112
(Address of principal executive offices, including Zip Code)
Registrant’s
telephone number, including area code: (720) 437-6580
N/A
(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))
|
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, par value $0.0001 per share
|
|
AYTU
|
|
The
NASDAQ Stock Market LLC
|
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 Entry into a Material Definitive Agreement.
On March 10, 2020, Aytu BioScience, Inc. (the
“Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with an institutional
investor (the “Purchaser”), pursuant to which the Company agreed to sell and issue, in a registered direct offering,
an aggregate of (i) 4,450,000 shares of the Company’s common stock (the “Common Stock”) at a purchase price per
share of $1.15 (the “Shares”) and (ii) pre-funded warrants to purchase up to 3,376,087 shares of Common Stock (the
“Pre-Funded Warrants”) at an effective price of $1.15 per share ($1.1499 paid to the Company upon the closing of the
offering and $0.0001 to be paid upon exercise of such Pre-Funded Warrants), for aggregate gross proceeds to the Company of approximately
$9.0 million, before deducting placement agent fees and other offering expenses payable by the Company (the “Registered Offering”).
The Pre-Funded Warrants are exercisable immediately upon issuance and remain exercisable until exercised in full. The Shares and
Pre-Funded Warrants are being offered by the Company pursuant to an effective shelf registration statement on Form S-3, which was
originally filed with the Securities and Exchange Commission (the “SEC”) on November 22, 2017, as amended, and was
declared effective on December 1, 2017 (File No. 333-221735) (the “Registration Statement”) and a prospectus supplement
thereunder. The Registered Offering is expected to close on or about March 13, 2020, subject to customary closing conditions.
Pursuant to a letter agreement dated as of
January 3, 2020, as amended, the Company engaged H.C. Wainwright & Co., LLC (“Wainwright”) to act as its exclusive
placement agent in connection with the Registered Offering. The Company has agreed to pay Wainwright 7.5% of the aggregate gross
proceeds in the Registered Offering, excluding the proceeds, if any, from the exercise of the Purchase Warrants. The Company also
agreed to pay Wainwright a management fee of 1.0% of the aggregate proceeds in the Registered Offering and to reimburse Wainwright
for certain expenses in connection with the Registered Offering in an aggregate amount not to exceed $50,000. In addition, the
Company agreed to pay Wainwright $40,000 for non-accountable expenses and $12,900 for clearing fees. The Company also agreed to
issue to the placement agent (or its designees) warrants to purchase up to 508,696 shares of common stock (the “Placement
Agent Warrants”) as part of the compensation payable to it. The Placement Agent Warrants will be substantially on the same
terms as the Pre-Funded Warrants, except that the Placement Agent Warrants are not pre-funded, will have an exercise price of $1.4375
per share and will expire five years from the effective date of the Registered Offering.
The foregoing descriptions of the Purchase
Agreement, the Pre-Funded Warrants and the Placement Agent’s Warrants are not complete and are qualified in their entireties
by reference to the full text of the Purchase Agreement, the Pre-Funded Warrants and the Placement Agent’s Warrants, copies
of which are filed herewith as Exhibit 10.1, Exhibit 4.1, Exhibit 4.2, respectively, to this Current Report on Form 8-K and are
incorporated by reference herein. On March 11, 2020, the Company also issued a press release announcing the Registered Offering.
A copy of the press release is attached as Exhibit 99.1 hereto.
A copy of the legal opinion of Dorsey &
Whitney LLP relating to the Shares, the Pre-Funded Warrants, the Placement Agent Warrants and the shares of common stock underlying
the Pre-Funded Warrants and the Placement Agent Warrants is attached as Exhibit 5.1 hereto.
Item 9.01
Financial Statements and Exhibits.
(d)
The following exhibit is being filed herewith:
*In accordance with General Instruction B.2 of Form 8-K, the information
in the press release attached as Exhibit 99.1 hereto shall not be deemed to be “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such filing.
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 hereunto duly authorized.
|
|
|
AYTU
BIOSCIENCE, INC.
|
|
|
|
|
|
Date:
|
March
12, 2020
|
|
By:
|
/s/
Joshua R. Disbrow
|
|
|
|
|
Joshua
R. Disbrow
|
|
|
|
|
Chief
Executive Officer
|
2
AYTU BioPharma (NASDAQ:AYTU)
Historical Stock Chart
From Mar 2024 to Apr 2024
AYTU BioPharma (NASDAQ:AYTU)
Historical Stock Chart
From Apr 2023 to Apr 2024