Neurobiological Technologies Inc /CA/ - Securities Registration: Employee Benefit Plan (S-8)
September 17 2008 - 2:06PM
Edgar (US Regulatory)
As filed with the Securities and Exchange Commission on September 17, 2008
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
NEUROBIOLOGICAL TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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94-3049219
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(State or Other Jurisdiction
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(I.R.S. Employer Identification No.)
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of Incorporation or Organization)
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2000 Powell Street, Suite 800, Emeryville, California 94608
(Address of Principal Executive Offices)
2003 Equity Incentive Plan
Stand-Alone Inducement Option*
(Full Title of the Plan)
* See explanatory note on following page
Paul E. Freiman
Chief Executive Officer
2000 Powell Street, Suite 800
Emeryville, California 94608
(Name and Address of Agent For Service)
Copy to:
Stephen C. Ferruolo, Esq.
Ryan A. Murr, Esq.
Goodwin Procter LLP
4365 Executive Drive, Suite 300
San Diego, CA 92121
Telephone: (858) 202-2770
Facsimile: (858) 457-1255
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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CALCULATION OF REGISTRATION FEE
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Amount
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Proposed Maximum
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Proposed Maximum
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Amount of
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Title of Securities
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to be
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Offering Price
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Aggregate
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Registration
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to be Registered
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Registered (1)
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per Share (2)
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Offering Price
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Fee
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Common Stock, par value $0.001
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3,350,000
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$
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1.60
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$
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5,360,000
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$
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210.65
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(1)
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Pursuant to Rule 416(a) of the Securities Act of 1933, this registration statement also
covers any additional securities that may be offered or issued in connection with any stock
split, stock dividend or similar transaction under the anti-dilution provisions of the
registrants 2003 Equity Incentive Plan or the forms of awards granted thereunder or the terms
and conditions of the inducement award to which this registration statement relates. Each
share of common stock registered hereunder includes certain purchase rights issued pursuant to
that certain Rights Agreement, dated as of May 19, 2005, as amended on November 2, 2007,
between the registrant and American Stock Transfer & Trust Company.
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(2)
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Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457 of
the Securities Act of 1933, and based on a weighted average of (A) an option exercise price of
$1.10 per share for 111,000 options currently outstanding, (B) an option exercise price of
$1.35 per share for 222,000 options currently outstanding, (C) an option exercise price of
$2.08 per share for 500,000 options currently outstanding, (D) an option exercise price of
$2.47 per share for 150,000 options currently outstanding, (E) an option exercise price of
$3.00 per share for 572,000 options currently outstanding, and (F) an option exercise price of
$1.00 per share (the average of the high and low sale prices of the Registrants Common Stock,
as quoted on the NASDAQ Capital Market, on September 16, 2008) for the remaining 1,795,000
shares registered hereby.
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EXPLANATORY NOTE:
This Registration Statement on Form S-8 is being filed by the registrant to register (i) 3,200,000
shares of common stock issuable under the registrants Amended and Restated 2003 Equity Incentive
Plan (the
Plan
) pursuant to an amendment to the Plan that was approved by the registrants
stockholders on May 30, 2008, and (ii) 150,000 shares of common stock issuable under a previously
announced stand-alone inducement stock option award granted on April 1, 2008 to the registrants
Vice President and Chief Financial Officer.
Part II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents previously filed by us with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934 are hereby incorporated by reference in this
registration statement and made a part hereof:
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1.
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Our Annual Report on Form 10-K for the year ended June 30, 2008;
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2
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Our Current Reports on Form 8-K filed with the SEC on July 2, 2008 and August 13, 2008; and
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3.
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The description of our common stock contained in our registration statement on Form 8-A
filed with the SEC on January 14, 1994, including any amendment or report filed for the
purpose of updating such description.
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All documents filed by the registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934 subsequent to the effective date of this Registration Statement,
prior to the filing of a post-effective amendment to this Registration Statement indicating that
all securities offered hereby have been sold or deregistering all securities then remaining unsold,
shall be deemed to be incorporated by reference herein and to be a part hereof from the date of
filing of such documents, except as to information filed under items 2.02 or 7.01 of Form 8-K. Any
statement contained herein or in any document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any such statement so modified or superseded shall not be deemed to constitute a
part of this Registration Statement, except as so modified or superseded.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
The legality of the issuance of the common stock being offered hereby is being passed upon by
Goodwin Procter LLP, San Diego, California. Stephen C. Ferruolo, a partner of Goodwin Procter LLP,
currently serves as our corporate secretary.
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Item 6. Indemnification of Directors and Officers.
The registrants Certificate of Incorporation, as amended (the Certificate) limits the
liability of its directors for monetary damages for breach of their fiduciary duty as directors,
except for liability that cannot be eliminated under the General Corporation Law of the State of
Delaware. Delaware law provides that directors of a company will not be personally liable for
monetary damages for breach of their fiduciary duty as directors, except for liability (i) for any
breach of their duty of loyalty to the company or its stockholders, (ii) for acts or omissions not
in good faith or involving intentional misconduct or a knowing violation of law, (iii) for unlawful
payment of a dividend or unlawful stock repurchase or redemption, as provided in Section 174 of the
Delaware law, or (iv) for any transaction for which the director derived an improper personal
benefit.
The registrants Certificate also provides that the registrant will indemnify its directors
and officers to the fullest extent permitted by Delaware law and, together with the registrants
Bylaws, provides that the registrant shall fully indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action, suit or proceeding
(whether civil, criminal, administrative or investigative) by reason of the fact that such person
is or was a director or officer of the registrant, or is or was serving at the request of the
registrant as a director or officer of another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise, against expenses (including attorneys fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by such person in connection
with such action, suit or proceeding. The Certificate also empowers the Board of Directors to
provide, at its option, similar indemnification to employees or agents of the registrant. The
registrant has entered into separate indemnification agreements with its directors and officers
that could require the registrant, among other things, to indemnify them against certain
liabilities that may arise by reason of their status or service as directors and officers and to
advance their expenses incurred as a result of any proceeding against them as to which they could
be indemnified
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
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Exhibit
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No.
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Description
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4.1
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(1)
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Form of Common Stock Certificate
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4.2
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(2)
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Rights Agreement, dated as of May 19, 2005, by and between Neurobiological
Technologies, Inc. and American Stock Transfer & Trust Company as Rights Agent,
which includes: as Exhibit A thereto, the Form of Certificate of Designation of
Rights, Preferences and Privileges of Series RP Stock of Neurobiological
Technologies, Inc.; as Exhibit B thereto, the Form of Right Certificate; and, as
Exhibit C thereto, the Summary of Rights to Purchase Series RP Preferred Shares.
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4.3
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(3)
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Amendment No. 1 to Rights Agreement, dated November 2, 2007, by and between
Neurobiological Technologies, Inc. and American Stock Transfer & Trust Company,
as Rights Agent.
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5.1
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Opinion of Goodwin Procter LLP
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23.1
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Consent of Independent Registered Public Accounting Firm
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23.2
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Consent of Goodwin Procter LLP (filed as a part of Exhibit 5.1)
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24.1
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Power of attorney (set forth on signature page)
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99.1
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(4)
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Neurobiological Technologies, Inc. Amended and Restated 2003 Equity Incentive Plan
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99.2
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Inducement Stock Option Agreement between Neurological Technologies, Inc. and
Matthew M. Loar
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(1)
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This exhibit is filed as an exhibit to the Registrants Annual Report on Form 10-K for the
fiscal year ended June 30, 2008, filed on September 16, 2008.
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(2)
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This exhibit is filed as an exhibit to the Registrants Registration Statement on Form 8-A
filed May 20, 2005 and is incorporated herein by reference.
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(3)
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This exhibit is filed as an exhibit to the Registrants Registration Statement on Form 8-A/A
filed November 5, 2007 and is incorporated herein by reference.
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(4)
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This exhibit is filed as an appendix to the Registrants Definitive Proxy Statement on
Schedule 14A, filed with the Commission on April 3, 2008, and is incorporated herein by
reference.
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Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the Calculation of Registration Fee table in the effective registration
statement;
(iii) To include any material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such information in the
registration statement;
Provided, however
, that Paragraphs (a)(1)(i) and (a)(1)(ii) of this section shall not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or
section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are
incorporated by reference in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.
(4) That, for the purpose of determining liability under the Securities Act of 1933 to any
purchaser: each prospectus filed pursuant to Rule 424(b) as part of a registration statement
relating to an offering, other than registration statements relying on Rule 430B or other than
prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the
registration statement as of the date it is first used after effectiveness; provided, however, that
no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the
registration statement or prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such first use, supersede or modify any
statement that was made in the registration statement or prospectus that was part of the
registration statement or made in any such document immediately prior to such date of first use.
(5) That, for the purpose of determining liability of the registrant under the Securities Act of
1933 to any purchaser in the initial distribution of the securities:
The undersigned registrant undertakes that in a primary offering of securities of the undersigned
registrant pursuant to this registration statement, regardless of the underwriting method used to
sell the securities to the purchaser, if the securities are offered or sold to such purchaser by
means of any of the following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering
required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the
undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any other free writing prospectus relating to the offering containing material
information about the undersigned registrant or its securities provided by or on behalf of the
undersigned registrant; and
(iv) Any other communication that is an offer in the offering made by the undersigned registrant to
the purchaser.
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(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrants annual report pursuant to section
13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plans annual report pursuant to section 15(d) of the Securities Exchange
Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
(h) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the city of Emeryville, State of California,
on September 17, 2008.
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Neurobiological Technologies, Inc.
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By:
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Matthew M. Loar
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Matthew M. Loar
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Vice President and Chief Financial Officer
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POWER OF ATTORNEY
Each of the undersigned hereby constitutes and appoints each of Paul E. Freiman and
Matthew M. Loar as his attorney-in-fact, with power of substitution, in his name and in the
capacity indicated below, to sign any and all further amendments (including post-effective
amendments) to this registration statement on Form S-8 and to file the same, with exhibits
thereto and other documents in connection therewith, with the Securities and Exchange
Commission, hereby ratifying and confirming that said attorney-in-fact, or his substitute or
substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement
has been signed by the following persons in the capacities and on the date indicated.
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Signature
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Title
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Date
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/s/ Paul E. Freiman
Paul E. Freiman
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Director, President and Chief Executive Officer
(Principal Executive Officer)
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September 17, 2008
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/s/ Matthew M. Loar
Matthew M. Loar
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Vice President and Chief Financial Officer
(Principal Accounting and Financial Officer)
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September 17, 2008
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/s/ Abraham E. Cohen
Abraham E. Cohen
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Chairman of the Board
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September 17, 2008
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/s/ Theodore L. Eliot, Jr.
Theodore L. Eliot, Jr.
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Director
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September 17, 2008
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/s/ William A. Fletcher
William A. Fletcher
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Director
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September 17, 2008
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/s/ F. Van Kasper
F. Van Kasper
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Director
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September 17, 2008
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/s/ Abraham D. Sofaer
Abraham D. Sofaer
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Director
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September 17, 2008
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/s/ John B. Stuppin
John B. Stuppin
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Director
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September 17, 2008
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EXHIBIT INDEX
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Exhibit
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No.
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Description
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4.1
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(1)
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Form of Common Stock Certificate
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4.2
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(2)
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Rights Agreement, dated as of May 19, 2005, by and between Neurobiological
Technologies, Inc. and American Stock Transfer & Trust Company as Rights Agent,
which includes: as Exhibit A thereto, the Form of Certificate of Designation of
Rights, Preferences and Privileges of Series RP Stock of Neurobiological
Technologies, Inc.; as Exhibit B thereto, the Form of Right Certificate; and, as
Exhibit C thereto, the Summary of Rights to Purchase Series RP Preferred Shares.
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4.3
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(3)
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Amendment No. 1 to Rights Agreement, dated November 2, 2007, by and between
Neurobiological Technologies, Inc. and American Stock Transfer & Trust Company,
as Rights Agent.
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5.1
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Opinion of Goodwin Procter LLP
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23.1
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Consent of Independent Registered Public Accounting Firm
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23.2
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Consent of Goodwin Procter LLP (filed as a part of Exhibit 5.1)
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24.1
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Power of attorney (set forth on signature page)
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99.1
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(4)
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Neurobiological Technologies, Inc. Amended and Restated 2003 Equity Incentive Plan
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99.2
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Inducement Stock Option Agreement between Neurological Technologies, Inc. and
Matthew M. Loar
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(1)
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This exhibit is filed as an exhibit to the Registrants Annual Report on Form 10-K for the
fiscal year ended June 30, 2008, filed on September 16, 2008.
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(2)
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This exhibit is filed as an exhibit to the Registrants Registration Statement on Form 8-A
filed May 20, 2005 and is incorporated herein by reference.
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(3)
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This exhibit is filed as an exhibit to the Registrants Registration Statement on Form 8-A/A
filed November 5, 2007 and is incorporated herein by reference.
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(4)
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This exhibit is filed as an appendix to the Registrants Definitive Proxy Statement on
Schedule 14A, filed with the Commission on April 3, 2008, and is incorporated herein by
reference.
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