Celyad Oncology SA
Entry into a Material Definitive Agreement.
On
September 11, 2020, Celyad Oncology SA (the “Company”) entered into an Open Market Sale AgreementSM (the “Sales Agreement”), with Jefferies LLC (“Jefferies”)
with respect to an at-the-market offering program under which the Company may offer and sell, from time to time at its sole discretion, American Depositary Shares, each
representing one (1) ordinary share, no nominal value, having an aggregate offering price of up to $25,000,000 (the “ADSs”) through Jefferies as its sales agent. The issuance and sale, if any, of the ADSs by the Company under the
Agreement will be made pursuant to the Company’s effective registration statement on Form F-3 (Registration Statement No. 333-248464).
Jefferies may sell the ADSs by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) of the Securities
Act of 1933, as amended, including, without limitation, sales made through The Nasdaq Global Select Market (“Nasdaq”) or on any other existing trading market for the ADSs. Jefferies will use commercially reasonable efforts to sell the ADSs
from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay Jefferies a commission equal to four percent (4%) of the
gross sales proceeds of any ADSs sold through Jefferies under the Sales Agreement, and also has provided Jefferies with customary indemnification and contribution rights.
The Company is not obligated to make any sales of ADSs under the Sales Agreement. The Company or Jefferies may suspend or terminate the offering of ADSs upon
notice to the other party and subject to other conditions. Jefferies will act as sales agent on a commercially reasonable efforts basis consistent with its normal trading and sales practices and applicable state and federal law, rules and
regulations and the rules of Nasdaq.
The foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to
the full text of the Sales Agreement, a copy of which is filed herewith as Exhibit 1.1 to this Report on Form 6-K and is incorporated herein by reference. A copy of the legal opinion of CMS DeBacker SCRL, the
Company’s Belgian counsel, relating to the legality of the issuance of the ordinary shares pursuant to the Agreement is attached as exhibit 5.1 hereto.
This Report on Form 6-K shall not constitute an offer to sell or the solicitation of an offer to buy the securities
discussed herein, nor shall there be any offer, solicitation, or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
The information contained in this Form 6-K and including the exhibits hereto is hereby incorporated by reference
into the Company’s Registration Statements on Form F-3 (File No. 333-248464) and S-8 (File No. 333-220737).