Report of Foreign Issuer (6-k)
August 05 2020 - 9:22AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For
the month of August 2020
Commission
File Number: 001-38064
Aeterna
Zentaris Inc.
(Translation
of registrant’s name into English)
315
Sigma Drive, Summerville, South Carolina, USA 29486
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F [X] Form
40-F [ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1): [ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (7): [ ]
This
Report on Form 6-K, including the exhibits hereto, shall be deemed incorporated by reference into the Registrant’s Registration
Statements on Form F-3 (File No. 333-232935) and Forms S-8 (File Nos. 333-224737, 333-210561, 333-200834) and to be a part thereof
from the date on which this Report is filed, to the extent not superseded by documents or Reports subsequently filed or furnished.
Other
Information
On
August 3, 2020, Aeterna Zentaris Inc. (the “Company”) entered into a securities purchase agreement (the
“Securities Purchase Agreement”) with certain institutional investors in the United States to purchase 12,427,876
common shares, no par value (the “Common Shares”), at $0.56325 per share in a registered direct offering (the
“Registered Offering”) and warrants to purchase up to 9,320,907 common shares (the “Investor
Warrants”) in a concurrent private placement (the “Private Placement” and collectively with the Registered
Offering, the “Offering”). The Registered Offering was made pursuant to the Company’s registration
statement on (File No. 333-232935) (the “Registration Statement”), which was declared effective with the
Securities Exchange Commission on August 15, 2019. The Investor Warrants and our Common Shares issuable upon the exercise of
the Investors Warrants are not being registered under the Securities Act of 1933, as amended (the “Securities
Act”), are not being offered pursuant to the Registration Statement, and are being offered pursuant to the exemption
provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder. The Investor Warrants will be
exercisable immediately following the issuance date and have an exercise price of $0.47 per share. The Investor Warrants will
expire five and a half years from the date of issuance. As soon as practicable (and in any event within 30 calendar days of
the closing of the Offering), the Company will file a registration statement on Form F-1 providing for the resale by the
purchasers of the Common Shares issued and issuable upon exercise of the Investor Warrants. The gross proceeds to the Company
from the Offering are estimated to be approximately $7.0 million before deducting the placement agent’s fees and other
estimated offering expenses, and excluding the proceeds, if any, from the exercise of the Investor Warrants. The Offering is
expected to close on or about August 5, 2020, subject to the satisfaction of customary closing conditions.
H.C.
Wainwright & Co., LLC (the “Placement Agent”) served as the sole placement agent for the offering pursuant to
an engagement agreement, dated June 10, 2020, between the Company and Placement Agent, as amended on July 1, 2020 (the “Engagement
Agreement”). Pursuant to the Engagement Agreement, the Company agreed to pay the Placement Agent an aggregate of 7.25% of
the gross proceeds of the offering, a management fee of 1.0% of the gross proceeds of the offering, and to reimburse the Placement
Agent for certain expenses. The Company also agreed to issue to the Placement Agent warrants (the “Placement Agent Warrants”)
to purchase 869,952 shares of our Common Shares, which have substantially the same terms as the Investor Warrants, except that
the Placement Agent Warrants will have an exercise price of $0.7040625 per Common Share and will expire on August 3, 2025.
The
Company intends to use the net proceeds from the Offering for general corporate purposes, which includes, among other purposes,
the funding of a pediatric clinical trial in the E.U. and U.S. for Macrilen™ (macimorelin), the investigation of further
therapeutic uses of macimorelin and the expansion of pipeline development activities.
The
Engagement Agreement and the Securities Purchase Agreement contain customary representations and warranties, agreements and obligations,
conditions to closing and termination provisions.
The
foregoing descriptions of the Investor Warrant, Securities Purchase Agreement, Engagement Agreement and Placement Agent Warrants
are qualified in their entirety by reference to the full text of the forms thereof. Copies of the form of Investor Warrant and
the form of Securities Purchase Agreement dated as of August 3, 2020, between the Company and the purchasers signatory thereto
are attached hereto as Exhibits 99.1 and 99.2, respectively. A copy of the Engagement Agreement between the Company and the Placement
Agent dated June 10, 2020 is attached hereto as Exhibit 99.3, an amendment thereto, dated July 1, 2020, is attached
hereto as Exhibit 99.4, and the form of Placement Agent Warrant is attached hereto as Exhibit 99.5. A copy of
the opinion of Stikeman Elliott LLP relating to the securities is attached as Exhibit 99.6.
Exhibits
SIGNATURE
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, thereunto duly authorized.
|
Aeterna
Zentaris Inc.
|
|
(Registrant)
|
|
|
Date:
August 5, 2020
|
/s/
Leslie Auld
|
|
Leslie
Auld
|
|
Senior
Vice President and CFO
|
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