Current Report Filing (8-k)
September 12 2017 - 10:36AM
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):
September 7, 2017
NanoVibronix, Inc.
(Exact name of registrant as specified in its charter)
Delaware
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001-36445
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01-0801232
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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525 Executive Boulevard
Elmsford, New York
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10523
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including
area code: (914) 233-3004
(Former name or former address, if changed since last report)
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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))
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
As previously reported, since March 1,
2017, NanoVibronix, Inc. (the “
Company
”) has completed a series of bridge financings, pursuant to
which the Company has received aggregate proceeds of $1,230,000 in exchange for convertible promissory notes in the aggregate
principal amount of $1,230,000 (collectively, the “
2017 Notes
”) and seven-year warrants to purchase
an aggregate of 492,000 shares of the Company’s common stock at an exercise price of $5.90 per share. The principal
amount and all accrued but unpaid interest on each 2017 Note become due and payable on the earlier of the (i) 5-year
anniversary of the date of issuance, or (ii) the date the Company completes an equity financing pursuant to which the Company
issues and sells shares of capital stock resulting in aggregate proceeds of at least $2,000,000 (a “
Qualified
Financing
”). As of September 11, 2017, the aggregate outstanding principal amount of the 2017 Notes and accrued
but unpaid interest thereon was $1,254,301.
On September 7, 2017, the Company entered
into letter agreements with the holders of the 2017 Notes (collectively, the “
Letter Agreements
”), pursuant
to which each such holder agreed that, notwithstanding anything in the 2017 Note to the contrary, in the event the Company consummates
a Qualified Financing prior to December 31, 2017, pursuant to a firm commitment underwritten offering that results in the Company’s
common stock being contemporaneously listed on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market or the Nasdaq
Global Select Market upon the closing date of such Qualified Offering, the entire outstanding principal and accrued but unpaid
interest on its 2017 Note will be automatically converted into shares of the same class and series of the Company’s equity
securities sold on the closing date in such Qualified Financing at a price per share equal to the lesser of: (a) 80% of the price
per share at which such securities are sold in such Qualified Financing and (b) $5.90 per share.
In addition, pursuant to the Letter Agreements,
the holders of the 2017 Notes agreed to enter into a 180-day lock-up agreement, the release from which is subject to prior written
consent of the managing underwriter, commencing on the date of the final prospectus relating to the registration by the Company
of shares of its common stock or any other equity securities under the Securities Act of 1933, as amended, on a registration statement
on Form S-1.
To the extent that the conversion of the
2017 Notes causes any holder thereof to beneficially own more than 9.99% of the Company’s common stock, such holder may elect
to receive shares of the Company’s Series C Convertible Preferred Stock in lieu of common stock or common stock equivalents.
The foregoing description of the Letter
Agreements is qualified in its entirety by the full text of the form of such documents, which is filed as Exhibit 10.1 to this
Current Report on Form 8-K and incorporated in this Item 1.01 by reference.
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Item 2.03.
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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The information provided in Item 1.01 of
this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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NanoVibronix, Inc.
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Date: September 12, 2017
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By:
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/s/ Stephen Brown
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Name: Stephen Brown
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Title: Chief Financial Officer
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