Item 1.01 Entry into a Material Definitive Agreement
On
Pursuant to the terms of the Inducement Letters, the Company agreed to amend the
Existing Warrants by lowering the exercise price of the Existing Warrants to
Each New Warrant is exercisable into shares of Common Stock at a price per share of $0.2152, will initially be exercisable six months following its date of issuance (the "Initial Exercise Date"), and will expire on the fifth anniversary of the Initial Exercise Date. Subject to limited exceptions, a holder of New Warrants will not have the right to exercise any portion of its New Warrants if the holder (together with such holder's affiliates, and any persons acting as a group together with such holder or any of such holder's affiliates) would beneficially own a number of shares of Common Stock in excess of 4.99% (or, upon election by a holder prior to the issuance of any Warrants, 9.99%) of the shares of Common Stock then outstanding. At the holder's option, upon notice to the Company, the holder may increase or decrease this beneficial ownership limitation not to exceed 9.99% of the shares of Common Stock then outstanding, with any such increase becoming effective upon 61 days' prior notice to the Company.
The Company has engaged
The
The Company has also agreed to file a registration statement covering the resale of the shares of Common Stock underlying the New Warrants no later than 90 calendar days following the date of the Inducement Letters.
The foregoing descriptions of the New Warrants and Inducement Letters do not purport to be complete and are qualified in their entirety by reference to the full text of the New Warrants and Inducement Letters, forms of which are filed herewith as Exhibits 4.1 and 10.1, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
Item 3.03 Material Modification to Rights of Security Holders.
The information set forth in Item 1.01 is incorporated herein by reference.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 4.1 Form of New Warrant 10.1 Form of Inducement Letter 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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