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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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) November 22, 2024
INDAPTUS
THERAPEUTICS, INC.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-40652 |
|
86-3158720 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
3
Columbus Circle 15th Floor
New York |
|
10019 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
(646)
427-2727
(Registrant’s
telephone number, including area code)
(Former
name or former address, if changed since last report)
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 (see General Instruction A.2. below):
| ☐ |
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)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
| Common
Stock, $0.01 par value |
|
INDP |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in 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. |
On
November 22, 2024, Indaptus Therapeutics, Inc., a Delaware corporation (the “Company”), entered into securities purchase
agreements (the “Purchase Agreements”) with certain institutional and accredited investors (the “Purchasers”).
The Purchase Agreements provide for the sale and issuance by the Company of an aggregate of: (i) 1,817,017 shares (the “Shares”)
of the Company’s common stock, $0.01 par value (the “Common Stock”) in a registered direct offering and (ii) warrants
to purchase 1,817,017 shares of Common Stock in a private placement (the “Warrants”). The Shares and Warrants are being sold
on a combined basis for consideration of $1.175 for one Share and a Warrant to purchase one share of Common Stock. The exercise price
of the Warrants is $1.05 per share. One of the Purchasers is the Company’s Chief Executive Officer, who has agreed to purchase
42,553 Shares and Warrants to purchase 42,553 shares of Common Stock (the “Affiliate Securities”) at the same price and upon
the same terms as the other Purchasers.
The
Shares are being offered pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-267236) and a related
prospectus supplement filed with the Securities and Exchange Commission on November 22, 2024. The Warrants and the shares of Common Stock
issuable upon the exercise of the Warrants (the “Warrant Shares”) were not registered under the Securities Act of 1933, as
amended (the “Securities Act”), and were offered pursuant to the exemption provided in Section 4(a)(2) under the Securities
Act and/or Rule 506(b) promulgated thereunder.
The
Warrants are immediately exercisable upon issuance and will expire five years following the date of issuance. The Warrants contain standard
adjustments to the exercise price including for stock splits, stock dividends and reorganizations. In lieu of making the cash payment
otherwise contemplated to be made upon exercise in payment of the aggregate exercise price, the holder may, in the event the Warrant
Shares are not registered under the Securities Act, elect instead to receive upon such exercise (either in whole or in part) the net
number of shares of Common Stock determined according to a formula set forth in the Warrants. Under the terms of the Warrants, a holder
(together with its affiliates) may not exercise any portion of its Warrant to the extent that the holder would beneficially own more
than 4.99% or 9.99%, depending on the individual investor, of the outstanding Common Stock immediately after exercise (the “Beneficial
Ownership Limitation”), except that upon at least 61 days’ prior notice from the holder to the Company, the holder may increase
the Beneficial Ownership Limitation, provided that the Beneficial Ownership Limitation in no event exceeds 19.99%.
Pursuant
to the Purchase Agreements, the Company has agreed to file a registration statement within 60 days of the date of the Purchase Agreements
to register the Warrant Shares for resale. The Company has also agreed to use commercially reasonable efforts to cause such registration
statement to become effective within 90 days following the closing date of the offering and to use commercially reasonable efforts to
keep such registration statement effective at all times until the earlier of (i) the
date that no Purchaser owns any Warrants or Warrant Shares issuable upon exercise thereof and (ii)
the two year anniversary of the closing date.
The
foregoing description of the Purchase Agreements and Warrant is not complete and is qualified in its entirety by reference to the full
text of the Purchase Agreements and Warrants, a form of each of which is filed as Exhibits 10.1 and 10.2 to this Current Report on Form
8-K (“Form 8-K”) and are incorporated by reference herein.
Latham
& Watkins LLP, counsel to the Company, has issued an opinion to the Company, dated November 22, 2024, regarding the validity of the
Shares. A copy of the opinion is filed as Exhibit 5.1 to this Form 8-K.
Paulson
Investment Company, LLC (“Paulson”) served as the exclusive placement agent for the issuance and sale of securities of the
Company pursuant to a Placement Agency Agreement (the “PAA”) between the Company and Paulson. As compensation for such placement
agent services, the Company has agreed to pay Paulson an aggregate cash fee equal to 7.0% of the gross proceeds received by the Company
from the offering (excluding the Affiliate Securities), and a non-accountable expense of $25,000. In addition, Paulson is entitled to
certain tail rights for a period of one year following the termination or expiration of the PAA. As additional compensation to Paulson,
the Company issued to the Placement Agent (or its designees) a warrant (the “Placement Agent Warrants”)
to purchase an aggregate of 124,212
shares of Common Stock (the
“Placement Agent Warrant Shares”) at
an exercise price per share equal to $1.3125. The Placement Agent Warrants are exercisable
six months from the date of issuance and expires on the fifth anniversary of the issue date. The PAA contains certain customary representations
and warranties and indemnification obligations of the Company and Paulson.
The
foregoing description of the PAA and Placement Agent Warrants are
not complete and are qualified in their entirety by reference to the full text of the PAA and the
form of Placement Agent Warrant, which are filed
as Exhibits 1.1 and 4.3 to this Form 8-K, respectively, and are incorporated by reference herein.
This
Form 8-K shall not constitute an offer to sell or the solicitation of any 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.
| Item
3.02. | Unregistered
Sales of Equity Securities. |
The
information contained above in Item 1.01 relating to the Warrants, Warrant Shares,
Placement Agent Warrants
and Placement Agent Warrant Shares are incorporated
by reference into this Item 3.02 in its entirety. Based in part upon the representations of the Purchasers in the Purchase Agreements
and Paulson in the PAA, the offering and sale of the Warrants and Placement Agent Warrants
will be exempt from registration under Section 4(a)(2) of the
Securities Act and/or Rule 506 of Regulation D promulgated under the Securities Act. The sales of the Warrants and the shares of Common
Stock issuable upon exercise of the Warrants and Placement Agent Warrants will
not be registered under the Securities Act or any state securities laws, and the Warrants and the shares of Common Stock issuable upon
exercise of the Warrants and Placement Agent Warrants may
not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption
from the registration requirements.
On
November 22, 2024, the Company issued a press release announcing the pricing of the registered direct offering and private placement
described above in Item 1.01.
A
copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item
9.01. |
Financial
Statements and Exhibits. |
(d)
Exhibits.
SIGNATURES
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 hereunto duly authorized.
Date:
November 22, 2024
| |
INDAPTUS THERAPEUTICS, INC. |
| |
|
|
| |
By: |
/s/
Nir Sassi |
| |
Name: |
Nir
Sassi |
| |
Title: |
Chief
Financial Officer |
Exhibit
1.1
October
29, 2024
STRICTLY
CONFIDENTIAL
Jeffrey
Meckler
Indaptus
Therapeutics, Inc.
3
Columbus Circle, 15th Floor
New
York, NY 10019
PLACEMENT
AGENT AGREEMENT
This
Placement Agent Agreement (“Agreement”) is made by and between Indaptus Therapeutics, Inc., (the “Company”),
and Paulson Investment Company, LLC, a Delaware limited liability company (the “Placement Agent”), as of the date
first above written. The Company hereby engages the Placement Agent to assist the Company as its exclusive placement agent in arranging
a private placement of its equity securities (the “Securities”), on terms to be determined by the parties hereto (the
“Offering”). The terms of the Offering will be more fully described in the definitive transaction documents pertaining
to the Offering, to be prepared by the Company.
NOW,
THEREFORE, the parties hereto, based on the foregoing and the mutual covenants set forth below and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, do hereby agree as follows:
1. Services.
(a) The
Placement Agent shall offer participation in the Offering to its clients and other persons who or that the Placement Agent or the Company
or any of their respective officers, directors, employees or affiliates reasonably believes are “accredited investors” as
defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933 (“Reg D”), as amended (the “Securities
Act”). Any such potential investor in the Offering, including entities controlled by or advised by the Placement Agent, its
clients, and their respective affiliates, who or that is first introduced to the Company by the Placement Agent and participates in the
Offering, shall be considered a qualified investor (collectively, the “Qualified Investors”) and all persons (natural
or otherwise) who participate in the Offering shall be considered Qualified Investors for the purposes of Section 2 hereof. A list of
Qualified Investors to whom Paulson introduced the Offering and who the Company confirms were first introduced to the Company by the
Placement Agent (each, a “Tail Investor”) will be provided to the Company after the final closing of the Offering
or upon termination of this Agreement, and shall be subject to the Company’s confirmation that such investors were first introduced
to the Company by the Placement Agent. Each person on this list will be considered a Tail Investor; provided that any investors that
were not first introduced to the Company by the Placement Agent shall not be considered a Tail Investor; provided, further, that any
investors that were identified as a Tail Investor for purposes of the July PAA (as defined below) shall not be considered a Tail Investor
under this Agreement.
(b) The
Company shall cooperate with the Placement Agent in connection with and shall make available to the Placement Agent such documents and
other information as the Placement Agent shall reasonably request in order to satisfy its due diligence requirements. The Company shall
make members of management and other employees available to the Placement Agent as the Placement Agent shall reasonably request for purposes
of satisfying the Placement Agent’s due diligence requirements and consummating the Offering. The Company shall also make its Chief
Executive Officer, Chief Financial Officer, and other key management members available to attend a reasonable number of virtual investor
presentations, as determined by the Placement Agent, and shall commit such time and other resources as are reasonably necessary or appropriate
to secure the reasonable and timely success of the Offering.
(c) The
Company shall be responsible for the drafting of the Company’s confidential offering documents referred to herein as the offering
materials (“Offering Materials”), which shall include relevant subscription documents or securities purchase agreement
and related investment materials to be used in connection with the Offering. If the Company requests assistance in drafting such materials,
the Placement Agent may assist in the drafting process, but the Company assumes ultimate responsibility for the accuracy of all information
in the Offering Materials.
(d) The
Placement Agent will deliver completed subscription agreements to the Company prior to the closing of the Offering. The Placement Agent
acknowledges that the Company may determine, in its sole discretion, whether to accept an offer of subscription to the Offering by a
Qualified Investor. Notwithstanding the foregoing, unless the Company has a specific objection to any particular Qualified Investor being
an equity investor or creditor of the Company (for example, the investor competes with or is affiliated with a competitor of the Company,
is known to be disreputable or dishonest, or for other, legitimate investor-specific reasons), the Company shall accept offers of subscription
from Qualified Investors.
2. Compensation
Payable to the Placement Agent.
(a) The
Company shall, at the closing of the Offering (each a “Closing”), as compensation for the services provided by the
Placement Agent hereunder, pay the Placement Agent a cash commission equal to 7% of the gross proceeds received by the Company from Qualified
Investors from such Closing (the “Cash Fee”); provided, that the Placement Agent shall not be paid any Cash Fee for
Securities sold to directors or executive officers of the Company at Closing.
(b) The
Placement Agent hereby agrees that it shall not be entitled to, and waives any right to receive, any compensation payable pursuant to
that certain Placement Agent Agreement, dated as of July 23, 2024 (the “July PAA”), by and between the Company and
the Placement Agent, for any Securities sold in the Offering to persons who are tail investors identified pursuant to Section 1(a) of
the July PAA.
(c) At
the date of the final Closing, the Placement Agent shall be issued Placement Agent Warrants (“PA Warrants”). The PA
Warrants shall be exercisable to purchase a number of shares equal to 7% of the sum of the total number of shares of Common Stock sold
in the Offering and the total number of shares of Common Stock underlying pre-funded warrants sold in the Offering, if any.
(d) The
PA Warrants shall have the same terms as the common stock warrants sold to the investors in the Offering except that the exercise price
shall be 125% of the exercise price of the common stock warrants sold to the investors in the Offering, and shall have an expiration
date of five years from the issue date of the common stock warrants sold to the investors in the Offering.
(e) The
Placement Agent shall not be entitled to any Cash Fee or PA Warrants with respect to Securities sold to the Company’s directors
and executive officers.
3. Term.
(a) Unless
earlier terminated as set forth herein, this Agreement will continue in full force and effect for a term expiring on November 30, 2024,
unless extended by the Company and the Placement Agent (the “Term”). Certain provisions of this Agreement survive
the termination of this Agreement as expressly provided elsewhere herein.
(b) Prior
to the end of the Term, (i) the Company may terminate this Agreement immediately and without notice in the event of a material breach
of this Agreement by the Placement Agent, and (ii) either party may terminate this Agreement upon one (1) business days’ prior
written notice to the other party for any reason. In the event the Company terminates this Agreement, the Placement Agent will be entitled
to all applicable Cash Fees and equity compensation provided for in Section 2 hereof, subject to any and all Closings, and the non-accountable
expense fee provided for in Section 9 hereof, earned prior to such termination. Additionally, in the event the Company terminates the
Agreement pursuant to Section 3(b)(ii) hereof, the Company agrees, subject to the Company’s satisfaction of certain disclosure
obligations to the prospective investors which would, if not satisfied, prevent a Closing, to close on any subscriptions (“Pending
Subscriptions”) that the Company has received on or prior to the date on which the termination is effective (the business day following
the day on which notice is given), and pay the Placement Agent its fees pursuant to Section 2; provided that this sentence shall not
apply if the Company’s Board of Directors determines, on the advice of legal counsel, that the Company’s disclosure obligations
cannot be satisfied at the time of such Closing. The Company shall not be required to accept any subscriptions for which funds have not
been received by the date on which notice of termination is given by the Company.
(c) If,
during the Term or within the one-year period immediately following the date of termination or expiration of this Agreement (the “Tail
Period”), the Company consummates a sale of its securities (whether debt or equity) to a Tail Investor (each such action, a
“Tail Event”) for which the Placement Agent would have been entitled to the compensation set forth in Section 2 of
this Agreement had the closing of the Tail Event occurred during the Term, then at the closing of each such Tail Event, the Company shall
pay the Placement Agent (i) the compensation as set forth in Section 2 hereof (including the PA Warrants), in the amounts equal to the
compensation that the Placement Agent would have earned from such Tail Event had the Company consummated the Tail Event prior to the
termination of this Agreement and (ii) if the Company terminates this Agreement pursuant to Section 3(b)(ii), the Placement Agent will
also be entitled to its non-accountable expense fee as contemplated by Section 9 hereof; For purposes of this Section 3(c), any person
controlled by, under common control with, or affiliated with a Tail Investor will be considered a Tail Investor. This Section 3(c) shall
survive the termination of this Agreement.
4. Performance.
In connection with the performance of its duties under this Agreement, the Placement Agent agrees as follows:
(a) The
Placement Agent shall act in a manner consistent with the instructions of the Company and comply with all applicable laws, whether foreign
or domestic, of each jurisdiction in which the Placement Agent proposes to carry on the business contemplated by this Agreement. The
Placement Agent shall not take any action or omit to take any action that would cause the Company to violate any material law or to jeopardize
the availability of any applicable exemption from registration under the Securities Act or the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). The Placement Agent is a member firm in good standing of the Financial Industry Regulatory Authority,
Inc. (“FINRA”) and has all authority and approvals needed to engage in securities trading and brokerage activities,
as well as providing investment banking and financial advisory services. The Placement Agent represents, warrants and agrees that it
shall at all times provide its services under this Agreement in compliance with applicable law, including but not limited to, conducting
the Offering in a manner intended to qualify it as exempt from the registration requirements of the Securities Act and any applicable
state and foreign laws and regulations.
(b) The
Placement Agent shall only provide the Offering Materials to potential investors and shall not make any additional statements that contain
an untrue statement of a material fact or omit to state any fact necessary to make any statement made by the Placement Agent not misleading
in light of the circumstances in which such statements are made.
(c) The
Placement Agent shall not provide any other information about the Company to any person or firm that, to the knowledge of the Placement
Agent, is a competitor of the Company or is an officer, director, employee, affiliate or investor in a competitor of the Company, or
a party adverse to the Company.
(d) Neither
the Placement Agent nor any of its representatives shall make any representation on behalf of the Company other than those contained
in the Offering Materials or any additional information expressly provided by the Company to the Placement Agent for dissemination to
potential investors. Neither the Placement Agent nor any of its representatives is authorized to act as the agent or representative of
the Company in any capacity, except as expressly set forth herein.
(e) The
Placement Agent shall use its best efforts to cause its officers, directors, employees and affiliates to comply with all of the foregoing
provisions of this Section 4.
5. Representations
and Warranties of the Parties.
(a) Each
of the representations and warranties (together with any related disclosure schedules thereto) made by the Company to the Qualified Investors
in the Securities Purchase Agreement (or similar document) to be entered into between the Company and each Qualified Investor (the “Securities
Purchase Agreement”), is hereby incorporated herein by reference (as though fully restated herein) and is, as of the date of
this Agreement, hereby made to, and in favor of, the Placement Agent. The Company further represents and warrants to the Placement Agent
that:
(i) The
execution and delivery of this Agreement, the observance and performance hereof and the payment of the Cash Fee and issuance of PA Warrants
will not result in any breach of, or default under, any instrument by which the Company is bound, or violate any law or order directed
to the Company of any court or any federal or state regulatory body or administrative agency having jurisdiction over the Company or
over its property.
(ii) The
Company is duly incorporated or organized and in good standing in DE, and is in authorized to conduct business in each state in which
it is required to be to conduct its business.
(iii) Neither
the Company nor any affiliated company, any director,
officer, nor any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis
of voting power meets any of the disqualification provisions set forth in Rule 506(d) of Reg D.
(iv) The
Company is not a party to any agreement which would preclude it from entering into this Agreement or paying the Cash Fee or PA Warrants
with respect to the sale of Securities in the Offering to any investor.
(b) The
Placement Agent represents and warrants to the Company that:
(i)
The Placement Agent is a limited liability company duly organized, validly existing and in good standing under the laws of the State
of Delaware and it has all requisite power and authority to enter into this Agreement and to carry out its obligations
hereunder.
(ii)
This Agreement has been duly authorized, executed and delivered by the Placement Agent and on its behalf and constitutes a valid and
legally binding obligation enforceable against the Placement Agent in accordance with its terms.
(iii)
The execution and delivery of this Agreement, the observance and performance hereof and the consummation of the transactions
contemplated hereby and by the Offering Materials do not and will not result in any breach of, or default under, any instrument or
agreement by which the Placement Agent is bound or violate any law or order directed to the Placement Agent of any court or any
federal or state regulatory body or administrative agency having jurisdiction over the Placement Agent or over its
property.
(iv)
The Placement Agent is duly registered as a broker-dealer with the United States Securities and Exchange Commission (the
“SEC”) pursuant to the Exchange Act, and no proceeding has been initiated to revoke such registration; the
Placement Agent is a member in good standing of FINRA; the Placement Agent is duly registered as a broker-dealer under the
applicable statutes, if any, in each state in which the Placement Agent proposes to offer or sell the Securities where such
registration is required; the Placement Agent shall be responsible for payment of compensation owed to any Sub-Agent, if any, which
Sub-Agent, if any, must be a member in good standing of FINRA and registered in each state where investors identified by such
Sub-Agent reside.
(v)
The Placement Agent has, in all material respects, complied and will comply with all broker-dealer requirements applicable to this
transaction; the Placement Agent is not in violation of any order of any court or regulatory authority applicable to it with respect
to the sale of the Securities.
(vi)
The Placement Agent has not taken, and will not take, any action, directly or indirectly, that may cause the Offering to fail to be
entitled to exemption from applicable state securities or “blue sky” laws.
(vii)
Neither the Placement Agent nor any of its representatives is authorized to make any representation on behalf of the Company other
than those contained in the Offering Materials or any additional information expressly provided by the Company to the Placement
Agent for dissemination to potential investors, nor is the Placement Agent or any of its representatives authorized to act as the
agent or representative of the Company in any capacity, except as expressly set forth herein.
(viii)
Neither the Placement Agent nor any of its affiliated entities, directors or officers meets any of the disqualification provisions
set forth in Rule 506(d) of Reg D.
6. Indemnification.
(a) The
Company agrees to indemnify and hold harmless the Placement Agent, its managers, officers, directors, partners, employees, agents, legal
counsel and any of its affiliates (each, a “Placement Agent’s Indemnified Party”) against any and all losses,
claims, damages, liabilities and expenses (including all legal or other expenses reasonably incurred by a Placement Agent’s Indemnified
Party) caused by or arising out of any misrepresentation or untrue statement or alleged misrepresentation or untrue statement of a material
fact contained in the Offering Materials or any other document furnished by the Company to the Placement Agent for delivery to or review
by the Qualified Investors, or the omission or the alleged omission to state in such documents furnished to the Qualified Investors a
material fact necessary in order to make the statements therein not misleading in light of the circumstances under which they were made,
to the extent such misstatements or omissions are made in reliance upon and in conformity with written information furnished by the Company
for use in the documents furnished to the Qualified Investors, including the Offering Materials (except to the extent such misrepresentations,
untrue statements or omissions are based on information provided to the Company by the Placement Agent or its affiliates); provided that
the Placement Agent’s Indemnified Party gives the Company notice of the potential claim as promptly as reasonably practicable following
the date the Placement Agent’s Indemnified Party is made aware of the claim. The Company agrees to reimburse the Placement Agent’s
Indemnified Party for any documented and reasonable expenses (including reasonable and documented fees and expenses of counsel) incurred
as a result of producing documents, presenting testimony or evidence, or preparing to present testimony or evidence (based upon time
expended by the Placement Agent’s Indemnified Party at its then current time charges or if such person shall have no established
time charges, then based upon reasonable charges), in connection with any court or administrative proceeding (including any investigation
which may be preliminary thereto) arising out of or relating to the performance by the Placement Agent’s Indemnified Party of any
obligation hereunder and relating to a matter for which the Company must provide indemnity to or hold harmless such Placement Agent’s
Indemnified Party pursuant to the provisions of this Section 6(a). In the event the Company shall be obligated to indemnify a Placement
Agent’s Indemnified Party in connection with any such proceeding, the Company shall be entitled to assume the defense of such proceeding,
with counsel approved by the Placement Agent’s Indemnified Party (which approval shall not be unreasonably withheld), upon the
delivery to the Placement Agent’s Indemnified Party of written notice of the Company’s election to do so.
(b) The
Placement Agent agrees to indemnify and hold harmless the Company, its managers, officers, directors, partners, employees, agents, legal
counsel and its affiliates (each, a “Company Indemnified Party”) against any and all losses, claims, damages and liabilities,
joint or several, and expenses (including all legal or other expenses reasonably incurred by a Company Indemnified Party) caused by or
arising out of any misrepresentation or untrue statement or alleged misrepresentation or untrue statement of a material fact made by
the Placement Agent or its affiliates to the Qualified Investors, or the Placement Agent’s omission or the alleged omission to
state to the Qualified Investors a material fact necessary in order to make statements made not misleading in light of the circumstances
under which they were made (except to the extent such misrepresentations, untrue statements or omissions are based on information provided
to the Placement Agent by the Company, including the Offering Materials or any other document furnished by the Company to the Placement
Agent for delivery to or review by the Qualified Investors), in each case to the extent, but only to the extent, that such untrue statement
or alleged untrue statement or omission or alleged omission was made in the Offering Materials or other document furnished to the Placement
Agent for delivery to or review by the Qualified Investors, in reliance upon and in conformity with written information furnished to
the Company by the Placement Agent or its affiliates expressly for use therein, provided that the Company Indemnified Party gives the
Placement Agent notice of the potential claim as promptly as reasonably practicable following the date the Company Indemnified Party
is made aware or is deemed to have been made aware of the claim. The Placement Agent agrees to reimburse the Company Indemnified Party
for any reasonable expenses (including reasonable fees and expenses of counsel) incurred as a result of producing documents, presenting
testimony or evidence, or preparing to present testimony or evidence (based upon time expended by the Company Indemnified Party at its
then current time charges or if such person shall have no established time charges, then based upon reasonable charges), in connection
with any court or administrative proceeding (including any investigation which may be preliminary thereto) arising out of or relating
to the performance by the Company Indemnified Party of any obligation hereunder and relating to a matter for which the Placement Agent
must provide indemnity to or hold harmless such Company Indemnified Party pursuant to the provisions of this Section 6(b). The Placement
Agent’s obligations under this Section 6(b) shall be limited to the net amount of Cash Fees paid or payable by the Company to the
Placement Agent and the amount of any expense reimbursement paid or payable by the Company to the Placement Agent under Section 10 of
this Agreement, other than in the case of fraud, intentional misrepresentation or willful breach by the Placement Agent. In the event
the Placement Agent shall be obligated to indemnify a Company Indemnified Party in connection with any such proceeding, the Placement
Agent shall be entitled to assume the defense of such proceeding, with counsel approved by the Company Indemnified Party (which approval
shall not be unreasonably withheld), upon the delivery to the Company Indemnified Party of written notice of the Placement Agent’s
election to do so.
(c) In
order to provide for just and equitable contribution under the Securities Act in any case in which (i) any person entitled to indemnification
under this Section 6 makes a claim for indemnification pursuant hereto but it is judicially determined (by the entry of a final judgment
or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced notwithstanding the fact that this Section 6 provides for indemnification in such case, or (ii) contribution
under the Securities Act may be required on the part of any such person in circumstances for which indemnification is provided under
this Section 6, then, and in each such case, the Company and the Placement Agent shall contribute to the aggregate losses, claims, damages
or liabilities to which they may be subject (after any contribution from others) in such proportion so that the Placement Agent is responsible
for the proportion that the amount of commissions appearing in the Offering Materials bears to the price appearing therein, and the Company
is responsible for the remaining portion; provided, that, in any such case, no person guilty of a fraudulent misrepresentation or omission
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation or omission.
(d) No
indemnified party identified in Sections 6(a) and 6(b) will settle, compromise, consent to the entry of any judgment in or otherwise
seek to terminate any action, claim, suit, investigation or proceeding referred to in Sections 6(a) and 6(b) without the prior written
consent of the applicable indemnitor. No indemnitor identified in Sections 6(a) and 6(b) will settle, compromise, consent to the entry
of any judgment in or otherwise seek to terminate any action, claim, suit, investigation or proceeding referred to in Sections 6(a) and
6(b) without the prior written consent of the applicable indemnified party. In no event will the consent in this Section 6(d) be unreasonably
withheld.
(e) The
respective indemnity agreements between the Placement Agent and the Company contained in this Section 6, and the representations and
warranties of the parties set forth in Section 5 or elsewhere in this Agreement, shall remain operative and in full force and effect,
regardless of any investigation made by or on behalf of the Company or Placement Agent, as the case may be, or by or on behalf of any
controlling person of the Placement Agent or the Company or any such manager, partner, officer or director or any controlling person
of the Company or the Placement Agent, as the case may be, and shall survive the delivery of the Securities, and any successor of the
Company and of the Placement Agent, or of any controlling person of the Company or the Placement Agent, as the case may be, shall be
entitled to the benefit of the respective indemnity agreements. The representations and warranties in Section 5 of this Agreement (but
not the indemnities contained in Section 6 hereof) shall terminate six months after the final Closing of the Offering.
7. Covenants
(a) The
Company covenants with the Placement Agent as follows:
(i)
The Company will notify the Placement Agent promptly, and confirm the notice in writing, of the initiation, subsequent to the
effective date of this Agreement, by the SEC or any state securities commission of any proceeding against the Company or any members
of the management team.
(ii)
The Company will give the Placement Agent notice of its intention to amend or supplement the Offering Materials.
(iii) The
Company will promptly notify the Placement Agent in the event any of the representations or warranties made by the Company in Section
5(a) and in the Securities Purchase Agreement are no longer true and accurate in all material respects.
(iv) If
any event shall occur as a result of which it is necessary, in the reasonable opinion of either or both of the Placement Agent and the
Company, to amend or supplement the Offering Materials in order to make the Offering Materials not misleading in the light of the circumstances
existing at the time they are delivered to a purchaser, the Company will forthwith amend or supplement the Offering Materials by preparing
and furnishing to the Placement Agent a reasonable number of copies of an amendment or amendments of, or a supplement or supplements
to, the Offering Materials (in form and substance reasonably satisfactory to the Placement Agent), so that, as so amended or supplemented,
the Offering Materials will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances existing at the time they are delivered to a purchaser, not misleading.
(v) The
Company will endeavor, in cooperation with the Placement Agent, to use an exemption from registering the Offering under the Securities
Act and to qualify the offer and sale of the Securities under the applicable securities laws of such states and other jurisdictions of
the United States as the Placement Agent and the Company agree to offer and sell the Securities, and will maintain such qualifications
in effect for so long as may be required for the distribution of the Securities. This will include, but not be limited to preparing and
filing Form D and notice filings with each state, as, if, and when appropriate.
(vi) The
Company will apply the net proceeds from the sale of the Securities sold by it hereunder substantially as contemplated by the Offering
Materials.
(vii) All
communications by the Company with the Placement Agent shall be with the Placement Agent’s President, legal counsel and/or designated
investment banker(s) with respect to the Offering.
(viii) The
Company will pay the Placement Agent the compensation to which it is entitled pursuant to Section 3(c) within 15 business days following
a Tail Event.
(ix) The
Company will issue the PA Warrants to the Placement Agent no later than 30 days after the final Closing of the Offering, conditioned
upon the Placement Agent’s delivery to the Company of a complete and final list of the designees’ names, addresses and number
of warrant shares allocated by the PA.
(x) [Reserved].
(xi) [Reserved].
(b) The
Placement Agent covenants and agrees that:
(i) It
will not give any information or make any representation in connection with the Offering of Securities that is not contained in the Offering
Materials.
(ii)
In making any offer of Securities, the Placement Agent agrees that it will comply with the provisions of the Securities Act and the
Exchange Act and the securities laws of each state, that it will not solicit offers to buy, or offer or sell, the Securities by any
form of general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) or in any
manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, that it will solicit offers for
Securities only from, and will offer Securities only to, investors that it reasonably believes are “accredited
investors” within the meaning of Rule 501(a) under the Securities Act or that are “qualified institutional buyers”
within the meaning of Rule 144A under the Securities Act, and that it and its authorized agents will offer to sell, or solicit
offers to subscribe for or buy, the Securities only in those states and other jurisdictions in the United States in which such
solicitations can be made in accordance with an applicable exemption from registration or qualification and in which the Placement
Agent is qualified to so act. Nothing contained herein shall limit the Placement Agent from offering to sell the Securities outside
the United States in compliance with applicable laws.
(iii) The
Placement Agent will promptly notify the Company in the event any of the representations or warranties made by the Placement Agent in
Section 5(b) are no longer true and accurate.
(iv) The
Placement Agent shall maintain all broker-dealer registrations, referred to above in Section 5(b)(iv) throughout the period in which
Securities are offered and sold.
(v) In
the event that, on or before any Closing, the Placement Agent becomes aware of any false statement of a fact or representation in the
Offering Materials, the Placement Agent shall promptly inform the Company of such false statement of fact or representation.
(vi) The
Placement Agent shall inform the Company of each date on which it first receives any subscription from prospective investors in each
particular state where the Securities are offered and shall not offer the Securities for sale in any state in which the offer or sale
requires prior notice or clearance from any state securities commission, bureau or agency thereon, unless the Company has confirmed that
such prior notice or clearance has been made or obtained.
8. Confidentiality.
Except in keeping with its obligations under this Agreement, the Placement Agent will maintain in confidence and will use only for the
purpose of fulfilling its obligations hereunder and will not use for its own benefit any inventions, confidential know-how, trade secrets,
financial information and other non-public information and data disclosed to it by the Company, and it will not divulge the same to any
other persons until such time as the information becomes a matter of public knowledge. The Placement Agent will use its best efforts
to prevent any unauthorized disclosure described above by others. This Section 8 will survive expiration or termination of this Agreement
indefinitely.
9. Expenses.
(a) The
Company shall pay the Placement Agent a non-accountable expense fee totaling $25,000 from the proceeds of the first Closing.
(b) The
Company shall pay all its expenses and costs incident to the performance of its obligations under this Agreement, including but not limited
to, its legal and accounting fees and shall be responsible for payment of all federal, state “blue sky”, FINRA and other
filings pertaining to the Offering.
10. Independent
Contractor; Duty Owed.
(a) The
Placement Agent shall perform its services hereunder as an independent contractor, and nothing in this Agreement shall in any way be
construed to constitute the Placement Agent the agent, employee or representative of the Company. Neither the Placement Agent nor any
agent acting on behalf of the Placement Agent will enter into any agreement or incur any obligations on the Company’s behalf or
commit the Company in any manner or make any representations, warranties or promises on the Company’s behalf or hold itself (or
allow itself to be held) as having any authority whatsoever to bind the Company without the Company’s prior written consent, or
attempt to do any of the foregoing.
(b) The
Company acknowledges that the Placement Agent is being engaged hereunder solely to provide the services described above to the Company,
and that it is not acting as a fiduciary of, and shall have no duties or liabilities to, the equity holders of the Company or any other
third party in connection with its engagement hereunder, all of which are hereby expressly waived.
11. Closing.
The obligations of the Placement Agent, and the closing of the sale of the Securities in the Offering, are subject to (a) the Placement
Agent’s timely and satisfactory completion of its due diligence examination of the Company; (b) the accuracy, when made and on
each closing date, of the representations and warranties on the part of the Company contained herein and in the Securities Purchase Agreement;
(c) the performance by the Company of its obligations hereunder; and (d) to each of the additional terms and conditions to closing in
the Securities Purchase Agreement to be entered into between the Company and each Qualified Investor. The Company and Placement Agent
agree that there will be multiple closings at dates and times sent by the Placement Agent to the Company, which will, at the Company’s
sole discretion, be subject to Company approval.
12. General.
(a) Applicable
Law and Jurisdiction. Any disputes arising under or relating to this Agreement shall be submitted to binding arbitration in the State
of New York under the auspices of FINRA Dispute Resolution. The decision of the arbitrator will be final, conclusive and binding on the
parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. The Company
and the Placement Agent shall each pay one-half of the costs and expenses of such arbitration, and each shall separately pay its counsel
fees and expenses.
(b) Covenant
against Assignment. This Agreement is personal to the parties hereto, and accordingly, except for the right to enforce the obligations
under Sections 2, 3, 6 and 7 hereunder (which right shall inure to the benefit of the successors and assigns of the aggrieved party),
neither this Agreement nor any right hereunder or interest herein may be assigned or transferred or charged by either party without the
express written consent of the other.
(c) Entire
Agreement; Amendment. This Agreement and the attached exhibits constitute the entire contract between the parties with respect to
the subject matter hereof and supersede any prior agreements between the parties. This Agreement may not be amended, nor may any obligation
hereunder be waived, except by an agreement in writing executed by, in the case of an amendment, each of the parties hereto, and, in
the case of a waiver, by the party waiving performance.
(d) No
Waiver. The failure or delay by a party to enforce any provision of this Agreement will not in any way be construed as a waiver of
any such provision or prevent that party from thereafter enforcing any other provision of this Agreement. The rights granted the parties
hereunder are cumulative and will not constitute a waiver of either party’s right to assert any other legal remedy available to
it.
(e) Survival.
Notwithstanding anything herein to the contrary, the covenants in Section 7(a) and the obligation to pay the compensation and expenses
described in Sections 2, 3(c), 6, and 9 will survive any termination or expiration of this Agreement. The termination of this Agreement
shall not affect the Company’s obligation to pay fees herein or to reimburse the expenses accruing prior to such termination to
the extent provided for herein. All such fees and reimbursements due shall be paid to the Placement Agent on or before the Termination
Date or upon the closing of the Offering as provided herein.
(f) Severability.
Should any provision of this Agreement be found to be illegal or unenforceable, the other provisions will nevertheless remain effective
and will remain enforceable to the greatest extent permitted by law.
(g) Notices.
Any notice, demand, offer, request or other communication required or permitted to be given by either the Company or the Placement Agent
pursuant to the terms of this Agreement must be in writing and will be deemed effectively given the earlier of (i) when received, (ii)
when delivered personally, (iii) one business day after being delivered by email or facsimile (with receipt of appropriate confirmation)
to the email address or number provided to the other party or such other address or number as a party may request by notifying the other
in writing, (iv) one business day after being deposited with an overnight courier service or (v) four business days after being deposited
in the U.S. mail, First Class with postage prepaid, and addressed to the party at the address previously provided to the other party
or such other address as a party may request by notifying the other in writing. The address for any notice is as follows: (1) if to the
Company, to the address set forth above, Attention: Jeffrey Meckler; and (2) if to the Placement Agent, to Paulson Investment Company,
LLC, 40 Wall St. 39th Fl. New York, NY 10005 Attention: Marta Wypych.
(h) Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will
constitute one and the same agreement. Facsimile copies or .pdf copies of signed signature pages will be deemed binding originals.
[SIGNATURES
SET FORTH ON THE FOLLOWING PAGE]
The
parties have executed this Placement Agent Agreement as of the date first written above.
| |
Indaptus
Therapeutics, Inc. |
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|
| |
By: |
/s/
Nir Sassi |
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Name:
|
Nir
Sassi |
| |
Title:
|
CFO |
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|
|
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PAULSON
INVESTMENT COMPANY, LLC |
| |
|
| |
By: |
/s/
Marta Wypych |
| |
Name: |
Marta
Wypych |
| |
Title: |
Head
of Investment Banking |
Signature
Page to Placement Agent Agreement
FIRST
AMENDMENT TO PLACEMENT AGENT AGREEMENT
This
First Amendment (this “Amendment”) to the Placement Agent Agreement is made by and between Indaptus Therapeutics,
Inc. (the “Company”), and Paulson Investment Company, LLC (the “Placement Agent”), on this 20th
day of November, 2024.
WHEREAS,
the parties previously entered into that certain Placement Agent Agreement, dated October 29, 2024 (the “Agreement”).
Capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Agreement.
WHEREAS,
the parties desire to amend the Agreement to change the compensation set forth in Section 2 of the Agreement.
NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth below, the parties agree as follows:
1. Compensation.
Section 2(d) of the Agreement is hereby amended and restated in its entirety as follows:
The
PA Warrants shall have the same terms as the common stock warrants sold to the investors in the Offering except that the exercise price
shall be 125% of the exercise price of the common stock warrants sold to the investors in the Offering, shall be exercisable six months
from the issue date and shall have an expiration date of five years from the issue date of the common stock warrants sold to the investors
in the Offering.
2. Ratification
of Agreement; Effect of Amendment. The Agreement, as amended by this Amendment, is hereby ratified and confirmed, and all other terms
and conditions of the Agreement not addressed in this Amendment shall remain in full force and effect; provided, however, that in the
event of a conflict between this Amendment and the Agreement, the provisions of this Amendment are paramount and supersede any such conflicting
provisions.
The
parties have executed this Amendment to Placement Agent Agreement as of the date first written above.
|
3.
INDAPTUS THERAPEUTICS, INC. |
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|
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By: |
/s/
Nir Sassi |
| |
|
Nir
Sassi |
| |
|
CFO |
| |
|
|
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PAULSON
INVESTMENT COMPANY, LLC |
| |
|
| |
By: |
/s/
Marta Wypych |
| |
|
Marta
Wypych |
| |
|
Head
of Investment Banking |
Exhibit 5.1
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200
Clarendon Street |
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Boston,
Massachusetts 02116 |
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Tel:
+1.617.948.6000 Fax: +1.617.948.6001 |
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www.lw.com |
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FIRM
/ AFFILIATE OFFICES |
 |
FIRM
/ AFFILIATE OFFICES |
|
Austin |
Milan |
| |
Beijing |
Munich |
| |
Boston |
New York |
| |
Brussels |
Orange County |
| |
Century City |
Paris |
| November 22, 2024 |
Chicago |
Riyadh |
| |
Dubai |
San Diego |
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Düsseldorf |
San Francisco |
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Frankfurt |
Seoul |
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Hamburg |
Silicon Valley |
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Hong Kong |
Singapore |
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Houston |
Tel Aviv |
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London |
Tokyo |
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Los Angeles |
Washington,
D.C. |
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Madrid |
|
Indaptus
Therapeutics, Inc.
3
Columbus Circle, 15th Floor
New
York, NY 10019
| Re: | Registration
Statement on Form S-3 (No. 333-267236); 1,817,017 shares of Common Stock, $0.01 par value
per share |
To
the addressee set forth above:
We
have acted as special counsel to Indaptus Therapeutics, Inc., a Delaware corporation (the “Company”), in connection
with the issuance of 1,817,017 shares (the “Shares”) of common stock, par value $0.01 per share, of the Company
(the “Common Stock”). The Shares are included in a registration statement on Form S-3 under the Securities
Act of 1933, as amended (the “Act”), filed with the Securities and Exchange Commission (the “Commission”)
on September 1, 2022 (Registration No. 333-267236) (the “Registration Statement”), a base prospectus dated
September 9, 2022 (the “Base Prospectus”) and a prospectus supplement dated November 22, 2024 filed with the
Commission pursuant to Rule 424(b) under the Act (together with the Base Prospectus, the “Prospectus”). The
Shares are being sold pursuant to securities purchase agreements dated as of November 22, 2024 by and between the Company and the purchasers
named therein (the “Purchase Agreements”). This opinion is being furnished in connection with the requirements
of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of
the Registration Statement or related Prospectus, other than as expressly stated herein with respect to the issue of the Shares.
As
such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter.
With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters
without having independently verified such factual matters. We are opining herein as to the General Corporation Law of the State of Delaware
(the “DGCL”), and we express no opinion with respect to the applicability thereto, or the effect thereon, of
the laws of any other jurisdiction or, in the case of Delaware, any other laws.
Subject
to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Shares shall have been
duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the purchaser, and have been issued
by the Company against payment therefor (not less than par value) in the circumstances contemplated by the Purchase Agreements, the issue
and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and the Shares will be validly
issued, fully paid and nonassessable. In rendering the foregoing opinion, we have assumed that the Company will comply with all applicable
notice requirements regarding uncertificated shares provided in the DGCL.
This
opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely
upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Company’s
Current Report on Form 8-K dated November 22, 2024 and to the reference to our firm in the Prospectus under the heading “Legal
Matters.” In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under
Section 7 of the Act or the rules and regulations of the Commission thereunder.
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Sincerely, |
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|
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/s/ Latham & Watkins
LLP |
Exhibit
10.1
SECURITIES
PURCHASE AGREEMENT
This
Securities Purchase Agreement (this “Agreement”) is dated as of November 22, 2024, between Indaptus Therapeutics,
Inc., a Delaware corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including
its successors and assigns, a “Purchaser” and collectively the “Purchasers”).
WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to (i) an effective registration statement under the Securities
Act (as defined below) as to the Shares, the Pre-Funded Warrants and Pre-Funded Warrant Shares and (ii) an exemption from the registration
requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D promulgated thereunder as to
the Common Warrants and Common Warrant Shares, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally
and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.
NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:
ARTICLE
I.
DEFINITIONS
1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms
have the meanings set forth in this Section 1.1:
“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.5.
“Action”
shall have the meaning ascribed to such term in Section 3.1(j).
“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person as such terms are used in and construed under Rule 405 under the Securities Act.
“Beneficial
Ownership Limitation” shall have the meaning ascribed to such term in Section 2.1.
“Board
of Directors” means the board of directors of the Company.
“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required
by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any
other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so
long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally
open for use by customers on such day.
“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.
“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties
thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s
obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the second (2nd) Trading
Day following the date hereof.
“Commission”
means the United States Securities and Exchange Commission.
“Common
Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.
“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.
“Common
Warrants” means, collectively, the Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance
with Section 2.2(a) hereof, which Common Warrants shall be exercisable immediately upon issuance and have a term of exercise equal to
five years, in the form of Exhibit A attached hereto.
“Common
Warrant Shares” means the shares of Common Stock issuable upon exercise of the Common Warrants.
“Company
Counsel” means Latham & Watkins LLP, with offices located at 200 Clarendon Street, 27th Floor, Boston, MA 02116.
“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and
before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the
date hereof, unless otherwise agreed as to an earlier time with the Placement Agent, and (ii) if this Agreement is signed between midnight
(New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date
hereof, unless otherwise agreed as to an earlier time with the Placement Agent.
“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).
“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company pursuant
to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority
of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) shares
of Common Stock upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such
securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise
price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend
the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested
directors of the Company, provided that such securities are issued as “restricted securities” (as defined in Rule 144) and
carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition
period in Section 4.12(a) herein, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person)
which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business
of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction
in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing
in securities, (d) securities issued under the Purchase Agreement, dated December 22, 2022, by and between the Company and Lincoln Park
Capital Fund, LLC and (e) securities of the Company issued and any securities issuable upon exercise of such securities pursuant to this
Agreement.
“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.
“FDA”
shall have the meaning ascribed to such term in Section 3.1(hh).
“FDCA”
shall have the meaning ascribed to such term in Section 3.1(hh).
“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).
“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(aa).
“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(p).
“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).
“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).
“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(n).
“Per
Share Purchase Price” equals $1.175, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Stock that occur after the date of this Agreement and prior to the Closing Date, provided
that the purchase price per Pre-Funded Warrant shall be the Per Share Purchase Price minus $0.01.
“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
“Pharmaceutical
Product” shall have the meaning ascribed to such term in Section 3.1(hh).
“Placement
Agent” means Paulson Investment Company, LLC.
“Pre-Funded
Warrants” means, collectively, the pre-funded Common Stock purchase warrants delivered to the Purchasers at the Closing in
accordance with Section 2.2(a) hereof, which Pre-Funded Warrants shall be exercisable immediately and will expire when exercised in full,
in the form of Exhibit B attached hereto.
“Pre-Funded
Warrant Shares” means the shares of Common Stock issuable upon exercise of the Pre-Funded Warrants.
“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.
“Prospectus”
means the final base prospectus filed for the Registration Statement, including all information, documents and exhibits filed with or
incorporated by reference into such prospectus.
“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act, including all information,
documents and exhibits filed with or incorporated by reference into such prospectus supplement, that is filed with the Commission and
delivered by the Company to each Purchaser at the Closing.
“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.
“Registration
Statement” means the effective registration statement on Form S-3 filed with the Commission (File No. 333-267236), including
all information, documents and exhibits filed with or incorporated by reference into such registration statement, which registers the
sale and issuance of the Shares, Pre-Funded Warrants and Pre-Funded Warrant Shares to the Purchasers.
“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).
“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.
“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.
“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).
“Securities”
means the Shares, the Warrants and the Warrant Shares.
“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement, but excluding the Warrant Shares.
“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be
deemed to include locating and/or borrowing shares of Common Stock).
“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares, Pre-Funded Warrants (if applicable) and Common
Warrants purchased hereunder as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading
“Subscription Amount,” in United States dollars and in immediately available funds (excluding for the avoidance of doubt,
if applicable, a Purchaser’s aggregate exercise price of the Pre-Funded Warrants, which amounts shall be paid as and when such
Pre-Funded Warrants are exercised for cash).
“Subsidiary”
means any subsidiary of the Company as set forth in the SEC Reports, and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof.
“Trading
Day” means a day on which the principal Trading Market is open for trading.
“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York
Stock Exchange (or any successors to any of the foregoing).
“Transaction
Documents” means this Agreement, the Warrants, all exhibits and schedules thereto and hereto and any other documents or agreements
executed in connection with the transactions contemplated hereunder.
“Transfer
Agent” means VStock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette Place,
Woodmere, New York 11598, and any successor transfer agent of the Company.
“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.12(b).
“Warrants”
means, collectively, the Common Warrants and the Pre-Funded Warrants.
“Warrant
Shares” means, the shares of Common Stock issuable upon exercise of the Warrants.
ARTICLE
II.
PURCHASE AND SALE
2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the
Purchasers, severally and not jointly, agree to purchase, an aggregate of $2,134,994.98 of Shares and Common Warrants, in the amounts
described on Schedule 1 hereto; provided, however, that to the extent that a Purchaser determines, in its sole discretion, that such
Purchaser (together with such Purchaser’s Affiliates, and any Person acting as a group together with such Purchaser or any of such
Purchaser’s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation, or as such Purchaser may otherwise
choose, in lieu of purchasing Shares, such Purchaser may elect, by so indicating such election prior to their issuance, to purchase Pre-Funded
Warrants in lieu of Shares in such manner to result in the same aggregate purchase price being paid by such Purchaser to the Company.
The “Beneficial Ownership Limitation” shall be 4.99% (or, with respect to each Purchaser, at the election of such
Purchaser at Closing, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance
of the Shares on the Closing Date. In each case, the election to receive Pre-Funded Warrants is solely at the option of the Purchaser.
Each Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall be made available
for “Delivery Versus Payment” (“DVP”) settlement with the Company or its designee. The Company shall deliver
to each Purchaser its respective Shares and a Common Warrant (and, if applicable, a Pre-Funded Warrant) as determined pursuant to Section
2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction
of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of Company Counsel or such
other location (including remotely by electronic transmission). Unless otherwise directed by the Placement Agent, settlement of the Shares
shall occur via DVP (i.e., on the Closing Date, the Company shall issue the Shares registered in the Purchasers’ names and addresses
and released by the Transfer Agent directly to the account(s) at the Placement Agent identified by each Purchaser; upon receipt of such
Shares, the Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser, and payment therefor shall
be made by the Placement Agent (or its clearing firm) by wire transfer to the Company). Notwithstanding anything herein to the contrary,
if at any time on or after the time of execution of this Agreement by the Company and an applicable Purchaser, through, and including
the time immediately prior to the Closing (the “Pre-Settlement Period”), such Purchaser sells to any Person all, or
any portion, of the Shares to be issued hereunder to such Purchaser at the Closing (collectively, the “Pre-Settlement Shares”),
such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to
be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares to such
Purchaser at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such Purchaser prior
to the Company’s receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further that the Company hereby
acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser as to whether or not during
the Pre-Settlement Period such Purchaser shall sell any shares of Common Stock to any Person and that any such decision to sell any shares
of Common Stock by such Purchaser shall solely be made at the time such Purchaser elects to effect any such sale, if any.
2.2
Deliveries.
(a)
On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:
(i)
this Agreement duly executed by the Company;
(ii)
a legal opinion of Company Counsel, directed to the Placement Agent and the Purchasers, in form and substance reasonably acceptable to
the Placement Agent and Purchasers;
(iii)
the Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and executed by the
Chief Executive Officer or Chief Financial Officer;
(iv)
subject to Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an
expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) Shares equal to
such Purchaser’s Subscription Amount divided by the Per Share Purchase Price (minus the number of shares of Common Stock issuable
upon exercise of such Purchaser’s Pre-Funded Warrant, if applicable) (rounded down to the nearest whole share), registered in the
name of such Purchaser;
(v)
if applicable, for each Purchaser of Pre-Funded Warrants pursuant to Section 2.1, a Pre-Funded Warrant registered in the name of such
Purchaser to purchase up to a number of shares of Common Stock equal to the portion of such Purchaser’s Subscription Amount applicable
to Pre-Funded Warrants divided by the Per Share Purchase Price minus $0.01 (rounded down to the nearest whole number), with an exercise
price equal to $0.01 per share of Common Stock, subject to adjustment therein;
(vi)
a Common Warrant registered in the name of such Purchaser to purchase up to a number of shares of Common Stock equal to 100% of such
Purchaser’s Shares and Pre-Funded Warrant Shares, if applicable, with an exercise price equal to $1.05 per share, subject to adjustment
therein; and
(vii)
the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).
(b)
On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:
(i)
this Agreement duly executed by such Purchaser;
(ii)
a duly executed investor questionnaire in the form attached hereto as Exhibit C;
(iii)
a duly executed selling stockholder questionnaire in the form attached hereto as Exhibit D and
(iv)
such Purchaser’s Subscription Amount (minus, if applicable, a Purchaser’s aggregate exercise price of the Pre-Funded Warrants,
which amounts shall be paid as and when such Pre-Funded Warrants are exercised for cash), which shall be made available for DVP settlement
with the Company or its designee.
2.3
Closing Conditions.
(a)
The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:
(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Purchasers contained herein (unless
such representation or warranty is as of a specific date therein in which case they shall be accurate in all material respects (or, to
the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) as of such date);
(ii)
all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
performed; and
(iii)
the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.
(b)
The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:
(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless
such representation or warranty is as of a specific date therein in which case they shall be accurate in all material respects (or, to
the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) as of such date);
(ii)
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;
(iii)
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;
(iv)
there shall have been no Material Adverse Effect with respect to the Company;
(v)
the Registration Statement shall be effective on the date of this Agreement and at the Closing Date, no stop order suspending the effectiveness
of the Registration Statement shall have been issued and no proceedings for that purpose shall have been instituted or shall be pending
or contemplated by the Commission and any request on the part of the Commission for additional information shall have been complied with
to the reasonable satisfaction of the Placement Agent; and
(vi)
from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall
not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such
service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities
nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such
magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of
such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.
ARTICLE
III.
REPRESENTATIONS AND WARRANTIES
3.1
Representations and Warranties of the Company. Except as set forth in the SEC Reports, which SEC Reports shall be deemed a part
hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the SEC Reports, the
Company hereby makes the following representations and warranties to each Purchaser:
(a)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth in the SEC Reports. The Company owns, directly
or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued
and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive
and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries
or any of them in the Transaction Documents shall be disregarded.
(b)
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any
Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or
other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good
standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned
by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could
not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction
Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise)
of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in
any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material
Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking
to revoke, limit or curtail such power and authority or qualification.
(c)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of
the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no
further action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith
other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been
(or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will
constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as
limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable
law.
(d)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby
do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles
of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that
with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or
assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments,
acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument
(evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by
which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict
with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or
governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations),
or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and
(iii), such as could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.
(e)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any
notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings
required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii) the notice
and/or application(s) to each applicable Trading Market for the issuance and sale of the Securities and the listing of the Shares and
Warrant Shares for trading thereon in the time and manner required thereby, (iv) the filing of Form D with the Commission and (v) such
filings as are required to be made under applicable state securities laws (collectively, the “Required Approvals”).
(f)
Issuance of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance with
the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed
by the Company. The Warrants have been duly authorized and, when executed and delivered by the Company against payment therefor pursuant
to the applicable Transaction Documents, will be valid and binding obligations of the Company enforceable against the Company in accordance
with their terms. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and
nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized capital stock the
maximum number of shares of Common Stock issuable pursuant to this Agreement and the Warrants. The Company has prepared and filed the
Registration Statement in conformity with the requirements of the Securities Act, which became effective on September 9, 2022, including
the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The Company was
at the time of the filing of the Registration Statement eligible to use Form S-3. The Company is eligible to use Form S-3 under the Securities
Act and it meets the transaction requirements with respect to the aggregate market value of securities being sold pursuant to this offering
and during the twelve (12) calendar months prior to this offering, as set forth in General Instruction I.B.6 of Form S-3. The Registration
Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement
or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been
instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations
of the Commission, shall file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration Statement
and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any
amendments thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will
not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading; and the Prospectus, and the Prospectus Supplement and any amendments or supplements thereto,
at the time the Prospectus, and the Prospectus Supplement or any amendment or supplement thereto was issued and at the Closing Date,
conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. All corporate action required to be taken for the authorization, issuance and
sale of the Securities has been duly and validly taken. The Securities conform in all material respects to all statements with respect
thereto contained in the Registration Statement, the Prospectus and the Prospectus Supplement.
(g)
Capitalization. The capitalization of the Company as of September 30, 2024 is as set forth in the SEC Reports. The Company has
not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise
of employee stock options under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant
to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding
as of the date of the most recently filed periodic report under the Exchange Act or pursuant to the Company’s existing “at
the market” facility or “equity line of credit” program. No Person has any right of first refusal, preemptive right,
right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as
a result of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls
or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable
for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock or the capital stock of any Subsidiary, or
contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional
shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary. The issuance and sale of the Securities will not
obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person (other than the Purchasers).
There are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion,
exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. There are no
outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are
no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security
of the Company or such Subsidiary. The Company does not have any stock appreciation rights or “phantom stock” plans or agreements
or any similar plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued,
fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding
shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval
or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. There
are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which
the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.
(h)
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the
two (2) years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material)
(the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus
and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”) on a timely basis or has
received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As
of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange
Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial
statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the
rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved
(“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited
financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position
of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.
(i)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result
in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables
and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be
reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company
has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property
to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company
has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company equity compensation plans.
The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance
of the Securities contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or
exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects,
properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities
laws at the time this representation is made or deemed made that has not been publicly disclosed at least one (1) Trading Day prior to
the date that this representation is made.
(j)
Litigation. Except as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation
pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”). None of the Actions set forth in the SEC Reports (i) adversely affects or challenges
the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable
decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director
or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities
laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the Commission involving the Company or any current or former director or officer of the Company. There are no Actions
required to be disclosed in the SEC Reports that have not been disclosed. The Commission has not issued any stop order or other order
suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities
Act.
(k)
Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe
that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary,
is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary
information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third
party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability
with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local
and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours,
except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.
(l)
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that
has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor
has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound
(whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator
or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental
authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational
health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be
expected to result in a Material Adverse Effect.
(m)
Environmental Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating
to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface
strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or
toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating
to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well
as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders,
permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”); (ii) have
received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses;
and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and
(iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.
(n)
Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate
federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports,
except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or
modification of any Material Permit.
(o)
Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them
and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially
interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries, and (ii) Liens for the payment
of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of
which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries
are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.
(p)
Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks,
trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights
and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which
the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None
of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights
has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date
of this Agreement. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included
within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe
upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge
of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any
of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy,
confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The Company has no knowledge of any facts that would preclude it from having
valid license rights or clear title to the Intellectual Property Rights. The Company has no knowledge that it lacks or will be unable
to obtain any rights or licenses to use all Intellectual Property Rights that are necessary to conduct its business.
(q)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses
and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including,
but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount. Neither the Company
nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase
in cost.
(r)
Transactions With Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company
or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to
any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract,
agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to
or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director
or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial
interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment
of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other
employee benefits, including stock option agreements under any stock option plan of the Company.
(s)
Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable requirements
of the Sarbanes-Oxley Act of 2002, as amended, that are effective as of the date hereof and as of the Closing Date, and any and all applicable
rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The
Company and the Subsidiaries maintain a system of internal accounting controls designed to provide reasonable assurance that: (i) transactions
are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted
only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the
Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company
and the Subsidiaries designed to ensure that information required to be disclosed by the Company in the reports it files or submits under
the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and
forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company
and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date,
the “Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange Act the
conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as
of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such
term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially
affect, the internal control over financial reporting of the Company and its Subsidiaries.
(t)
Certain Fees. Except for compensation payable by the Company to the Placement Agent, no brokerage or finder’s fees or commissions
are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment
banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no
obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated
in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.
(u)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration
under the Investment Company Act of 1940, as amended.
(v)
Registration Rights. Except as set forth in the SEC Reports, no Person has any right to cause the Company or any Subsidiary to
effect the registration under the Securities Act of any securities of the Company or any Subsidiary.
(w)
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and
the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. Other than as disclosed in the SEC Reports, the Company has not, in the 12 months preceding the date hereof, received
notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance
with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in
the foreseeable future continue to be, in compliance with all such listing and maintenance requirements. The Common Stock is currently
eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is
current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such
electronic transfer.
(x)
Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order
to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents) or the
laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company
fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of
the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.
(y)
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or
counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise
disclosed in the Prospectus or Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing
representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company
to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including
the SEC Reports , is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.
The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in Section 3.2 hereof.
(z)
No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers
or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities
to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of the
Common Warrants or Common Warrant Shares under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading
Market on which any of the securities of the Company are listed or designated.
(aa)
Solvency. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt
by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets exceeds
the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including known
contingent liabilities) as they mature, and (ii) the Company’s assets do not constitute unreasonably small capital to carry on
its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital
requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof.
As of the date hereof there are no material outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which
the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities
for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business),
(y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or
should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable
instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease
payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary
is in default with respect to any Indebtedness.
(bb)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income
and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii)
has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such
returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material
taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no
basis for any such claim.
(cc)
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any
agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful
payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate
funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf
of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA.
(dd)
Illegal or Unauthorized Payments; Political Contributions. Neither the Company, any Subsidiary nor any of the officers, directors,
employees, agents or other representatives of the Company or any other business entity or enterprise with which the Company is or has
been affiliated or associated, has, directly or indirectly, made or authorized any payment, contribution or gift of money, property,
or services, whether or not in contravention of applicable law, (i) as a kickback or bribe to any Person or (ii) to any political organization,
or the holder of or any aspirant to any elective or appointive public office except for personal political contributions not involving
the direct or indirect use of funds of the Company or any Subsidiary.
(ee)
Accountants. The Company’s independent registered public accounting firm is Haskell & White LLP. To the knowledge and
belief of the Company, such accounting firm is a registered public accounting firm as required by the Exchange Act and (ii) shall express
its opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ending December
31, 2024.
(ff)
Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers
is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar
capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or
any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby
is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to each Purchaser that the Company’s
decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the
transactions contemplated hereby by the Company and its representatives.
(gg)
Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding
(except for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been
asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the
Company, or “derivative” securities based on securities issued by the Company or to hold the Securities for any specified
term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales
or “derivative” transactions, before or after the closing of this or future private placement transactions, may negatively
impact the market price of the Company’s publicly-traded securities; (iii) any Purchaser, and counter-parties in “derivative”
transactions to which any such Purchaser is a party, directly or indirectly, presently may have a “short” position in the
Common Stock, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party
in any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage
in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during the
periods that the value of the Warrant Shares deliverable with respect to Securities are being determined, and (z) such hedging activities
(if any) could reduce the value of the existing stockholders’ equity interests in the Company at and after the time that the hedging
activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any
of the Transaction Documents.
(hh)
Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any
of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities
of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Placement Agent in connection with the placement
of the Securities.
(ii)
FDA. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under
the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured,
packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical
Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed
by the Company in compliance with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration,
investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices,
good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure
to be in compliance would not have a Material Adverse Effect. There is no pending, completed or, to the Company’s knowledge, threatened,
action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation)
against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has received any notice, warning letter
or other communication from the FDA or any other governmental entity, which (i) contests the premarket clearance, licensure, registration,
or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and
promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws
or orders the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical
hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company
or any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any of
its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries,
and which, either individually or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of
the Company have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations
of the FDA. The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United
States of any product proposed to be developed, produced or marketed by the Company.
(jj)
Stock Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance
with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of the
Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the
Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company
policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the
release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or
prospects.
(kk)
Cybersecurity. (i)(x) There has been no security breach or other compromise of or relating to any of the Company’s or any
Subsidiary’s information technology and computer systems, networks, hardware, software, data (including the data of its respective
customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively,
“IT Systems and Data”) and (y) the Company and the Subsidiaries have not been notified of, and has no knowledge of
any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and
Data; (ii) the Company and the Subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments,
orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations
relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use,
access, misappropriation or modification, except as would not, individually or in the aggregate, have a Material Adverse Effect; (iii)
the Company and the Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material
confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv) the Company
and the Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.
(ll)
Compliance with Data Privacy Laws. Each of the Company and its Subsidiaries is, and at all prior times was, in compliance with
all applicable state, federal, and international data privacy and security laws and regulations (collectively, the “Privacy
Laws”), except where the failure to so comply could not reasonably be expected to result in a Material Adverse Effect. To ensure
compliance with the Privacy Laws, each of the Company and its Subsidiaries has in place and take appropriate steps reasonably designed
to ensure compliance in all material respects with their policies and procedures relating to data privacy and security and the collection,
storage, use, disclosure, handling, and analysis of personal data (the “Policies”). Each of the Company and its Subsidiaries
has at all times made all disclosures to users or customers required by applicable laws and regulatory rules or requirements, and none
of such disclosures made or contained in any Policy have, to the knowledge of the Company, been inaccurate or in violation of any applicable
laws and regulatory rules or requirements, except for any disclosures, inaccuracies or violations that could not reasonably be expected
to result in a Material Adverse Effect. The Company further certifies that: (i) neither the Company nor any Subsidiary has received notice
of any actual or potential liability under or relating to, or actual or potential violation of, any of the Privacy Laws, and has knowledge
of any event or condition that could reasonably be expected to result in any such notice; (ii) neither the Company nor any Subsidiary
is currently conducting or paying for, in whole or in part, any investigation, remediation, or other corrective action pursuant to any
Privacy Law; or (iii) neither the Company nor any Subsidiary is a party to any order, decree, or agreement that imposes any obligation
or liability under any Privacy Law, in each case except as could not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect.
(mm)
Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director,
officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).
(nn)
U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within
the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.
(oo)
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company
Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly,
five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total
equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its
Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject
to the BHCA and to regulation by the Federal Reserve.
(pp)
Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”),
and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.
(qq)
Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no
registration under the Securities Act is required for the offer and sale of the Common Warrants or the Common Warrant Shares by the Company
to the Purchasers as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations
of the Trading Market.
(rr)
No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Common
Warrant or Common Warrant Shares by any form of general solicitation or general advertising. The Company has offered the Common Warrants
and Common Warrant Shares for sale only to the Purchasers and certain other “accredited investors” within the meaning of
Rule 501 under the Securities Act.
(ss)
No Disqualification Events. With respect to the Common Warrants and Common Warrant Shares to be offered and sold hereunder in
reliance on Section 4(a)(2) and/or Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer,
any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or
more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that
term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer
Covered Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii)
under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification
Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the
Purchasers a copy of any disclosures provided thereunder.
(tt)
Other Covered Persons. Other than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered Person)
that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any
Securities.
(uu)
Notice of Disqualification Events. The Company will notify the Purchasers and the Placement Agent in writing, prior to the Closing
Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time,
reasonably be expected to become a Disqualification Event relating to any Issuer Covered Person.
3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and
warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case
they shall be accurate as of such date):
(a)
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited
liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance
by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate,
partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to
which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof,
will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except:
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited
by applicable law.
(b)
Understandings or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct
or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this
representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or
otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the
ordinary course of its business. Such Purchaser understands that the Common Warrants and the Common Warrant Shares are “restricted
securities” and have not been registered under the Securities Act or any applicable state securities law and is acquiring such
Securities as principal for his, her or its own account and not with a view to or for distributing or reselling such Securities or any
part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any
of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement
or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities
Act or any applicable state securities law (this representation and warranty not limiting such Purchaser’s right to sell such Securities
pursuant to a registration statement or otherwise in compliance with applicable federal and state securities laws).
(c)
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each
date on which it exercises any Warrants, it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2),
(a)(3), (a)(7), (a)(8), (a)(9), (a)(12), or (a)(13) under the Securities Act or (ii) a “qualified institutional buyer” as
defined in Rule 144A(a) under the Securities Act.
(d)
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of
an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.
(e)
Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has deemed
necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the
Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition,
results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the
opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that
is necessary to make an informed investment decision with respect to the investment. Such Purchaser acknowledges and agrees that neither
the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect
to the Securities nor is such information or advice necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes
any representation as to the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public
information with respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the
Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to
such Purchaser.
(f)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has
not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser
was first contact about this offering by the Company or any other Person representing the Company setting forth the material terms of
the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case
of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other
portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion of assets
managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to
other Persons party to this Agreement or to such Purchaser’s representatives, including, without limitation, its officers, directors,
partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures
made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing,
for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect
to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.
(g)
General Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other
communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or
presented at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.
The
Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s
right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties
contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement
or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order
to effect Short Sales or similar transactions in the future.
ARTICLE
IV.
OTHER AGREEMENTS OF THE PARTIES
4.1
Removal of Legends.
(a)
The Common Warrants and Common Warrant Shares may only be disposed of in compliance with state and federal securities laws. In connection
with any transfer of Common Warrants or Common Warrant Shares other than pursuant to an effective registration statement or Rule 144,
to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require
the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company,
the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require
registration of such transferred Warrant under the Securities Act.
(b)
The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Common Warrants or Common
Warrant Shares in the following form:
NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL
INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY
SUCH SECURITIES.
The
Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Common Warrants or Common Warrant Shares to a financial institution
that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such
arrangement, such Purchaser may transfer pledged or secured Common Warrants or Common Warrant Shares to the pledgees or secured parties.
Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured
party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser’s
expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Common Warrants and Common
Warrant Shares may reasonably request in connection with a pledge or transfer of the Common Warrants or Common Warrant Shares.
(c)
Certificates evidencing the Common Warrant Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof):
(i) following any sale of such Common Warrant Shares pursuant to Rule 144 (assuming cashless exercise of the Common Warrants) or pursuant
to a registration statement, or (ii) if such Common Warrant Shares are eligible for sale under Rule 144 (assuming cashless exercise of
the Common Warrants) without the requirement for the Company to be in compliance with the current public information required under Rule
144 and without volume or manner-of-sale restrictions, or (iii) if such legend is not required under applicable requirements of the Securities
Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall use commercially
reasonable efforts to cause its counsel to issue a legal opinion to the Transfer Agent reasonably promptly in compliance with the preceding
sentence, if requested by a Purchaser. If all or any portion of a Common Warrant is exercised at a time when such Common Warrant Shares
may be sold under Rule 144 (assuming cashless exercise of the Common Warrants) without the requirement for the Company to be in compliance
with the current public information required under Rule 144 as to such Shares or Warrant Shares or if such legend is not otherwise required
under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the
Commission) then such Common Warrant Shares shall be issued free of all legends. The Company agrees that following such time as such
legend is no longer required under this Section 4.1(c), the Company will use commercially reasonable efforts to ensure that, no later
than two (2) Trading Days following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate representing Common
Warrant Shares, as applicable, issued with a restrictive legend (such date, the “Legend Removal Date”), deliver or
cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends. The
Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer
set forth in this Section 4. Common Warrant Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to
the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by
such Purchaser.
(d)
The Shares shall be issued free of legends. If all
or any portion of a Pre-Funded Warrant is exercised at a time when there is an effective registration statement to cover the issuance
or resale of the Pre-Funded Warrant Shares or if the Pre-Funded Warrant is exercised via cashless exercise, the Pre-Funded Warrant Shares
issued pursuant to any such exercise shall be issued free of all legends. If at any time following the date hereof the Registration Statement
(or any subsequent registration statement registering the sale or resale of the Pre-Funded Warrant Shares) is not effective or is not
otherwise available for the sale or resale of the Pre-Funded Warrant Shares, the Company shall immediately notify the holders of the
Pre-Funded Warrants in writing that such registration statement is not then effective and thereafter shall promptly notify such holders
when the registration statement is effective again and available for the sale or resale of the Pre-Funded Warrant Shares (it being understood
and agreed that the foregoing shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Pre-Funded Warrant
Shares in compliance with applicable federal and state securities laws). The Company shall use its best efforts to keep a registration
statement (including the Registration Statement) registering the issuance or resale of the Pre-Funded Warrant Shares effective during
the term of the Pre-Funded Warrants.
4.2
Furnishing of Information.
(a)
Until the earlier of the time that (i) no Purchaser owns Securities and (ii) the Common Warrants have expired, the Company covenants
to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed
by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements
of the Exchange Act.
4.3
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security
(as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would
require the registration under the Securities Act of the sale of the Common Warrants or Common Warrant Shares or that would be integrated
with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder
approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent
transaction.
4.4
Securities Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material
terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits
thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company
represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers
by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees, Affiliates or agents, including,
without limitation, the Placement Agent, in connection with the transactions contemplated by the Transaction Documents. In addition,
effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors,
employees, Affiliates or agents, including, without limitation, the Placement Agent, on the one hand, and any of the Purchasers or any
of their Affiliates on the other hand, shall terminate and be of no further force or effect. The Company understands and confirms that
each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. The Company and each
Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and
neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior
consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect
to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required
by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.
Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser
in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except
(a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to
the extent such disclosure is required by law or Trading Market regulations.
4.5
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person,
that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill
(including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by
the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving
Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.
4.6
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting
on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes
constitutes, material non-public information, unless prior thereto such Purchaser shall have consented in writing to the receipt of such
information and agreed in writing with the Company to keep such information confidential. The Company understands and confirms that each
Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company,
any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates delivers any material, non-public
information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that such Purchaser shall
not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, employees,
Affiliates or agents, including, without limitation, the Placement Agent, or a duty to the Company, any of its Subsidiaries or any of
their respective officers, directors, employees, Affiliates or agents, including, without limitation, the Placement Agent, not to trade
on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent
that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the
Company or any Subsidiaries, the Company shall simultaneously with the delivery of such notice file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant
in effecting transactions in securities of the Company.
4.7
Use of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder as described in the “Use
of Proceeds” section of the Prospectus Supplement.
4.8
Indemnification of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser
and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding
a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any
and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in
settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or
incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company
in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or
any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect
to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such
Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings
such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws
or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct),
or (c) in connection with any registration statement of the Company providing for the resale by the Purchasers of the Common Warrant
Shares issued and issuable upon exercise of the Common Warrants, the Company will indemnify each Purchaser Party, to the fullest extent
permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation,
reasonable and documented attorneys’ fees) and expenses, as incurred, arising out of or relating to (i) any untrue statement of
a material fact contained in such registration statement, any prospectus or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission of a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus or supplement thereto, in the light of the circumstances under
which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based
solely upon information regarding such Purchaser Party furnished in writing to the Company by such Purchaser Party expressly for use
therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law,
or any rule or regulation thereunder in connection therewith. If any action shall be brought against any Purchaser Party in respect of
which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the
Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party.
Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (x) the employment thereof
has been specifically authorized by the Company in writing, (y) the Company has failed after a reasonable period of time to assume such
defense and to employ counsel or (z) in such action there is, in the reasonable opinion of counsel, a material conflict on any material
issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for
the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under
this Agreement (1) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not
be unreasonably withheld or delayed; or (2) to the extent, but only to the extent that a loss, claim, damage or liability is attributable
to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party
in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments
of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity
agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or
others and any liabilities the Company may be subject to pursuant to law.
4.9
Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep
available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company
to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.
4.10
Listing of Common Stock. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Common Stock
on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote all
of the Shares and Warrant Shares on such Trading Market and promptly secure the listing of all of the Shares and Warrant Shares on such
Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will
then include in such application all of the Shares and Warrant Shares, and will take such other action as is necessary to cause all of
the Shares and Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take
all action reasonably necessary to continue the listing and trading of its Common Stock on a Trading Market and will comply in all respects
with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees
to maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing
corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing
corporation in connection with such electronic transfer.
4.11
Reserved.
4.12
Subsequent Equity Sales.
(a)
For thirty (30) days following the date hereof, neither the Company nor any Subsidiary shall (i) issue, enter into any agreement to issue
or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents or (ii) file any registration
statement or any amendment or supplement thereto, in each case other than the Prospectus Supplement or the filing of a registration statement
on Form S-8.
(b)
For ninety (90) days following the date hereof, the Company shall be prohibited from effecting or entering into an agreement to effect
any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or a combination of units thereof)
involving a Variable Rate Transaction. “Variable Rate Transaction” means a transaction in which the Company (i) issues
or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional
shares of Common Stock either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies
with the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or equity
securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial
issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the
business of the Company or the market for the Common Stock; provided, however, that, the entry into and/or issuance of shares of Common
Stock in an “equity line of credit” or “at-the-market” facility shall not be deemed a Variable Rate Transaction.
(c)
Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance.
4.13
Equal Treatment of Purchasers. No consideration (including any modification of this Agreement) shall be offered or paid to any
Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration is also offered
to all of the parties to this Agreement. For clarification purposes, this provision constitutes a separate right granted to each Purchaser
by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall
not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of
Securities or otherwise.
4.14
Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that
neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at
such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as
described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the
transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described
in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction. Notwithstanding
the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees
that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any
securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to
the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions
in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser
shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company, any of its Subsidiaries,
or any of their respective officers, directors, employees, Affiliates or agent, including, without limitation, the Placement Agent, after
the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets
and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions
of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the
portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.
4.15
Capital Changes. Until the one year anniversary of the Closing Date, the Company shall not undertake a reverse or forward stock
split or reclassification of the Common Stock without the prior written consent of the Purchasers holding a majority in interest of the
Shares other than a reverse stock split that is undertaken for the purpose of maintaining the listing of the Common Stock on the Trading
Market.
4.16
Exercise Procedures. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required
of the Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required
of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to
exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance with the terms,
conditions and time periods set forth in the Transaction Documents.
4.17
Form D; Blue Sky Filings. If applicable, the Company agrees to timely file a Form D with respect to the Common Warrant and Common
Warrant Shares as required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall
take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Common
Warrant and Common Warrant Shares for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws
of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.
4.18
Registration Statement. As soon as practicable (and in any event within sixty (60) calendar days following the date of this Agreement),
the Company shall file a registration statement on Form S-1 providing for the resale by the Purchasers of the Common Warrant Shares issued
and issuable upon exercise of the Common Warrants. The Company shall use commercially reasonable efforts to cause such registration statement
to become effective within ninety (90) days following the Closing Date (or, in the event of a review by the Commission, the one hundred
and twentieth (120th) calendar day following the Closing Date) and to use commercially reasonable efforts to keep such registration
statement effective at all times until the earlier of (i) the date that no Purchaser owns any Common Warrants or Common Warrant Shares
issuable upon exercise thereof and (ii) the two year anniversary of the Closing Date.
ARTICLE
V.
MISCELLANEOUS
5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without
any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the
Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however,
that no such termination will affect the right of any party to sue for any breach by any other party (or parties).
5.2
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the
negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including,
without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice
delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.
5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus
Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior
agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such
documents, exhibits and schedules.
5.4
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is
delivered via email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New
York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered
via email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required
to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent
that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the
Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
8-K.
5.5
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares and Pre-Funded
Warrants based on the initial Subscription Amounts hereunder (or, prior to the Closing, the Company and each Purchaser) or, in the case
of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification
or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of at least 50.1% in interest of
such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to
any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any
subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party
to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately,
materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the
other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with
this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.
5.6
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to
limit or affect any of the provisions hereof.
5.7
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent
of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom
such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the
transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”
5.8
No Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties of
the Company in Section 3.1, the covenants of the Company in Article 4 and the representations and warranties of the Purchasers in Section
3.2. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not
for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this
Section 5.8.
5.9
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and
defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto
or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively
in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of
any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient
venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction
Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall
be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such Action or Proceeding.
5.10
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.
5.11
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party,
it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by e-mail delivery
(including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic
Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method, such signature shall be deemed
to have been duly and validly delivered and shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such “.pdf” signature page were an original thereof.
5.12
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.
5.13
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions
of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may
rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election
in whole or in part without prejudice to its future actions and rights; provided, however, that in the case of a rescission
of an exercise of a Warrant, the applicable Purchaser shall be required to return any shares of Common Stock subject to any such rescinded
exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and
the restoration of such Purchaser’s right to acquire such shares pursuant to such Purchaser’s Warrant (including, issuance
of a replacement warrant certificate evidencing such restored right).
5.14
Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to
the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also
pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.
5.15
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages,
each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction
Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that
a remedy at law would be adequate.
5.16
Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by
or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including,
without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such
restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made or such enforcement or setoff had not occurred.
5.17
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document
are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other
Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as
a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way
acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each
Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of
this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional
party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation
of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to
communicate with the Company through the legal counsel of the Placement Agent. The legal counsel of the Placement Agent does not represent
any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms
and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers.
It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between
the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.
5.18
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.
5.19
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise
the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against
the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each
and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the
date of this Agreement.
5.20
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.
(Signature
Pages Follow)
IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.
| INDAPTUS
THERAPEUTICS, INC. |
|
Address
for Notice: |
| |
|
|
|
|
| By: |
|
|
E-Mail: |
|
| Name: |
Nir
Sassi |
|
|
|
| Title: |
Chief
Financial Officer |
|
|
|
With
a copy to (which shall not constitute notice):
[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURE
PAGE FOR PURCHASER FOLLOWS]
[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]
IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.
Name
of Purchaser: ______________________________________________________
Signature
of Authorized Signatory of Purchaser: _________________________________
Name
of Authorized Signatory: _______________________________________________
Title
of Authorized Signatory: ________________________________________________
Email
Address of Authorized Signatory:_________________________________________
Address
for Notice to Purchaser:
Address
for Delivery of Warrants to Purchaser (if not same as address for notice):
Subscription
Amount: $_________________
Shares:
_________________
Pre-Funded
Warrant Shares: ___________ Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99%
Common
Warrant Shares: __________________ Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99%
EIN
Number: ____________________
☐
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to
purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the
Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii)
the Closing shall occur by the second (2nd) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated
by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any
agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be
an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or
the like or purchase price (as applicable) to such other party on the Closing Date.
[SIGNATURE
PAGES CONTINUE]
Schedule
1
Investors
| | |
Number of | | |
Number of | | |
Total purchase | |
| Investor | |
shares | | |
warrants | | |
price | |
| Borell, Eric | |
| 85,106 | | |
| 85,106 | | |
| 99,999.55 | |
| Errico, Joseph P | |
| 85,106 | | |
| 85,106 | | |
| 99,999.55 | |
| Errico, Thomas | |
| 85,106 | | |
| 85,106 | | |
| 99,999.55 | |
| Matthew Joseph Nachtrab Revocable Trust dtd 12/18/2014 | |
| 425,531 | | |
| 425,531 | | |
| 499,998.93 | |
| Meckler, Jeffrey | |
| 42,553 | | |
| 42,553 | | |
| 49,999.78 | |
| Mollick, Thomas | |
| 255,319 | | |
| 255,319 | | |
| 299,999.83 | |
| PranaBio Investments LLC | |
| 42,553 | | |
| 42,553 | | |
| 49,999.78 | |
| Shimoni, Yehuda | |
| 638,297 | | |
| 638,297 | | |
| 749,998.98 | |
| 3i | |
| 157,446 | | |
| 157,446 | | |
| 184,999.05 | |
| Total | |
| 1,817,017 | | |
| 1,817,017 | | |
| 2,134,994.98 | |
Exhibit
A
Form
of Common Warrants
[Intentionally
Omitted]
Exhibit
B
Form
of Pre-Funded Warrants
[Intentionally
Omitted]
Exhibit
C
Investor
Questionnaire
[Intentionally
Omitted]
Exhibit
D
Selling
Stockholder Questionnaire
[Intentionally
Omitted]
Exhibit
10.2
THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON ITS
EXERCISE
ARE SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN SECTION 5 OF THIS WARRANT
| Warrant
No. CS-[●] |
Number
of Shares: [●] |
| |
(subject
to adjustment) |
| Date
of Issuance: [●], 2024 |
|
| |
|
| Original
Issue Date (as defined in subsection 2(a)): [●], 2024 |
|
Indaptus
Therapeutics, Inc.
Common
Stock Purchase Warrant
(Void
after 5:00 p.m. (New York City time) on [●], [●])
Indaptus
Therapeutics, Inc., a Delaware corporation (the “Company”), for value received, hereby certifies that [●], or
its registered assigns (the “Registered Holder”), is entitled, subject to the terms and conditions set forth below,
to purchase from the Company, at any time or from time to time on or after [●], 2024 (the “Initial Exercise Date”)
and on or before 5:00 p.m. (New York City time) on [●], [●] (the “Termination Date”), [●] shares
of Common Stock, $0.01 par value per share, of the Company (“Common Stock”), at a purchase price of $[●] per
share. The shares purchasable upon exercise of this Warrant, and the purchase price per share, each as adjusted from time to time pursuant
to the provisions of this Warrant, are hereinafter referred to as the “Warrant Shares” and the “Purchase
Price,” respectively. This Warrant is one of the Common Stock Purchase Warrants (the “Warrants”) issued
pursuant to that certain Securities Purchase Agreement, dated as of [●], 2024, by and among the Company and each of the investors
party thereto (the “Purchase Agreement”). Capitalized terms used herein have the respective meanings ascribed thereto
in the Purchase Agreement unless otherwise defined herein.
1.
Exercise.
(a)
Exercise for Cash. Subject to the limitations set forth in Section 1(e), the Registered Holder may elect to exercise this Warrant,
in whole or in part and at any time or from time to time on or after the Initial Exercise Date, by surrendering this Warrant, with the
purchase form appended hereto as Exhibit I duly executed by or on behalf of the Registered Holder, at the principal office of
the Company, or at such other office or agency as the Company may designate, accompanied by payment in full, in lawful money of the United
States, of the Purchase Price payable in respect of the number of Warrant Shares purchased upon such exercise.
(b)
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for, the resale of the Warrant Shares by the Registered Holder, then, subject to the limitations set
forth in Section 1(e), the Registered Holder may also elect to exercise this Warrant, in whole or in part, on a cashless basis, by surrendering
this Warrant, with the purchase form appended hereto as Exhibit I duly executed by or on behalf of the Registered Holder, at the
principal office of the Company, or at such other office or agency as the Company may designate, by canceling a portion of this Warrant
in payment of the Purchase Price payable in respect of the number of Warrant Shares purchased upon such exercise. In the event of an
exercise pursuant to this subsection 1(b), the number of Warrant Shares issued to the Registered Holder shall be determined according
to the following formula:
| |
Where:
|
|
|
| |
|
|
|
| |
A
= |
|
the
VWAP on the Trading Day immediately preceding the date of such election; |
| |
|
|
|
| |
B
= |
|
the
Purchase Price then in effect; and |
| |
|
|
|
| |
X
= |
|
the
number of Warrant Shares for which this Warrant is being exercised (which shall include both the number of Warrant Shares issued
to the Registered Holder and the number of Warrant Shares subject to the portion of the Warrant being cancelled in payment of the
Purchase Price). |
The
“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (i) if the Common
Stock is then listed on The Nasdaq Global Select Market, The Nasdaq Global Market, The Nasdaq Capital Market or the New York Stock Exchange
(such market, the “Trading Market”), the daily volume-weighted average price of the Common Stock for such date (or
the nearest preceding date) on the Trading Market as reported by Bloomberg Financial L.P. (based on a “Trading Day”
from 9:30 a.m. Eastern Time to 4:02 p.m. Eastern Time); (ii) the volume-weighted average price of the Common Stock for such date (or
the nearest preceding date) on the OTC Bulletin Board; (iii) if the Common Stock is not then listed on a Trading Market or quoted on
the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by the Pink Sheets,
LLC (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the
Common Stock so reported; or (iv) in all other cases, the fair market value of a share of Common Stock as determined by a good faith
determination of the Company’s Board of Directors.
(c)
Exercise Date. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business
on the day on which this Warrant shall have been surrendered to the Company as provided in subsection 1(a) or 1(b) above (the “Exercise
Date”). At such time, the person or persons in whose name or names any certificates for Warrant Shares shall be issuable upon
such exercise as provided in subsection 1(d) below shall be deemed to have become the holder or holders of record of the Warrant Shares
represented by such certificates.
(d)
Issuance Upon Exercise. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within
5 days thereafter, the Company, at its expense, will cause to be issued in the name of, and delivered to, the Registered Holder, or as
the Registered Holder (upon payment by the Registered Holder of any applicable transfer taxes) may direct:
(i)
a certificate or certificates for the number of full Warrant Shares to which the Registered Holder shall be entitled upon such exercise
transmitted by the transfer agent of the Company to the Registered Holder in electronic book entry form to the account of such Registered
Holder or, upon request of the Registered Holder, by physical delivery to the address specified by the Registered Holder, plus,
in lieu of any fractional share to which the Registered Holder would otherwise be entitled, cash in an amount determined pursuant to
Section 3 hereof; and
(ii)
in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the
face or faces thereof for the number of Warrant Shares equal (without giving effect to any adjustment therein) to the number of such
shares called for on the face of this Warrant minus the number of Warrant Shares for which this Warrant was so exercised (which, in the
case of an exercise pursuant to subsection 1(b), shall include both the number of Warrant Shares issued to the Registered Holder pursuant
to such partial exercise and the number of Warrant Shares subject to the portion of the Warrant being cancelled in payment of the Purchase
Price).
(e)
Limitations on Exercise. Subject to the last sentence of this Section 1(e), the Company shall not effect the exercise of this
Warrant, and the Registered Holder shall not have the right to exercise this Warrant, to the extent that after giving effect to such
exercise, such Registered Holder (together with such Registered Holder’s Affiliates and any other Persons acting as a group together)
would beneficially own in excess of [4.99][9.99]%1 (the “Maximum Percentage”) of the shares of Common
Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares
of Common Stock beneficially owned by such Person and its Affiliates shall include the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock
which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Person and
its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially
owned by such Person and its Affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants)
subject to a limitation on conversion or exercise analogous to the limitation contained herein. For purposes of this Warrant, in determining
the number of outstanding shares of Common Stock, the Registered Holder may rely on the number of outstanding shares of Common Stock
as reflected in (x) the Company’s most recent Form 10-K, Proxy Statement, Form 10-Q, Current Report on Form 8-K or other public
filing with the Securities and Exchange Commission, as the case may be, (y) a more recent public announcement by the Company or (z) any
other notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. For
any reason at any time, upon the written or oral request of the Registered Holder, where such request indicates that it is being made
pursuant to this Warrant, the Company shall within one (1) Trading Day confirm orally and in writing to the Registered Holder the number
of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving
effect to the conversion or exercise of securities of the Company, including the Warrants, by the Registered Holder and its Affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. Upon delivery of a written notice to the Company,
the Registered Holder may from time to time increase or decrease the Maximum Percentage to any other percentage as specified in such
notice; provided that in no event shall such Maximum Percentage be increased to more than 19.99%; provided, further, that (i) any such
increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the Company
and (ii) any such increase or decrease will apply only to the Registered Holder and not to any other holder of Warrants. For purposes
of clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be
deemed to be beneficially owned by the Registered Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1)
of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of
the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall
be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(e) to the extent necessary
to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership
limitation contained in this Section 1(e) or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations set forth in this Section 1(e) shall not apply to exercises of this Warrant that occur prior to and expressly in connection
with the Company’s consummation of a Fundamental Transaction. Notwithstanding anything to the contrary herein, Warrant Shares may
not be issued pursuant to this Warrant and this Warrant shall not be exercisable for Warrant Shares, to the extent that the issuance
of the Warrant or the issuance of Warrant Shares upon exercise thereof would be impermissible without stockholder approval pursuant to
the rules of the Trading Market. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.
1
Threshold to be elected by individual Investors
(f) Fundamental
Transaction.
(i) If,
at any time while this Warrant is outstanding, a Fundamental Transaction (as defined below) with respect to the Company is consummated,
then, upon any subsequent exercise of this Warrant, the Registered Holder shall have the right to receive, for each Warrant Share that
would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Registered Holder (without regard to any limitation in Section 1(e) on the exercise of this Warrant), such cash, property and/or securities
of the successor or acquiring corporation or of the Company, if it is the surviving corporation (collectively, the “Alternate
Consideration”), receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock
for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section
1(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Purchase Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of
Common Stock in such Fundamental Transaction, and the Company shall apportion the Purchase Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock
are given any choice as to the cash, property or securities to be received in a Fundamental Transaction, then the Holder shall be given
the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
“Fundamental Transaction” means that (A) the Company shall, directly or indirectly, in one or more related transactions,
(i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person, or (ii) sell, assign,
transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or (iii)
allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the outstanding
shares of Common Stock (not including any shares of Common Stock held by the Person or Persons making or party to, or associated or affiliated
with the Persons making or party to, such purchase, tender or exchange offer), or (iv) execute a stock purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person
whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock
held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock purchase agreement or other business combination) or (B) any “person” or “group” (as these terms are
used for purposes of Sections 13(d) and 14(d) of the 1934 Act) is or shall become the “beneficial owner” (as defined in Rule
13d-3 under the 1934 Act), directly or indirectly, of more than 50% of the aggregate ordinary voting power represented by issued and
outstanding Common Stock.
(ii) In
the event of a Fundamental Transaction in which the consideration to be received by the Company or its stockholders consists solely of
cash, equity securities traded on a national securities exchange at the time of such Fundamental Transaction, or any combination thereof,
then any portion of this Warrant that remains unexercised on such date shall be deemed to have been exercised automatically as a cashless
exercise pursuant to Section 1(b) hereof on the Business Day immediately preceding the consummation of such Fundamental Transaction;
provided that, unless the Registered Holder otherwise notifies the Company in writing, the automatic cashless exercise contemplated
by this Section 1(f)(ii) shall not occur, and this Warrant shall automatically terminate without any additional cost to the Company,
in the event that, as of the Business Day immediately preceding such Fundamental Transaction, the VWAP on the immediately preceding Trading
Day is less than the Purchase Price then in effect.
2.
Adjustments.
(a)
Adjustment for Stock Splits and Combinations. If the Company shall at any time or from time to time after the date on which this
Warrant was first issued (or, if this Warrant was issued upon partial exercise of, or in replacement of, another warrant of like tenor,
then the date on which such original warrant was first issued) (either such date being referred to as the “Original Issue Date”)
effect a subdivision of the outstanding Common Stock, the Purchase Price then in effect immediately before that subdivision shall be
proportionately decreased. If the Company shall at any time or from time to time after the Original Issue Date combine the outstanding
shares of Common Stock, the Purchase Price then in effect immediately before the combination shall be proportionately increased. Any
adjustment under this paragraph shall become effective at the close of business on the date the subdivision or combination becomes effective.
(b)
Adjustment for Certain Dividends and Distributions. In the event the Company at any time, or from time to time after the Original
Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend
or other distribution payable in additional shares of Common Stock, then and in each such event the Purchase Price then in effect immediately
before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of
the close of business on such record date, by multiplying the Purchase Price then in effect immediately before such event by a fraction:
(1)
the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date, and
(2)
the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend
or distribution;
provided,
however, that if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully
made on the date fixed therefor, the Purchase Price shall be recomputed accordingly as of the close of business on such record date and
thereafter the Purchase Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions.
(c)
Adjustment in Number of Warrant Shares. When any adjustment is required to be made in the Purchase Price pursuant to subsections
2(a) or 2(b), the number of Warrant Shares purchasable upon the exercise of this Warrant shall be changed to the number determined by
dividing (i) an amount equal to the number of shares issuable upon the exercise of this Warrant immediately prior to such adjustment,
multiplied by the Purchase Price in effect immediately prior to such adjustment, by (ii) the Purchase Price in effect immediately after
such adjustment.
(d)
Adjustments for Other Dividends and Distributions. In the event the Company at any time or from time to time after the Original
Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend
or other distribution payable in securities of the Company (other than shares of Common Stock) or in cash or other property (other than
regular cash dividends paid out of earnings or earned surplus, determined in accordance with generally accepted accounting principles),
then and in each such event provision shall be made so that the Registered Holder shall receive upon exercise hereof, in addition to
the number of shares of Common Stock issuable hereunder, the kind and amount of securities of the Company, cash or other property which
the Registered Holder would have been entitled to receive had this Warrant been exercised on the date of such event and had the Registered
Holder thereafter, during the period from the date of such event to and including the Exercise Date, retained any such securities receivable
during such period, giving application to all adjustments called for during such period under this Section 2 with respect to the rights
of the Registered Holder.
(e)
Adjustment for Reorganization. If there shall occur any reorganization, recapitalization, reclassification, consolidation or merger
involving the Company in which the Common Stock is converted into or exchanged for securities, cash or other property (other than a transaction
covered by subsections 1(f), 2(a), 2(b) or 2(d)) (collectively, a “Reorganization”), then, following such Reorganization,
the Registered Holder shall receive upon exercise hereof the kind and amount of securities, cash or other property which the Registered
Holder would have been entitled to receive pursuant to such Reorganization if such exercise had taken place immediately prior to such
Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the application
of the provisions set forth herein with respect to the rights and interests thereafter of the Registered Holder, to the end that the
provisions set forth in this Section 2 (including provisions with respect to changes in and other adjustments of the Purchase Price)
shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities, cash or other property thereafter deliverable
upon the exercise of this Warrant.
(f)
Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Purchase Price pursuant to Section
1(f) or this Section 2, the Company at its expense shall, as promptly as reasonably practicable but in any event not later than 10 days
thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Registered Holder a certificate
setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property for which this Warrant
shall be exercisable and the Purchase Price). The Company shall, as promptly as reasonably practicable after the written request at any
time of the Registered Holder (but in any event not later than 10 days thereafter), furnish or cause to be furnished to the Registered
Holder a certificate setting forth (i) the Purchase Price then in effect and (ii) the number of shares of Common Stock and the amount,
if any, of other securities, cash or property which then would be received upon the exercise of this Warrant.
(g)
All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
3.
Fractional Shares. The Company shall not be required upon the exercise of this Warrant to issue any fractional shares, but shall
pay the value thereof to the Registered Holder in cash on the basis of the VWAP used in connection with the calculation set forth in
subsection 1(b) above upon the applicable exercise.
4.
Investment Representations. The initial Registered Holder represents and warrants to the Company as follows:
(a)
Investment. The Registered Holder is acquiring this Warrant, and (if and when the Registered Holder exercises this Warrant) the
Registered Holder will acquire the Warrant Shares, for the Registered Holder’s own account for investment and not with a view to,
or for sale in connection with, any distribution thereof, nor with any present intention of distributing or selling the same; and the
Registered Holder has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing
for the disposition thereof.
(b)
Accredited Investor. The Registered Holder is an “accredited investor” as defined in Rule 501(a) under the 1933 Act.
(c)
Experience. The Registered Holder has made such inquiry concerning the Company and its business and personnel the Registered Holder
has deemed appropriate; and the Registered Holder has sufficient knowledge and experience in finance and business that the Registered
Holder is capable of evaluating the risks and merits of the Registered Holder’s investment in the Company.
5.
Transfers, etc.
(a)
This Warrant and the Warrant Shares shall not be sold or transferred unless either (i) such transfer shall first have been registered
under the Act, or (ii) the Company first shall have been furnished with an opinion of legal counsel, reasonably satisfactory to the Company,
to the effect that such sale or transfer is exempt from the registration requirements of the Act.
(b)
The Registered Holder acknowledges and agrees that the Warrant Shares shall be subject to the restrictive legend requirements set forth
in the Purchase Agreement.
(c)
The Company will maintain a register containing the name and address of the Registered Holder of this Warrant. The Registered Holder
may change the Registered Holder’s address as shown on the warrant register by written notice to the Company requesting such change.
(d)
Subject to the provisions of Section 5 hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender
of this Warrant with a properly executed assignment (in the form of Exhibit II hereto) at the principal office of the Company
(or, if another office or agency has been designated by the Company for such purpose, then at such other office or agency).
6.
Notices of Record Date, etc. In the event:
(a)
the Company shall take a record of the holders of its Common Stock (or other stock or securities at the time deliverable upon the exercise
of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right
to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right; or
(b)
of any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or merger of
the Company with or into another corporation (other than a consolidation or merger in which the Company is the surviving entity and its
Common Stock is not converted into or exchanged for any other securities or property), or any transfer of all or substantially all of
the assets of the Company; or
(c)
of the voluntary or involuntary dissolution, liquidation or winding-up of the Company,
then,
and in each such case, the Company will send or cause to be sent to the Registered Holder a notice specifying, as the case may be, (i)
the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii)
the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up
is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other stock or securities
at the time deliverable upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock (or such other
stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger,
transfer, dissolution, liquidation or winding-up. Such notice shall be sent at least 3 days prior to the record date or effective date
for the event specified in such notice, and the Registered Holder shall keep any such notice confidential.
7.
Reservation of Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon the exercise
of this Warrant, such number of Warrant Shares and other securities, cash and/or property, as from time to time shall be issuable upon
the exercise of this Warrant. Such reservation shall comply without regard to the provisions of Section 1(e).
8.
Exchange or Replacement of Warrants.
(a)
Upon the surrender by the Registered Holder, properly endorsed, to the Company at the principal office of the Company, the Company will,
subject to the provisions of Section 5 hereof, issue and deliver to or upon the order of the Registered Holder, at the Company’s
expense, a new Warrant or Warrants of like tenor, in the name of the Registered Holder or as the Registered Holder (upon payment by the
Registered Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number
of shares of Common Stock (or other securities, cash and/or property) then issuable upon exercise of this Warrant.
(b)
Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in
the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will issue,
in lieu thereof, a new Warrant of like tenor.
9.
Notices. All notices and other communications from the Company to the Registered Holder in connection herewith shall be mailed
by certified or registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service guaranteeing next business
day delivery, or sent by electronic mail, to the address or electronic mail address last furnished to the Company in writing by the Registered
Holder. All notices and other communications from the Registered Holder to the Company in connection herewith shall be mailed by certified
or registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service guaranteeing next business day delivery,
to the Company at its principal office set forth below:
| |
Indaptus
Therapeutics, Inc. |
| |
3
Columbus Circle |
| |
15th
Floor |
| |
New
York, NY 10019 |
| |
Attention:
|
Chief
Executive Officer |
| |
E-mail:
|
Jeffrey@indaptusrx.com |
With
a copy (which will not constitute notice) to:
| |
Latham
& Watkins LLP |
| |
200
Clarendon Street |
| |
Boston,
MA 02116 |
| |
Facsimile:
(617) 948-6001 |
| |
Attention:
|
Peter
Handrinos; Elisabeth Martin |
| |
E-mail:
|
Peter.Handrinos@lw.com;
Lisa.Martin@lw.com |
If
the Company should at any time change the location of its principal office to a place other than as set forth above, it shall give prompt
written notice to the Registered Holder and thereafter all references in this Warrant to the location of its principal office at the
particular time shall be as so specified in such notice. All such notices and communications shall be deemed delivered (i) two business
days after being sent by certified or registered mail, return receipt requested, postage prepaid, (ii) one business day after being sent
via a reputable nationwide overnight courier service guaranteeing next business day delivery, or (iii) when sent, if sent by electronic
mail during normal business hours of the recipient, and if not sent during normal business hours, then on the first business day following
such transmission.
10. No
Rights as Stockholder. Until the exercise of this Warrant, the Registered Holder shall not have or exercise any rights by virtue
hereof as a stockholder of the Company. Notwithstanding the foregoing, in the event (i) the Company effects a split of the Common Stock
by means of a stock dividend and the Purchase Price of and the number of Warrant Shares are adjusted as of the date of the distribution
of the dividend (rather than as of the record date for such dividend), and (ii) the Registered Holder exercises this Warrant between
the record date and the distribution date for such stock dividend, the Registered Holder shall be entitled to receive, on the distribution
date, the stock dividend with respect to the shares of Common Stock acquired upon such exercise, notwithstanding the fact that such shares
were not outstanding as of the close of business on the record date for such stock dividend.
11. Amendment
or Waiver. Any term of this Warrant may be amended or waived only by an instrument in writing signed by the party against which enforcement
of the change or waiver is sought. No waivers of any term, condition or provision of this Warrant, in any one or more instances, shall
be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.
12. Section
Headings. The section headings in this Warrant are for the convenience of the parties and in no way alter, modify, amend, limit or
restrict the contractual obligations of the parties.
13. Governing
Law. This Warrant shall be governed by, and construed in accordance with, the internal laws of the State of New York.
14. Facsimile
Signatures. This Warrant may be executed by facsimile signature.
[remainder
of page intentionally left blank]
EXECUTED
as of the Date of Issuance indicated above.
| |
INDAPTUS
THERAPEUTICS, INC. |
| |
|
| |
By:
|
|
| |
Name:
|
Nir
Sassi |
| |
Title:
|
Chief
Financial Officer |
EXHIBIT
I
PURCHASE
FORM
To:
Indaptus Therapeutics, Inc.
Dated:
____________
The
undersigned, pursuant to the provisions set forth in the attached Warrant (No. CS-___), hereby elects to purchase (check applicable
box):
☐ ______
shares of the Common Stock of Indaptus Therapeutics, Inc. covered by such Warrant; or
☐ the
maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth in subsection
1(b).
The
undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in such Warrant. Such
payment takes the form of (check applicable box or boxes):
| |
☐ |
$______
in lawful money of the United States; and/or |
| |
|
|
| |
☐ |
the
cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 1(b), to exercise
this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth
in subsection 1(b). |
By
its execution below and for the benefit of the Company, the undersigned hereby acknowledges that it has reviewed the representations
and warranties contained in Section 4 of the Warrant and by its signature below hereby makes such representations and warranties to the
Company as of the date hereof.
| |
[___________________________] |
| |
|
| |
By: |
|
| |
Name:
|
|
| |
Title:
|
|
| |
Address: |
|
| |
|
|
EXHIBIT
II
ASSIGNMENT
FORM
FOR
VALUE RECEIVED, ________________________________________ hereby sells, assigns and transfers all of the rights of the undersigned under
the attached Warrant (No. CS- ____) with respect to the number of shares of Common Stock of Indaptus Therapeutics, Inc. covered thereby
set forth below, unto:
| Name
of Assignee |
|
Address
and
Electronic
Mail Address |
|
No.
of Shares |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| Dated: |
|
|
| |
|
|
| [___________________________] |
|
| |
|
| By: |
|
|
| Name:
|
|
|
| Title:
|
|
|
| |
|
|
| Signature
Guaranteed: |
|
| |
|
|
| By:
|
|
|
Exhibit
10.3
THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON ITS
EXERCISE
ARE SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN SECTION 5 OF THIS WARRANT
| Warrant
No. CS-[●] |
Number
of Shares: [●] |
| |
(subject
to adjustment) |
| Date
of Issuance: [●], 2024 |
|
| |
|
| Original
Issue Date (as defined in subsection 2(a)): [●], 2024 |
|
Indaptus
Therapeutics, Inc.
Placement
Agent Common Stock Purchase Warrant
(Void
after 5:00 p.m. (New York City time) on [●], [●])
Indaptus
Therapeutics, Inc., a Delaware corporation (the “Company”), for value received, hereby certifies that Paulson Investment
Company, LLC, or its registered assigns (the “Registered Holder”), is entitled, subject to the terms and conditions
set forth below, to purchase from the Company, at any time or from time to time on or after [●]1, 2025 (the “Initial
Exercise Date”) and on or before 5:00 p.m. (New York City time) on [●]2, 2029 (the “Termination
Date”), [●] shares of Common Stock, $0.01 par value per share, of the Company (“Common Stock”), at
a purchase price of $[●]3 per share. The shares purchasable upon exercise of this Warrant, and the purchase price
per share, each as adjusted from time to time pursuant to the provisions of this Warrant, are hereinafter referred to as the “Warrant
Shares” and the “Purchase Price,” respectively. This Warrant is issued pursuant to that certain Placement
Agent Agreement, dated as of October 29, 2024, by and among the Company and the Registered Holder, as amended on November 20, 2024 (as
amended, the “Placement Agent Agreement”). Capitalized terms used herein have the respective meanings ascribed thereto
in the Securities Purchase Agreements entered into between the Company and the signatories thereto on [●], 2024 (the “Purchase
Agreement”) unless otherwise defined herein.
1.
Exercise.
(a)
Exercise for Cash. Subject to the limitations set forth in Section 1(e), the Registered Holder may elect to exercise this Warrant,
in whole or in part and at any time or from time to time on or after the Initial Exercise Date, by surrendering this Warrant, with the
purchase form appended hereto as Exhibit I duly executed by or on behalf of the Registered Holder, at the principal office of
the Company, or at such other office or agency as the Company may designate, accompanied by payment in full, in lawful money of the United
States, of the Purchase Price payable in respect of the number of Warrant Shares purchased upon such exercise.
1
The PA Warrants shall be exercisable 6 months after the original issue date.
2
The Termination Date the PA Warrants shall be five years after the issue date of the common stock warrants sold to the
investors.
3
The Purchase Price of the PA Warrants shall be 125% of the purchase price of the common stock warrants sold to the
investors.
(b)
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for, the resale of the Warrant Shares by the Registered Holder, then, subject to the limitations set
forth in Section 1(e), the Registered Holder may also elect to exercise this Warrant, in whole or in part, on a cashless basis, by surrendering
this Warrant, with the purchase form appended hereto as Exhibit I duly executed by or on behalf of the Registered Holder, at the
principal office of the Company, or at such other office or agency as the Company may designate, by canceling a portion of this Warrant
in payment of the Purchase Price payable in respect of the number of Warrant Shares purchased upon such exercise. In the event of an
exercise pursuant to this subsection 1(b), the number of Warrant Shares issued to the Registered Holder shall be determined according
to the following formula:
| |
Where: |
|
| |
|
|
| |
A
= |
the
VWAP on the Trading Day immediately preceding the date of such election; |
| |
|
|
| |
B
= |
the
Purchase Price then in effect; and |
| |
|
|
| |
X
= |
the
number of Warrant Shares for which this Warrant is being exercised (which shall include both the number of Warrant Shares issued to the
Registered Holder and the number of Warrant Shares subject to the portion of the Warrant being cancelled in payment of the Purchase Price). |
The
“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (i) if the Common
Stock is then listed on The Nasdaq Global Select Market, The Nasdaq Global Market, The Nasdaq Capital Market or the New York Stock Exchange
(such market, the “Trading Market”), the daily volume-weighted average price of the Common Stock for such date (or
the nearest preceding date) on the Trading Market as reported by Bloomberg Financial L.P. (based on a “Trading Day”
from 9:30 a.m. Eastern Time to 4:02 p.m. Eastern Time); (ii) the volume-weighted average price of the Common Stock for such date (or
the nearest preceding date) on the OTC Bulletin Board; (iii) if the Common Stock is not then listed on a Trading Market or quoted on
the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by the Pink Sheets,
LLC (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the
Common Stock so reported; or (iv) in all other cases, the fair market value of a share of Common Stock as determined by a good faith
determination of the Company’s Board of Directors.
(c)
Exercise Date. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business
on the day on which this Warrant shall have been surrendered to the Company as provided in subsection 1(a) or 1(b) above (the “Exercise
Date”). At such time, the person or persons in whose name or names any certificates for Warrant Shares shall be issuable upon
such exercise as provided in subsection 1(d) below shall be deemed to have become the holder or holders of record of the Warrant Shares
represented by such certificates.
(d)
Issuance Upon Exercise. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within
5 days thereafter, the Company, at its expense, will cause to be issued in the name of, and delivered to, the Registered Holder, or as
the Registered Holder (upon payment by the Registered Holder of any applicable transfer taxes) may direct:
(i)
a certificate or certificates for the number of full Warrant Shares to which the Registered Holder shall be entitled upon such exercise
transmitted by the transfer agent of the Company to the Registered Holder in electronic book entry form to the account of such Registered
Holder or, upon request of the Registered Holder, by physical delivery to the address specified by the Registered Holder, plus,
in lieu of any fractional share to which the Registered Holder would otherwise be entitled, cash in an amount determined pursuant to
Section 3 hereof; and
(ii)
in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the
face or faces thereof for the number of Warrant Shares equal (without giving effect to any adjustment therein) to the number of such
shares called for on the face of this Warrant minus the number of Warrant Shares for which this Warrant was so exercised (which, in the
case of an exercise pursuant to subsection 1(b), shall include both the number of Warrant Shares issued to the Registered Holder pursuant
to such partial exercise and the number of Warrant Shares subject to the portion of the Warrant being cancelled in payment of the Purchase
Price).
(e)
Limitations on Exercise. Subject to the last sentence of this Section 1(e), the Company shall not effect the exercise of this
Warrant, and the Registered Holder shall not have the right to exercise this Warrant, to the extent that after giving effect to such
exercise, such Registered Holder (together with such Registered Holder’s Affiliates and any other Persons acting as a group together)
would beneficially own in excess of [4.99][9.99]%4 (the “Maximum Percentage”) of the shares of Common
Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares
of Common Stock beneficially owned by such Person and its Affiliates shall include the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock
which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Person and
its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially
owned by such Person and its Affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants)
subject to a limitation on conversion or exercise analogous to the limitation contained herein. For purposes of this Warrant, in determining
the number of outstanding shares of Common Stock, the Registered Holder may rely on the number of outstanding shares of Common Stock
as reflected in (x) the Company’s most recent Form 10-K, Proxy Statement, Form 10-Q, Current Report on Form 8-K or other public
filing with the Securities and Exchange Commission, as the case may be, (y) a more recent public announcement by the Company or (z) any
other notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. For
any reason at any time, upon the written or oral request of the Registered Holder, where such request indicates that it is being made
pursuant to this Warrant, the Company shall within one (1) Trading Day confirm orally and in writing to the Registered Holder the number
of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving
effect to the conversion or exercise of securities of the Company, including the Warrants, by the Registered Holder and its Affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. Upon delivery of a written notice to the Company,
the Registered Holder may from time to time increase or decrease the Maximum Percentage to any other percentage as specified in such
notice; provided that in no event shall such Maximum Percentage be increased to more than 19.99%; provided, further, that (i) any such
increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the Company
and (ii) any such increase or decrease will apply only to the Registered Holder and not to any other holder of Warrants. For purposes
of clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be
deemed to be beneficially owned by the Registered Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1)
of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of
the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall
be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(e) to the extent necessary
to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership
limitation contained in this Section 1(e) or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations set forth in this Section 1(e) shall not apply to exercises of this Warrant that occur prior to and expressly in connection
with the Company’s consummation of a Fundamental Transaction. Notwithstanding anything to the contrary herein, Warrant Shares may
not be issued pursuant to this Warrant and this Warrant shall not be exercisable for Warrant Shares, to the extent that the issuance
of the Warrant or the issuance of Warrant Shares upon exercise thereof would be impermissible without stockholder approval pursuant to
the rules of the Trading Market. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.
4
Threshold to be elected by Paulson.
(f)
Fundamental Transaction.
(i)
If, at any time while this Warrant is outstanding, a Fundamental Transaction (as defined below) with respect to the Company is consummated,
then, upon any subsequent exercise of this Warrant, the Registered Holder shall have the right to receive, for each Warrant Share that
would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Registered Holder (without regard to any limitation in Section 1(e) on the exercise of this Warrant), such cash, property and/or securities
of the successor or acquiring corporation or of the Company, if it is the surviving corporation (collectively, the “Alternate
Consideration”), receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock
for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section
1(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Purchase Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of
Common Stock in such Fundamental Transaction, and the Company shall apportion the Purchase Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock
are given any choice as to the cash, property or securities to be received in a Fundamental Transaction, then the Holder shall be given
the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
“Fundamental Transaction” means that (A) the Company shall, directly or indirectly, in one or more related transactions,
(i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person, or (ii) sell, assign,
transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or (iii)
allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the outstanding
shares of Common Stock (not including any shares of Common Stock held by the Person or Persons making or party to, or associated or affiliated
with the Persons making or party to, such purchase, tender or exchange offer), or (iv) execute a stock purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person
whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock
held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock purchase agreement or other business combination) or (B) any “person” or “group” (as these terms are
used for purposes of Sections 13(d) and 14(d) of the 1934 Act) is or shall become the “beneficial owner” (as defined in Rule
13d-3 under the 1934 Act), directly or indirectly, of more than 50% of the aggregate ordinary voting power represented by issued and
outstanding Common Stock.
(ii)
In the event of a Fundamental Transaction in which the consideration to be received by the Company or its stockholders consists solely
of cash, equity securities traded on a national securities exchange at the time of such Fundamental Transaction, or any combination thereof,
then any portion of this Warrant that remains unexercised on such date shall be deemed to have been exercised automatically as a cashless
exercise pursuant to Section 1(b) hereof on the Business Day immediately preceding the consummation of such Fundamental Transaction;
provided that, unless the Registered Holder otherwise notifies the Company in writing, the automatic cashless exercise contemplated
by this Section 1(f)(ii) shall not occur, and this Warrant shall automatically terminate without any additional cost to the Company,
in the event that, as of the Business Day immediately preceding such Fundamental Transaction, the VWAP on the immediately preceding Trading
Day is less than the Purchase Price then in effect.
2.
Adjustments.
(a)
Adjustment for Stock Splits and Combinations. If the Company shall at any time or from time to time after the date on which this
Warrant was first issued (or, if this Warrant was issued upon partial exercise of, or in replacement of, another warrant of like tenor,
then the date on which such original warrant was first issued) (either such date being referred to as the “Original Issue Date”)
effect a subdivision of the outstanding Common Stock, the Purchase Price then in effect immediately before that subdivision shall be
proportionately decreased. If the Company shall at any time or from time to time after the Original Issue Date combine the outstanding
shares of Common Stock, the Purchase Price then in effect immediately before the combination shall be proportionately increased. Any
adjustment under this paragraph shall become effective at the close of business on the date the subdivision or combination becomes effective.
(b)
Adjustment for Certain Dividends and Distributions. In the event the Company at any time, or from time to time after the Original
Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend
or other distribution payable in additional shares of Common Stock, then and in each such event the Purchase Price then in effect immediately
before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of
the close of business on such record date, by multiplying the Purchase Price then in effect immediately before such event by a fraction:
(1)
the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date, and
(2)
the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend
or distribution;
provided,
however, that if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully
made on the date fixed therefor, the Purchase Price shall be recomputed accordingly as of the close of business on such record date and
thereafter the Purchase Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions.
(c)
Adjustment in Number of Warrant Shares. When any adjustment is required to be made in the Purchase Price pursuant to subsections
2(a) or 2(b), the number of Warrant Shares purchasable upon the exercise of this Warrant shall be changed to the number determined by
dividing (i) an amount equal to the number of shares issuable upon the exercise of this Warrant immediately prior to such adjustment,
multiplied by the Purchase Price in effect immediately prior to such adjustment, by (ii) the Purchase Price in effect immediately after
such adjustment.
(d)
Adjustments for Other Dividends and Distributions. In the event the Company at any time or from time to time after the Original
Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend
or other distribution payable in securities of the Company (other than shares of Common Stock) or in cash or other property (other than
regular cash dividends paid out of earnings or earned surplus, determined in accordance with generally accepted accounting principles),
then and in each such event provision shall be made so that the Registered Holder shall receive upon exercise hereof, in addition to
the number of shares of Common Stock issuable hereunder, the kind and amount of securities of the Company, cash or other property which
the Registered Holder would have been entitled to receive had this Warrant been exercised on the date of such event and had the Registered
Holder thereafter, during the period from the date of such event to and including the Exercise Date, retained any such securities receivable
during such period, giving application to all adjustments called for during such period under this Section 2 with respect to the rights
of the Registered Holder.
(e)
Adjustment for Reorganization. If there shall occur any reorganization, recapitalization, reclassification, consolidation or merger
involving the Company in which the Common Stock is converted into or exchanged for securities, cash or other property (other than a transaction
covered by subsections 1(f), 2(a), 2(b) or 2(d)) (collectively, a “Reorganization”), then, following such Reorganization,
the Registered Holder shall receive upon exercise hereof the kind and amount of securities, cash or other property which the Registered
Holder would have been entitled to receive pursuant to such Reorganization if such exercise had taken place immediately prior to such
Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the application
of the provisions set forth herein with respect to the rights and interests thereafter of the Registered Holder, to the end that the
provisions set forth in this Section 2 (including provisions with respect to changes in and other adjustments of the Purchase Price)
shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities, cash or other property thereafter deliverable
upon the exercise of this Warrant.
(f)
Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Purchase Price pursuant to Section
1(f) or this Section 2, the Company at its expense shall, as promptly as reasonably practicable but in any event not later than 10 days
thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Registered Holder a certificate
setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property for which this Warrant
shall be exercisable and the Purchase Price). The Company shall, as promptly as reasonably practicable after the written request at any
time of the Registered Holder (but in any event not later than 10 days thereafter), furnish or cause to be furnished to the Registered
Holder a certificate setting forth (i) the Purchase Price then in effect and (ii) the number of shares of Common Stock and the amount,
if any, of other securities, cash or property which then would be received upon the exercise of this Warrant.
(g)
All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
3.
Fractional Shares. The Company shall not be required upon the exercise of this Warrant to issue any fractional shares, but shall
pay the value thereof to the Registered Holder in cash on the basis of the VWAP used in connection with the calculation set forth in
subsection 1(b) above upon the applicable exercise.
4.
Investment Representations. The initial Registered Holder represents and warrants to the Company as follows:
(a)
Investment. The Registered Holder is acquiring this Warrant, and (if and when the Registered Holder exercises this Warrant) the
Registered Holder will acquire the Warrant Shares, for the Registered Holder’s own account for investment and not with a view to,
or for sale in connection with, any distribution thereof, nor with any present intention of distributing or selling the same; and the
Registered Holder has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing
for the disposition thereof.
(b)
Accredited Investor. The Registered Holder is an “accredited investor” as defined in Rule 501(a) under the 1933 Act.
(c)
Experience. The Registered Holder has made such inquiry concerning the Company and its business and personnel the Registered Holder
has deemed appropriate; and the Registered Holder has sufficient knowledge and experience in finance and business that the Registered
Holder is capable of evaluating the risks and merits of the Registered Holder’s investment in the Company.
5.
Transfers, etc.
(a)
This Warrant and the Warrant Shares shall not be sold or transferred unless either (i) such transfer shall first have been registered
under the Act, or (ii) the Company first shall have been furnished with an opinion of legal counsel, reasonably satisfactory to the Company,
to the effect that such sale or transfer is exempt from the registration requirements of the Act.
(b)
The Registered Holder acknowledges and agrees that the Warrant Shares shall be subject to the restrictive legend requirements set forth
in the Purchase Agreement.
(c)
The Company will maintain a register containing the name and address of the Registered Holder of this Warrant. The Registered Holder
may change the Registered Holder’s address as shown on the warrant register by written notice to the Company requesting such change.
(d)
Subject to the provisions of Section 5 hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender
of this Warrant with a properly executed assignment (in the form of Exhibit II hereto) at the principal office of the Company
(or, if another office or agency has been designated by the Company for such purpose, then at such other office or agency).
6.
Notices of Record Date, etc. In the event:
(a)
the Company shall take a record of the holders of its Common Stock (or other stock or securities at the time deliverable upon the exercise
of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right
to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right; or
(b)
of any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or merger of
the Company with or into another corporation (other than a consolidation or merger in which the Company is the surviving entity and its
Common Stock is not converted into or exchanged for any other securities or property), or any transfer of all or substantially all of
the assets of the Company; or
(c)
of the voluntary or involuntary dissolution, liquidation or winding-up of the Company,
then,
and in each such case, the Company will send or cause to be sent to the Registered Holder a notice specifying, as the case may be, (i)
the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii)
the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up
is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other stock or securities
at the time deliverable upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock (or such other
stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger,
transfer, dissolution, liquidation or winding-up. Such notice shall be sent at least 3 days prior to the record date or effective date
for the event specified in such notice, and the Registered Holder shall keep any such notice confidential.
7.
Reservation of Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon the exercise
of this Warrant, such number of Warrant Shares and other securities, cash and/or property, as from time to time shall be issuable upon
the exercise of this Warrant. Such reservation shall comply without regard to the provisions of Section 1(e).
8.
Exchange or Replacement of Warrants.
(a)
Upon the surrender by the Registered Holder, properly endorsed, to the Company at the principal office of the Company, the Company will,
subject to the provisions of Section 5 hereof, issue and deliver to or upon the order of the Registered Holder, at the Company’s
expense, a new Warrant or Warrants of like tenor, in the name of the Registered Holder or as the Registered Holder (upon payment by the
Registered Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number
of shares of Common Stock (or other securities, cash and/or property) then issuable upon exercise of this Warrant.
(b)
Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in
the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will issue,
in lieu thereof, a new Warrant of like tenor.
9.
Notices. All notices and other communications from the Company to the Registered Holder in connection herewith shall be mailed
by certified or registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service guaranteeing next business
day delivery, or sent by electronic mail, to the address or electronic mail address last furnished to the Company in writing by the Registered
Holder. All notices and other communications from the Registered Holder to the Company in connection herewith shall be mailed by certified
or registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service guaranteeing next business day delivery,
to the Company at its principal office set forth below:
Indaptus
Therapeutics, Inc.
3
Columbus Circle
15th
Floor
New
York, NY 10019
Attention:
Chief Executive Officer
E-mail:
Jeffrey@indaptusrx.com
With
a copy (which will not constitute notice) to:
Latham
& Watkins LLP
200
Clarendon Street
Boston,
MA 02116
Facsimile:
(617) 948-6001
Attention:
Peter Handrinos; Elisabeth Martin
E-mail:
Peter.Handrinos@lw.com; Lisa.Martin@lw.com
If
the Company should at any time change the location of its principal office to a place other than as set forth above, it shall give prompt
written notice to the Registered Holder and thereafter all references in this Warrant to the location of its principal office at the
particular time shall be as so specified in such notice. All such notices and communications shall be deemed delivered (i) two business
days after being sent by certified or registered mail, return receipt requested, postage prepaid, (ii) one business day after being sent
via a reputable nationwide overnight courier service guaranteeing next business day delivery, or (iii) when sent, if sent by electronic
mail during normal business hours of the recipient, and if not sent during normal business hours, then on the first business day following
such transmission.
10.
No Rights as Stockholder. Until the exercise of this Warrant, the Registered Holder shall not have or exercise any rights by virtue
hereof as a stockholder of the Company. Notwithstanding the foregoing, in the event (i) the Company effects a split of the Common Stock
by means of a stock dividend and the Purchase Price of and the number of Warrant Shares are adjusted as of the date of the distribution
of the dividend (rather than as of the record date for such dividend), and (ii) the Registered Holder exercises this Warrant between
the record date and the distribution date for such stock dividend, the Registered Holder shall be entitled to receive, on the distribution
date, the stock dividend with respect to the shares of Common Stock acquired upon such exercise, notwithstanding the fact that such shares
were not outstanding as of the close of business on the record date for such stock dividend.
11.
Amendment or Waiver. Any term of this Warrant may be amended or waived only by an instrument in writing signed by the party against
which enforcement of the change or waiver is sought. No waivers of any term, condition or provision of this Warrant, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.
12.
Section Headings. The section headings in this Warrant are for the convenience of the parties and in no way alter, modify, amend,
limit or restrict the contractual obligations of the parties.
13.
Governing Law. This Warrant shall be governed by, and construed in accordance with, the internal laws of the State of New York.
14.
Facsimile Signatures. This Warrant may be executed by facsimile signature.
[remainder
of page intentionally left blank]
EXECUTED
as of the Date of Issuance indicated above.
| |
INDAPTUS
THERAPEUTICS, INC. |
| |
|
| |
By: |
|
| |
Name: |
Nir
Sassi |
| |
Title: |
Chief
Financial Officer |
ACCEPTED
AND AGREED:
REGISTERED
HOLDER:
| [_________] |
|
| |
|
|
| By: |
|
|
| Name: |
|
|
| Title: |
|
|
EXHIBIT
I
PURCHASE
FORM
To:
Indaptus Therapeutics, Inc.
The
undersigned, pursuant to the provisions set forth in the attached Warrant (No. CS-___), hereby elects to purchase (check applicable
box):
☐
_____ shares of the Common Stock of Indaptus Therapeutics, Inc. covered by such Warrant; or
☐
the maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth in
subsection 1(b).
The
undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in such Warrant. Such
payment takes the form of (check applicable box or boxes):
| |
☐ |
$______
in lawful money of the United States; and/or |
| |
☐ |
the
cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 1(b), to exercise
this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth
in subsection 1(b). |
By
its execution below and for the benefit of the Company, the undersigned hereby acknowledges that it has reviewed the representations
and warranties contained in Section 4 of the Warrant and by its signature below hereby makes such representations and warranties to the
Company as of the date hereof.
| |
[___________________________] |
| |
|
|
| |
By: |
|
| |
Name: |
|
| |
Title: |
|
| |
Address: |
|
| |
|
|
EXHIBIT
II
ASSIGNMENT
FORM
FOR
VALUE RECEIVED, ________________________________________ hereby sells, assigns and transfers all of the rights of the undersigned under
the attached Warrant (No. CS- ____) with respect to the number of shares of Common Stock of Indaptus Therapeutics, Inc. covered thereby
set forth below, unto:
| Name
of Assignee |
|
Address
and Electronic Mail Address |
|
No.
of Shares |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| Dated:
_____________________ |
|
| [___________________________] |
|
| |
|
|
| By: |
|
|
| Name: |
|
|
| Title: |
|
|
Signature
Guaranteed:
Exhibit
99.1
Indaptus
Therapeutics, Inc. Announces $2.135 Million Registered Direct Offering and Concurrent Private Placement
NEW
YORK, November 22, 2024 – (GLOBE NEWSWIRE) – Indaptus Therapeutics, Inc. (Nasdaq: INDP) (“Indaptus”), a clinical
stage biotechnology company dedicated to pioneering innovative cancer and viral infection treatments, today announced that it has entered
into securities purchase agreements with investors, including an officer of Indaptus, for the issuance and sale of an aggregate of 1,817,017
of its shares of common stock. In a concurrent private placement, Indaptus has also agreed to issue and sell unregistered warrants to
purchase up to an aggregate of 1,817,017 of its shares of common stock. The combined effective purchase price for each share of common
stock and associated warrants is $1.175. The warrants will have an exercise price of $1.05 per share, will be immediately exercisable
upon issuance and have a term of five years from the date of issuance. The closing of the offering is expected to take place on or about
November 25, 2024, subject to the satisfaction of customary closing conditions.
Paulson
Investment Company, LLC is acting as the exclusive placement agent in connection with the offering.
The
gross proceeds to Indaptus from the offering are expected to be approximately $2.135 million, before deducting the placement agent’s
fees and other offering expenses payable by Indaptus. Indaptus intends to use the net proceeds from the offering to fund its research
and development activities and for working capital and general corporate purposes.
The
shares of common stock were offered by the Company pursuant to a “shelf” registration statement on Form S-3 (Registration
No. 333-267236), including a base prospectus, previously filed with the Securities and Exchange Commission (“SEC”) on September
1, 2022 and declared effective by the SEC on September 9, 2022. A final prospectus supplement and an accompanying base prospectus relating
to the registered direct offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the final prospectus supplement and accompanying base prospectus may also be obtained by contacting Donald A. Wojnowski
Jr. of Paulson Investment Company, LLC at (646) 553-3691 or at dwojnowski@paulsoninvestment.com.
The
warrants issued in the private placement and shares issuable upon exercise of such warrants were offered in a private placement under
Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Rule 506(b) of Regulation D promulgated
thereunder, have not been registered under the Securities Act or applicable state securities laws and may not be reoffered or resold
in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements
of the Securities Act and such applicable state securities laws.
This
press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale
of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking
Statements
This
press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include
statements regarding the gross proceeds from the registered direct offering and private placement and anticipated use of the net proceeds.
All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements
can be identified by the use of forward-looking words such as “believe”, “expect”, “intend”, “plan”,
“may”, “should”, “could”, “might”, “seek”, “target”, “will”,
“project”, “forecast”, “continue” or “anticipate” or their negatives or variations of
these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. Because forward-looking
statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could
cause Indaptus’ actual results to differ materially from any future results expressed or implied by the forward-looking statements.
Many factors could cause actual activities or results to differ materially from the activities and results anticipated in forward-looking
statements, including, but not limited to risks related to market conditions. Other important factors discussed under the caption “Risk
Factors” included in Indaptus’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC
on November 12, 2024, its most recent Annual Report on Form 10-K filed with the SEC on March 13, 2024, and its other filings with the
SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release.
All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary
statements included in this press release. Indaptus undertakes no obligation to update or revise forward-looking statements to reflect
events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by applicable
law.
Contact:
investors@indaptusrx.com
Investor
Relations Contact:
CORE
IR
Louie Toma
louie@coreir.com
Media:
Cuttlefish
Communications
Shira
Derasmo
shira@cuttlefishpr.com
917-280-2497
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- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
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| Namespace Prefix: |
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| Period Type: |
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- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Exchange Act
-Number 240
-Section 12
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Publisher SEC
-Name Exchange Act
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-Publisher SEC
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-Publisher SEC
-Name Exchange Act
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
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dei_ |
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dei:tradingSymbolItemType |
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| Period Type: |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
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