INMB INmune Bio Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): December 4, 2024

 

INMUNE BIO INC.

(Exact name of registrant as specified in charter)

 

Nevada		001-38793		47-5205835
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

225 NE Mizner Boulevard, Suite 640, Boca Raton, FL 33432

(Address of Principal Executive Offices) (Zip Code)

 

(858) 964-3720

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mart 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. ☐

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		INMB		The NASDAQ Stock Market LLC

 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

On December 30, 2020, the Board of Directors (the “Board”) of INmune Bio Inc., a Nevada corporation (the “Company”), approved and adopted the Rights Agreement, dated as of December 30, 2020 (the “Rights Agreement”), by and between the Company and VStock Transfer, LLC, as rights agent (the “Rights Agent”). The Company and the Rights Agent entered into Amendment No. 1 to the Rights Agreement (“Amendment No. 1”) on December 20, 2021 to extend the expiration of the Rights Agreement to December 30, 2022, Amendment No. 2 (“Amendment No.2”) to the Rights Agreement on December 9, 2022 to extend the expiration of the Rights Agreement to December 30, 2023 and Amendment No. 3 (“Amendment No. 3”) to the Rights Agreement on December 14, 2023 to extend the expiration of the Rights Agreement to December 30, 2024.

 

On December 6, 2024, the Company and the Rights Agent entered into Amendment No. 4 to the Rights Agreement (“Amendment No. 4”). Pursuant to Amendment No. 4, the Rights Agreement extended the expiration of the Rights Agreement to December 30, 2025.

 

The Rights are in all respects subject to and governed by the provisions of the Rights Agreement, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and Amendment No. 4.

 

The foregoing description of the Amendment No. 4 does not purport to be complete and is qualified in its entirety by reference to the complete text of the Amendment No. 4, a copy of which is attached as Exhibit 4.1 to this Current Report on Form 8-K and incorporated herein by reference.

 

Item 3.03 Material Modification to Rights of Security Holders

 

The information set forth under “Item 1.01 Entry into a Material Definitive Agreement” of this Current Report on Form 8-K is incorporated into this Item 3.03 by reference.

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On December 4, 2024, the Compensation Committee (the “Compensation Committee”) of the Board of Directors (the “Board”) of INmune Bio Inc. (the “Company”) approved the issuance of an option to each of the Company’s non-employee directors; Timothy Schroeder, J. Kelly Ganjei, Scott Juda and Marcia Allen (collectively, the “Optionees”) to purchase 32,500 shares of the Company’s common stock with an exercise price of $5.05 under the Company’s 2021 Stock Incentive Plan (the “2021 Plan”). The options will become 100% vested and exercisable on December 5, 2026, the two-year anniversary of the grant date and expire on December 4, 2034. The Company has executed a nonqualified stock option agreement with the Optionees.

 

On December 4, 2024, the Compensation Committee approved the issuance of options to Ramond J. Tesi, the Company’s Chief Executive Officer, and David Moss, the Company’s Chief Financial Officer, to purchase 226,000 and 223,000 shares of the Company’s common stock, respectively, pursuant to incentive stock option agreements and the issuance of options to the Company’s Chief Scientific Officer, Mark Lowdell to purchase 140,000 shares of the Company’s common stock pursuant to a nonqualified stock option agreement. The options have an exercise price of $5.05 per share. The options were granted under the 2021 Plan, will become 100% vested and exercisable on December 5, 2026, the two-year anniversary of the grant date and expire on December 4, 2034.

 

The forgoing summary of the option grants referenced above is not complete and qualified in its entirety by reference to the Company’s standard form of nonqualified option agreement and standard form of incentive stock option agreement.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits

 

Number		Description
4.1		Amendment No. 4 to Rights Agreement, dated as of December 6, 2024, between the Company and VStock Transfer LLC, as Rights Agent.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: December 9, 2024	INMUNE BIO INC.
	By:	/s/ David Moss
		David Moss
		Chief Financial Officer

 

 

2

 

Exhibit 4.1

 

INMUNE BIO INC.

 

AMENDMENT NO. 4 TO RIGHTS AGREEMENT

 

This Amendment No. 4 (this “Amendment”), dated as of December 6, 2024, to the Rights Agreement, dated December 30, 2020, as amended on December 20, 2021, December 9, 2022 and December 14, 2023 (the “Rights Agreement”), between INmune Bio Inc., a Nevada corporation (the “Company”), and VStock Transfer LLC, as rights agent (the “Rights Agent”).

 

WHEREAS, the Company and the Rights Agent have executed and entered into the Rights Agreement;

 

WHEREAS, Section 27 of the Rights Agreement provides, the Company, by action of the Board, may from time to time and in its sole and absolute discretion, and the Rights Agent shall if the Company so directs, supplement or amend the Rights Agreement in any respect without the approval of any holders of Rights, including, without limitation to shorten or lengthen any time period provided in the Rights Agreement;

 

WHEREAS, to the knowledge of the Company, no Person has become an Acquiring Person;

 

WHEREAS, the Board of Directors of the Company has deemed it advisable and in the best interests of the Company and its stockholders to amend certain provisions of the Rights Agreement as set forth herein; and

 

WHEREAS, pursuant to and in accordance with Section 27 of the Rights Agreement, the Company desires to amend the Rights Agreement as set forth below.

 

NOW THEREFORE, in consideration of the foregoing and the mutual agreements set forth in the Rights Agreement and this Amendment, the parties hereto hereby agree as follows:

 

1. Section 7(a) of the Rights Agreement is hereby amended and restated as follows:

 

“(a) Subject to Section 7(e) hereof or as otherwise provided in this Agreement, at any time after the Distribution Date the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein including, without limitation, the restrictions on exercisability set forth in Section 9(c), Section 11(a)(iii), and Section 23(a) hereof) in whole or in part upon surrender of the Rights Certificate, with the form of election to purchase and the certificate contained therein properly completed and duly executed, to the Rights Agent at the office or offices of the Rights Agent designated for such purpose, accompanied by a signature guarantee and such other documentation as the Rights Agent may reasonably request, together with payment of the aggregate Purchase Price with respect to the total number of one one-thousandths of a Preferred Share (or, following the occurrence of a Triggering Event, Common Shares, other securities, cash or other assets, as the case may be) as to which such surrendered Rights are then exercisable, at or prior to the earliest of (i) the Close of Business on December 30, 2025 (the “Final Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 hereof (the “Redemption Date”), and (iii) the time at which the Rights are exchanged in full as provided in Section 24 hereof (the earliest of (i), (ii), and (iii) being herein referred to as the “Expiration Date”). Except for those provisions herein that expressly survive the termination of this Agreement, this Agreement shall terminate at such time as the Rights are no longer exercisable hereunder.”

 

3.  Exhibit B. Exhibit B to the Rights Agreement is hereby amended by deleting all references therein to “December 30, 2024” and inserting “December 30, 2025” in place thereof.

 

4. Exhibit C. Exhibit C to the Rights Agreement is hereby amended by deleting the reference therein to “December 30, 2024” in Section 4 and inserting “December 30, 2025” in place thereof.

 

5. Full Force and Effect. Except as expressly amended hereby, the Rights Agreement shall continue in full force and effect in accordance with the provisions thereof.

 

 

6. Governing Law.  This Amendment shall be deemed to be a contract made under the laws of the State of Nevada and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State; provided, that all provisions regarding the rights, duties, liabilities and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within the State of New York.

 

7. Counterparts; Facsimiles and PDFs; Effectiveness. This Amendment may be executed in any number of counterparts and each of such counterparts will for all purposes be deemed to be an original, and all such counterparts will together constitute one and the same instrument, it being understood that all parties need not sign the same counterpart. A signature to this Amendment executed or transmitted electronically (including by facsimile and a portable document format signature) will have the same authority, effect and enforceability as an original signature. No party hereto may raise the use of such electronic execution or transmission to deliver a signature, or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission, as a defense to the formation of a contract, and each party forever waives any such defense, except to the extent such defense relates to lack of authenticity.  This Amendment shall be effective as of the date hereof.

 

8. Descriptive Headings. Descriptive headings of the several sections of this Amendment are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions of this Amendment.

 

9. Rights Agreement as Amended. From and after the date hereof, any reference to the Rights Agreement shall mean the Rights Agreement as amended hereby.

 

10. Severability. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

 

	INMUNE BIO INC.
	By:	/s/ David Moss
	Name:	David Moss
	Title:	Chief Financial Officer

  

	VSTOCK TRANSFER, LLC, AS RIGHTS AGENT
	By:	/s/ Young D. Kim
	Name:	Young D. Kim
	Title:	Compliance Officer

 

 

 

 

v3.24.3

Cover	Dec. 04, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 04, 2024
Entity File Number	001-38793
Entity Registrant Name	INMUNE BIO INC.
Entity Central Index Key	0001711754
Entity Tax Identification Number	47-5205835
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	225 NE Mizner Boulevard
Entity Address, Address Line Two	Suite 640
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33432
City Area Code	(858)
Local Phone Number	964-3720
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	INMB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

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