Current Report Filing (8-k)
07 February 2020 - 9:06AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event
reported): February 4, 2020
PHIO
PHARMACEUTICALS CORP.
(Exact name of registrant as specified
in its charter)
Delaware
|
|
001-36304
|
|
45-3215903
|
(State or other jurisdiction
of incorporation or organization)
|
|
(Commission
File Number)
|
|
(I.R.S. Employer
Identification No.)
|
257 Simarano Drive, Suite 101
Marlborough, Massachusetts 01752
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number,
including area code: (508) 767-3861
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 of securities:
|
Trading Symbol(s):
|
Name of exchange on which registered:
|
Common Stock, par value $0.0001
|
PHIO
|
The Nasdaq Capital Market
|
|
|
|
|
|
|
|
|
|
|
|
Securities registered pursuant to Section 12(g)
of the Act: None
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
Securities Purchase Agreement
On February 4, 2020, Phio Pharmaceuticals
Corp. (the “Company”) entered into a securities purchase agreement with certain institutional and accredited investors
(the “Purchase Agreement”) relating to the offering and sale of 197,056 shares of Company common stock, par value $0.0001
per share (the “Common Stock”) at a purchase price of $8.705 per share (the “Offering”). Concurrently with
the Offering, and pursuant to the Purchase Agreement, the Company also commenced a private placement whereby it issued and sold
warrants (the “Warrants”) exercisable for an aggregate of up to 197,056 shares of Common Stock, which represents 100%
of the shares of Common Stock sold in the Offering, with a purchase price of $0.125 per underlying warrant share and an exercise
price of $8.71 per share (the “Private Placement”). The net proceeds to the Company from the Offering and the Private
Placement is approximately $1.4 million, after deducting fees and expenses. Subject to certain ownership limitations, the
Warrants are exercisable upon issuance. The Warrants will expire on the 5.5 year anniversary of the date of issuance. None of the
Warrants, nor the Warrants Shares, have been registered under the Securities Act of 1933, as amended.
Pursuant to an engagement letter, dated
as of January 31, 2020, between the Company and H.C. Wainwright & Co., LLC, or the placement agent, the Company agreed to pay
the placement agent a cash fee of 7.5% and a management fee of 1.0% of the aggregate gross proceeds of the Offering and the Private
Placement. The Company also agreed to pay the placement agent $40,000 for non-accountable expenses, $50,000 for legal expenses
and $12,900 for clearing fees. In addition, the Company issued to the placement agent warrants to purchase up to 14,779 shares
of Common Stock (the “Placement Agent Warrants”), or 7.5% of the aggregate number of shares of Common Stock sold in
the Offering. The Placement Agent Warrants are immediately exercisable at an exercise price of $11.0375 per share of Common Stock
and expire on February 4, 2025.
The Offering and Private Placement closed
on February 6, 2020.
The 197,056 shares of Common Stock sold
in the Offering (but not the Warrants or the Warrant Shares) were offered and sold pursuant to a prospectus, dated February 4,
2020, in connection with a takedown from the Company’s shelf registration statement on Form S-3 (File No. 333-224031).
The Warrants, the Warrant Shares, the Placement
Agent Warrants and the shares of Common Stock issuable thereunder were sold and issued without registration under the Securities
Act of 1933, as amended (the “Securities Act”) in reliance on the exemptions provided by Section 4(a)(2) of the Securities
Act as transactions not involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors.
The foregoing descriptions of the Purchase
Agreement and the Warrants are not complete and are qualified in their entirety by references to the full text of the Purchase
Agreement and the Warrants, which are filed as exhibits to this report and are incorporated by reference herein.
A copy of the opinion of Gibson, Dunn & Crutcher, LLP relating
to the validity of the securities issued in the Offering is filed herewith as Exhibit 5.1.
Item 3.02 Unregistered Sales of Equity Securities.
The disclosures in Item 1.01 of this Form
8-K regarding the Warrants, and Warrant Shares, the Placement Agent Warrants and the shares of Common Stock issuable thereunder
are incorporated by reference into this Item 3.02.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
* * *
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
PHIO PHARMACEUTICALS CORP.
|
|
|
|
|
Date: February 6, 2020
|
|
|
|
By:
|
|
/s/ Gerrit Dispersyn
|
|
|
|
|
|
|
Gerrit Dispersyn
President and Chief Executive Officer
|
Phio Pharmaceuticals (NASDAQ:PHIO)
Historical Stock Chart
From Apr 2024 to May 2024
Phio Pharmaceuticals (NASDAQ:PHIO)
Historical Stock Chart
From May 2023 to May 2024