Item 1.01. Entry into a Material Definitive Agreement.
On
Pursuant to the terms of the Mast SPA, the Company also agreed to issue (i) a
common stock purchase warrant to purchase 150,000 shares of Company common stock
at an exercise price of
The Mast Note bears interest at a rate of 12% per annum and matures on
Mast has the right at any time to convert all or any part of the outstanding and
unpaid principal amount and interest of the Mast Note into common stock, subject
to a 4.99% equity blocker, at a conversion price of
Mast's right to exercise each of the Mast Warrants is subject to a 4.99% equity blocker. Each of the Mast Warrants expires on the five-year anniversary of issuance.
The foregoing description of the Mast SPA, the Mast Note and the Mast Warrants does not purport to be complete and is qualified in its entirety by reference to the Mast SPA, the Mast Note, the First Mast Warrant and the Second Mast Warrant, copies of which are filed as Exhibits 10.1, 10.2, 10.3 and 10.4 to this Current Report on Form 8-K and which are incorporated herein by reference.
On
Pursuant to the terms of the Talos SPA, the Company also agreed to issue (i) a
common stock purchase warrant to purchase 75,000 shares of Company common stock
at an exercise price of
The Talos Note bears interest at a rate of 12% per annum and matures on
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Talos has the right at any time to convert all or any part of the outstanding
and unpaid principal amount and interest of the Talos Note into common stock,
subject to a 4.99% equity blocker, at a conversion price of
Talos' right to exercise each of the Talos Warrants is subject to a 4.99% equity blocker. Each of the Talos Warrants expires on the five-year anniversary of issuance.
The foregoing description of the Talos SPA, the Talos Note and the Talos Warrants does not purport to be complete and is qualified in its entirety by reference to the Talos SPA, the Talos Note, the First Talos Warrant and the Second Talos Warrant, copies of which are filed as Exhibits 10.5, 10.6, 10.7 and 10.8 to this Current Report on Form 8-K and which are incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 above regarding the Mast Note and the Talos Note is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits
The following exhibits are filed with this Current Report on Form 8-K:
Exhibit No. Description 10.1 Securities Purchase Agreement dated as ofFebruary 11, 2022 by and between the registrant andMast Hill Fund, L.P. 10.2 Promissory Note issued by the registrant onFebruary 11, 2022 in favor ofMast Hill Fund, L.P. 10.3 First Common Stock Purchase Warrant issued by the registrant onFebruary 11, 2022 toMast Hill Fund, L.P. 10.4 Second Common Stock Purchase Warrant issued by the registrant onFebruary 11, 2022 toMast Hill Fund, L.P. 10.5 Securities Purchase Agreement dated as ofFebruary 17, 2022 by and between the registrant andTalos Victory Fund, LLC . 10.6 Promissory Note issued by the registrant onFebruary 17, 2022 in favor ofTalos Victory Fund, LLC . 10.7 First Common Stock Purchase Warrant issued by the registrant onFebruary 17, 2022 toTalos Victory Fund, LLC . 10.8 Second Common Stock Purchase Warrant issued by the registrant onFebruary 17, 2022 toTalos Victory Fund, LLC . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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