ANAVEX LIFE SCIENCES CORP. (NASDAQ:AVXL) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On July 6, 2018, Anavex Life Sciences Corp. (the “Company”) entered into a Controlled Equity OfferingSMSales Agreement (the “Sales Agreement”) with Cantor Fitzgerald& Co., as agent (“Cantor Fitzgerald”), to which the Company may offer and sell shares of common stock, par value $0.001 per share (the “Shares”), for aggregate gross sale proceeds of up to $50,000,000 from time to time through Cantor Fitzgerald (the “Offering”). The Company is also filing a prospectus supplement with the Securities and Exchange Commission in connection with the Offering (the “Prospectus Supplement”) under the Company’s shelf Registration Statement on FormS-3 (File No.333- 207600), which became effective on September 6, 2016 (the “Registration Statement”). Any Shares offered and sold in the Offering will be issued to such Registration Statement.
Upon delivery of a placement notice based on the Company’s instructions and subject to the terms and conditions of the Sales Agreement, Cantor Fitzgerald may sell the Shares by methods deemed to be an “at the market offering” as defined in Rule415(a)(4)promulgated under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on or through The Nasdaq Capital Market (“Nasdaq”), on any other existing trading market for the Company’s common stock, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, or by any other method permitted by law, including negotiated transactions, subject to the prior written consent of the Company.
The Company is not obligated to make any sales of Shares under the Sales Agreement. The Company or Cantor Fitzgerald may suspend or terminate the offering of Shares upon notice to the other party, subject to certain conditions. Cantor Fitzgerald will act as sales agent on a commercially reasonable efforts basis consistent with its normal trading and sales practices and applicable state and federal law, rulesand regulations and the rulesof Nasdaq.
The Company has agreed to pay Cantor Fitzgerald commissions for its services of acting as agent of up to 3.0% of the gross proceeds from the sale of the Shares to the Sales Agreement. The Company has also agreed to provide Cantor Fitzgerald with customary indemnification and contribution rights.
A copy of the Sales Agreement is attached as Exhibit1.1 hereto and is incorporated herein by reference. The foregoing description of the material terms of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.
Snell & Wilmer, L.L.P.,Nevada counsel to the Company, has issued a legal opinion relating to the Shares. A copy of such legal opinion, including the consent included therein, is attached as Exhibit5.1 hereto.
The Shares will be sold to the Registration Statement, and offerings of the Shares will be made only by means of the Prospectus Supplement. This Current Report on Form8-K shall not constitute an offer to sell or solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of such state or jurisdiction.
| Item 1.01 | Financial Statements and Exhibits. |
(d) Exhibits
ANAVEX LIFE SCIENCES CORP. ExhibitEX-1.1 2 s111267_ex1-1.htm EXHIBIT 1.1 Exhibit 1.1 ANAVEX LIFE SCIENCES CORP. Shares of Common Stock (par value $0.001 per share) Controlled Equity OfferingSM Sales Agreement July 6,…To view the full exhibit click here