GENEREX BIOTECHNOLOGY CORPORATION (OTCMKTS:GNBT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement
As previously reported, on March 28, 2017, Generex Biotechnology Corporation (the “Company”) entered into a securities purchase agreement to which the Company issued 3,000 shares of Series H Preferred Stock for a purchase price of $3,000,000 of its Series H Convertible Preferred Stock (“Series H Preferred Stock”), to a single purchaser, Pharma Trials, LLC.
The Series H Preferred Stock is convertible at the option of the holder at any time into shares of the Company’s common stock at an effective conversion price of $2.50 per share. The conversion price of the preferred stock is subject to adjustment in the case of stock splits, stock dividends, combinations of shares, similar recapitalization transactions and certain pro-rata distributions to common stockholders.
On July 9, 2018, the Company entered into a Confidential Amendment to Securities Purchase Agreement (the “Amendment”) to which Pharma Trials, LLC agreed
| · | Not to convert any of the Series H Preferred Stock before the earlier of October 31, 2018, or the date the Company has completed two acquisitions of the types described in the Amendment. |
| · | In the event the Company declares a stock dividend on its common stock in an amount in excess of 1 share for each outstanding share, to waive its right to receive an adjustment to the conversion ratio in excess of one additional share for each share of preferred stock. |
The foregoing description of the terms of the Amendment is subject to, and qualified in their entirety by, the document attached hereto as Exhibit 4.1 and incorporated herein by reference.
GENEREX BIOTECHNOLOGY CORP ExhibitEX-4.1 2 gnbt070918exh4_1.htm EXHIBIT 4.1 CONFIDENTIAL AMENDMENT TO SECURITIES PURCHASE AGREEMENT THIS AMENDMENT (this “Amendment”) is made as of this day of June,…To view the full exhibit click here
About GENEREX BIOTECHNOLOGY CORPORATION (OTCMKTS:GNBT)
Generex Biotechnology Corporation is a development-stage company. The Company is engaged primarily in the research and development of drug delivery systems and technologies. The Company is focused on its technology for the administration of formulations of large molecule drugs to the oral (buccal) cavity using a hand-held aerosol applicator. Its buccal delivery technology is a platform technology that has application to various large molecule drugs and provides a non-invasive way to administer such drugs. The Company focuses its development efforts on Generex Oral-lyn, an insulin formulation administered as a fine spray into the oral cavity using its hand-held aerosol spray applicator known as RapidMist. Its subsidiary, Antigen Express, Inc., focuses on developing vaccine formulations that work by stimulating the immune system to either attack offending agents, such as cancer cells, bacteria and viruses, or to stop attacking benign elements, such as self proteins and allergens.
