MYOS RENS TECHNOLOGY INC. (NASDAQ:MYOS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On March 2, 2020, MYOS RENS Technology Inc. (the “Company”) entered into securities purchase agreements (collectively, the “Agreement”) with a group of accredited investors (the “Investors”) providing for the issuance and sale by the Company of shares of the Company’s common stock, $0.001 par value, at a purchase price of $1.21 per share, the closing price of the common stock on the Nasdaq Capital Market on such date (the “Private Placement”). In the Private Placement, the Company issued 1,533,058 shares of common stock to the Investors, including four members of the Company’s board of directors, for aggregate gross proceeds of $1,855,000, which includes the conversion of $825,000 of the principal amount of a promissory note previously issued by the Company to its chief executive officer. The Company intends to use the net proceeds from the Private Placement primarily for working capital, research and development and other general corporate purposes. The closing of the Private Placement occurred on March 5, 2020.
The Agreement provides that the Company will use its commercially reasonable efforts to file a registration statement with the Securities and Exchange Commission within 45 days from the closing of the Private Placement with respect to the re-sale of the shares issued in the Private Placement and will use its commercially reasonable efforts to obtain effectiveness of the registration statement within 90 days of the closing of the Private Placement. The Agreement also contains customary representations and warranties by the Company.
The foregoing description of the Agreement is qualified in its entirety by reference to the complete text of the Agreement, filed hereto as Exhibit 10.1.
Item 3.02. Unregistered Sales of Equity Securities
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.
The securities issued in the Private Placement as described above have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and such issuances were made to the exemptions from registration provided by Section 4 (a)(2) of the Securities Act and/or Regulation D promulgated thereunder.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| 10.1 | Form of Securities Purchase Agreement, dated March 2, 2020, by and between the Company and each of the Investors. |
MYOS RENS TECHNOLOGY INC. Exhibit
EX-10.1 2 ea119369ex10-1_myos.htm FORM OF SECURITIES PURCHASE AGREEMENT,…
To view the full exhibit click here
About MYOS RENS TECHNOLOGY INC. (NASDAQ:MYOS)
MYOS RENS Technology Inc. (MYOS), formerly MYOS Corporation, is an early-stage bionutrition and biotherapeutics company. The Company is focused on the discovery, development and commercialization of products that improve muscle health and function essential for the management of sarcopenia, cachexia and degenerative muscle diseases, and as an adjunct to the treatment of obesity. The Company is focused on the discovery, development, and commercialization of nutritional supplements, functional foods, therapeutic products, and other technologies for maintaining the health and performance of muscle tissue. MYOS is evaluating the modulation of myostatin. Its research is focused on developing strategies and therapeutic interventions to address muscle related conditions, including sarcopenia, cachexia, and inherited and acquired muscle diseases. The Company, through its subsidiary, holds the intellectual property pertaining to Fortetropin, which is a dietary supplement.