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| CMXI > SEC Filings for CMXI > Form 8-K on 20-Feb-2013 | All Recent SEC Filings |
20-Feb-2013
Entry into a Material Definitive Agreement, Results of Operations and Financial Con
Lincoln Park Transaction
On February 18, 2013, Cytomedix, Inc., a Delaware corporation (the "Company" or "Cytomedix"), entered into a purchase agreement (the "Purchase Agreement"), together with a registration rights agreement (the "Registration Rights Agreement"), with Lincoln Park Capital Fund, LLC ("Lincoln Park"). Under the terms and subject to the conditions of the Purchase Agreement, the Company has the right to sell to and Lincoln Park is obligated to purchase up to $15 million in shares of the Company's common stock ("Common Stock"), subject to certain limitations, from time to time, over the 30-month period commencing on the date that a registration statement, which the Company agreed to file with the Securities and Exchange Commission (the "SEC") pursuant to the Registration Rights Agreement, is declared effective by the SEC and a final prospectus in connection therewith is filed. The Company may direct Lincoln Park every other business day, at its sole discretion and subject to certain conditions, to purchase up to 150,000 shares of Common Stock in regular purchases, increasing to amounts of up to 200,000 shares depending upon the closing sale price of the Common Stock. In addition, the Company may direct Lincoln Park to purchase additional amounts as accelerated purchases if on the date of a regular purchase the closing sale price of the Common Stock is not below $1.00 per share. The purchase price of shares of Common Stock related to the future funding will be based on the prevailing market prices of such shares at the time of sales (or over a period of up to 12 business days leading up to such time), but in no event will shares be sold to Lincoln Park on a day the Common Stock closing price is less than the floor price of $0.45 per share, subject to adjustment. The Company's sales of shares of Common Stock to Lincoln Park under the Purchase Agreement are limited to no more than the number of shares that would result in the beneficial ownership by Lincoln Park and its affiliates, at any single point in time, of more than 9.99% of the then outstanding shares of the Common Stock.
In connection with the Purchase Agreement, the Company issued to Lincoln Park 375,000 shares of Common Stock and is required to issue up to 375,000 additional shares of Common Stock pro rata as the Company requires Lincoln Park to purchase the Company's shares under the Purchase Agreement over the term of the agreement. Lincoln Park represented to the Company, among other things, that it was an "accredited investor" (as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the "Securities Act")), and the Company sold the securities in reliance upon an exemption from registration contained in Section 4(2) under the Securities Act. The securities sold may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, agreements and conditions to completing future sale transactions, indemnification rights and obligations of the parties. The Company has the right to terminate the Purchase Agreement at any time, at no cost or penalty. Actual sales of shares of Common Stock to Lincoln Park under the Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of the Common Stock and determinations by the Company as to the appropriate sources of funding for the Company and its operations. There are no trading volume requirements or restrictions under the Purchase Agreement. Lincoln Park has no right to require any sales by the Company, but is obligated to make purchases from the Company as it directs in accordance with the Purchase Agreement. Lincoln Park has covenanted not to cause or engage in any manner . . .
The Company's product sales in the fourth quarter of 2012 totaled $2,037,717.
The Company cautions shareholders and potential investors in the Company's securities that the above- referenced financial data relating to the fiscal quarter ended December 31, 2012 should be considered preliminary. Stegman & Company, the Company's independent public accountants, have not audited or reviewed such date and it is subject to further analysis, change and independent review. These results are subject to change, possibly material in nature, following completion of the audit for the year ended December 31, 2012 and the filing of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012.
The information set forth under Item 1.01 in this Form 8-K is incorporated herein by reference.
The information set forth under Items 1.01 in this Form 8-K is incorporated herein by reference.
The information set forth under Item 1.01 in this Form 8-K is incorporated herein by reference.
On February 20, 2013, the Company issued a press release announcing the foregoing transactions and certain preliminary unaudited results for the fiscal year 2012. A copy of the press release announcing these results is being furnished as Exhibit 99.1 hereto and is hereby incorporated in this Item 8.01 in its entirety by reference.
(d) Exhibits.
4.1 Form of Investor Warrant.
4.2 Warrant.
5.1 Opinion of Cozen O'Connor.
10.1 Lincoln Park Purchase Agreement.
10.2 Lincoln Park Registration Rights Agreement.
10.3 Form of Investor Securities Purchase Agreement.
10.4 Credit and Security Agreement.
23.1 Consent of Cozen O'Connor (included in its opinion filed as Exhibit 5.1 hereto).
99.1 Press Release dated February 20, 2013.
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