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ATEC > SEC Filings for ATEC > Form 8-K on 26-Mar-2014All Recent SEC Filings

Show all filings for ALPHATEC HOLDINGS, INC.



Unregistered Sale of Equity Securities

Item 3.02. Unregistered Sale of Equity Securities.

On March 20, 2014, in connection with the draw-down of $20.0 million by Alphatec Holdings, Inc. (the "Company") under its Facility Agreement (the "Facility Agreement") with Deerfield Private Design Fund II, L.P., Deerfield Private Design International II, L.P., Deerfield Special Situations Fund, L.P., and Deerfield Special Situations International Master Fund, L.P. (collectively, "Deerfield"), the Company issued to Deerfield warrants to purchase up to 4,000,000 shares of the Company's common stock (the "Common Stock") at an exercise price equal to $1.39 per share (the "Warrants"). The number of shares of Common Stock into which a Warrant is exercisable and the exercise price of each Warrant will be adjusted to reflect any stock splits, recapitalizations or similar adjustments in the number of outstanding shares of Common Stock. Each Warrant expires on the sixth anniversary of its issuance and contains certain limitations that prevent the holder from acquiring shares upon exercise of a Warrant that would result in the number of shares beneficially owned by such holder to exceed 9.985% of the total number of shares of Common Stock then issued and outstanding. The holder of a Warrant may exercise the Warrant either for cash or on a cashless basis. In connection with certain Major Transactions (as defined in the Warrant), including certain changes of control of the Company or the sale of more than 50% of the Company's assets, the holder may have the option to receive, in exchange for the Warrant, a number of shares of Common Stock equal to the Black-Scholes value of the Warrant, as calculated pursuant to the terms of the Warrant. In certain circumstances, a portion of such payment may be made in cash rather than in shares of Common Stock.

The Warrants were offered and sold in reliance upon the exemption from registration provided by Section 4(2) under the Securities Act of 1933 (the "Securities Act"). The Facility Agreement contains representations to support the Company's reasonable belief that Deerfield had access to information concerning its operations and financial condition, that Deerfield is acquiring the Warrants for its own account and not with a view to the distribution thereof, and that Deerfield is an "accredited investor" as defined by Rule 501 promulgated under the Securities Act.

Additional information with respect to the Facility Agreement and the Warrants is available in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on March 19, 2014, and is hereby incorporated by reference. The foregoing summary of the Warrants is not complete and is qualified in its entirety by reference to the form of Warrant, a copy of which is filed as an exhibit to such Current Report on Form 8-K, and is incorporated herein by reference.

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