Item 8.01. Other Events.
On August 16, 2019, DelMar Pharmaceuticals,
Inc. (the “
Company
”) closed on the sale of (i) 4,895,000 shares of its common stock, par value $0.001 per share
(the “
Common Stock
”), (ii) pre-funded warrants to purchase an aggregate of 2,655,000 shares of Common Stock
and (iii) common warrants to purchase an aggregate of 7,762,500 shares of Common Stock, including 800,000 shares of Common Stock
and warrants to purchase an aggregate of 1,012,500 shares of Common Stock sold pursuant to a partial exercise by the underwriters
of the underwriters’ option to purchase additional securities, in its previously announced underwritten public offering (the
“
Offering
”). Each share of Common Stock or pre-funded warrant, as applicable, was sold together with a common
warrant to purchase one share of Common Stock at a combined effective price to the public of $1.00 per share and accompanying common
warrant.
The net proceeds from the Offering, including
from the partial exercise of the underwriters’ option to purchase additional securities, was approximately $6.7 million,
after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The Company
intends to use the net proceeds from the Offering for its clinical trials and for general corporate purposes, which may include
working capital, capital expenditures, research and development and other commercial expenditures. In addition, the Company may
use the net proceeds from the Offering for investments in businesses, products or technologies that are complementary to its business.
The Company granted the underwriters a 45-day
option, ending September 28, 2019, to purchase up to an additional 1,012,500 shares of Common Stock and/or common warrants to purchase
up to 1,012,500 shares of Common Stock, at the public offering price less discounts and commissions. On August 15, 2019, the underwriters
partially exercised this option by purchasing 800,000 shares of Common Stock and common warrants to purchase an aggregate of 1,012,500
shares of Common Stock.
Maxim Group LLC acted as the book-running
manager, and Dawson James Securities, Inc. acted as a co-manager in connection with the Offering, which was a firm commitment underwritten
public offering pursuant to a registration statement on Form S-1 (Registration No. 333-232931) that was declared effective by the
Securities and Exchange Commission on August 14, 2019. The Offering was made only by means of a prospectus forming a part of the
effective registration statement.
As previously reported, in May 2019, we received
notices from the Listing Qualifications Department of The Nasdaq Stock Market LLC indicating that, in light of our having reported
stockholders’ equity of $1,259,161 as of March 31, 2019, we were not in compliance with the $2,500,000 minimum stockholders’
equity requirement set forth in Nasdaq Listing Rule 5550(b)(1) for continued listing on Nasdaq (the “Stockholders’
Equity Requirement”). In response to a plan submitted by us to Nasdaq at the end of May 2019, the Nasdaq Hearings Panel gave
us until October 15, 2019 to issue a public disclosure that we have met the Stockholders’ Equity Requirement and have demonstrated
compliance with all other requirements for continued listing. As a result of the closing of the Offering, the Company believes
that it is now in compliance with the Minimum Stockholders’ Equity Requirement of $2.5 million for continued listing as set
forth in Nasdaq Listing Rule 5550(b)(1), and therefore satisfies the applicable requirement for continued listing on The Nasdaq
Capital Market.