Current Report Filing (8-k)
August 23 2019 - 5:19PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 23, 2019
SCPHARMACEUTICALS INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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(State or other jurisdiction of
incorporation or organization)
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001-38293
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46-5184075
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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2400 District Avenue, Suite 310
Burlington, Massachusetts
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01803
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code: (617)
517-0730
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Common stock, par value $0.0001
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SCPH
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The Nasdaq Global Select Market
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 1.01 Entry into a Material Definitive Agreement.
On August 23, 2019, scPharmaceuticals Inc. (the Company) entered into an Open Market Sale AgreementSM (the Sales Agreement), with Jefferies LLC (Jefferies) with respect to an at-the-market
offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.0001 per share (the Common Stock), having an aggregate offering price of up to $15,000,000
(the Shares) through Jefferies as its sales agent. The issuance and sale, if any, of the Shares by the Company under the Agreement will be made pursuant to the Companys effective registration statement on Form S-3 (Registration Statement No. 333-229120). A copy of the opinion of Goodwin Procter LLP relating to the legality of the issuance and sale of the Shares is attached as
Exhibit 5.1 hereto.
Jefferies may sell the Shares by any method permitted by law deemed to be an at-the-market offering as defined in Rule 415 of the Securities Act of 1933, as amended, including, without limitation, sales made through The NASDAQ Global Select Market (Nasdaq) or
on any other existing trading market for the Common Stock. Jefferies will use commercially reasonable efforts to sell the Shares from time to time, based upon instructions from the Company (including any price, time or size limits or other customary
parameters or conditions the Company may impose). The Company will pay Jefferies a commission equal to three percent (3%) of the gross sales proceeds of any Shares sold through Jefferies under the Sales Agreement, and also has provided Jefferies
with customary indemnification and contribution rights.
The Company is not obligated to make any sales of Common Stock under the Sales Agreement. The
Company or Jefferies may suspend or terminate the offering of Shares upon notice to the other party and subject to other conditions. Jefferies will act as sales agent on a commercially reasonable efforts basis consistent with its normal trading and
sales practices and applicable state and federal law, rules and regulations and the rules of Nasdaq.
The foregoing description of the Sales Agreement is
not complete and is qualified in its entirety by reference to the full text of the Sales Agreement, a copy of which is filed herewith as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated
herein by reference. A copy of the legal opinion of Goodwin Procter LLP relating to the legality of the issuance of the shares in the Offering is attached as exhibit 5.1 hereto.
This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy the
securities discussed herein, nor shall there be any offer, solicitation, or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
state.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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Date: August 23, 2019
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SCPHARMACEUTICALS INC.
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By: /s/ John H. Tucker
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Name: John H. Tucker
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Title: President, Chief Executive Officer,
Principal Financial Officer and Principal Executive Officer
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