Current Report Filing (8-k)

Date : 06/18/2019 @ 10:15PM
Source : Edgar (US Regulatory)
Stock : Soliton Inc (SOLY)
Quote : 12.8  0.0 (0.00%) @ 4:59AM
Soliton share price Chart

Current Report Filing (8-k)

 

UNITED STATES

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): June 1 6 , 2019

___________________________

Soliton, Inc.

(Exact name of registrant as specified in its charter)

___________________________

 

Delaware

001-38815

36-4729076

(State or other jurisdiction of

incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

 

5304 Ashbrook Drive

Houston, Texas 77081

 (Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (844) 705-4866

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

___________________________

 

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):

 

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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.                                                         ☐

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbols(s)

Name of each exchange on which registered

Common stock, par value $0.001 per share

SOLY

The NASDAQ Stock Market LLC

 

 

 

 

Item 1.01.

Entry into a Material Definitive Agreement.

 

On June 16, 2019, Soliton, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional and accredited investors (the “Investors”) for the sale by the Company in a private placement of up to 675,000 units (each a “Unit”), each Unit consisting of (i) one share of the Company’s common stock, $0.001 par value per share (“Common Stock”), and (ii) 0.7 of a warrant to purchase one share of Common Stock (each a “Warrant”). The offering price of the Units was $14.00 per Unit.

 

The Warrants included in the Units will be exercisable at a price of $16.00 per share commencing on the date of issuance, and will expire five years from the effective date of the registration statement pursuant to which the resale of the shares of Common Stock underlying the Warrants are registered. The shares of Common Stock are being offered together with the Warrants but the securities comprising the Units will be issued separately and will be separately transferable.

 

The closing of the offering is expected to take place on June 19, 2019, subject to the satisfaction of customary closing conditions. The Company estimates that the net proceeds from the sale of the Units will be approximately $8.6 million after deducting the placement agent fees and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for general corporate purposes.

 

In connection with the offering, the Company entered into a registration rights agreement (the “Registration Rights Agreement”), pursuant to which, among other things, the Company will prepare and file with the Securities and Exchange Commission (the “SEC”) a registration statement to register for resale the shares of Common Stock sold in the offering and the shares of Common Stock underlying the Warrants.

 

The securities issued in the offering have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and until so registered the securities may not be offered or sold absent registration or availability of an applicable exemption from registration.

 

On June 16, 2019, the Company also entered into a co-placement agency agreement (the “Placement Agent Agreement”) with Roth Capital Partners, LLC (“Roth”), Boustead Securities, LLC (“Boustead”), and Maxim Group LLP (“Maxim”) (Roth, Boustead, and Maxim, each a “Co-Placement Agent” and, collectively, the “Co-Placement Agents”), pursuant to which the Co-Placement Agents agreed to serve as co-placement agents for the issuance and sale of the Units. The Company has agreed to pay the Co-Placement Agents an aggregate fee equal to 7.0% of the gross proceeds received by the Company from the sale of the Units in the offering. The Company will also reimburse Roth for its expenses up to $100,000.

 

The Company agreed to a 45-day “lock-up” and the Company’s officers and directors agreed to a 90-day “lock-up” with respect to shares of Common Stock and other securities beneficially owned, including securities that are convertible into, or exchangeable or exercisable for, shares of Common Stock. Subject to certain exceptions, during the lock-up period, the Company and its executive officers and directors may not offer, sell, pledge or otherwise dispose of the foregoing securities. In addition, with certain exceptions, the Company agreed to a one-year restriction on the issuance of certain variable rate transaction securities.

 

The Purchase Agreement and the Placement Agent Agreement contains customary representations, warranties and covenants by the Company, customary conditions to closing, indemnification obligations of the Company, the Investors and the Co-Placement Agents, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Purchase Agreement and the Placement Agent Agreement were made only for purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such agreements, and may be subject to limitations agreed upon by the contracting parties.

 

The foregoing description of the material terms of the Placement Agent Agreement, Purchase Agreement, Warrant and Registration Rights Agreement is not complete and is qualified in its entirety by reference to the full text of the Placement Agent Agreement, Purchase Agreement, Warrant and Registration Rights Agreement, copies of which are filed as Exhibits 1.1, 10.1, 4.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

 

 

 

 

Item 3.02.

Unregistered Sales of Equity Securities.

 

Pursuant to the offering described in Item 1.01 of this Current Report on Form 8-K, which description is incorporated by reference into this Item 3.02 in its entirety, the Company will sell the Units to “accredited investors,” as that term is defined in the Securities Act, in reliance on the exemption from registration afforded by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act and corresponding provisions of state securities or “blue sky” laws. The Investors represented that they are acquiring the Units for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof. Accordingly, the securities comprising the Units have not been registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.

 

Neither this Current Report on Form 8-K nor any exhibit attached hereto is an offer to sell or the solicitation of an offer to buy securities of the Company.

 

Item 8.01.

Other Events.

 

On June 17, 2019, the Company issued a press release announcing the offering. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference herein.

 

Item 9.01.

Financial Statements and Exhibits

 

 (d) Exhibits

 

 

Exhibit No.

Exhibit Description

 

 

 

 

1.1

Co-Placement Agency Agreement between Soliton, Inc. and Roth Capital Partners, LLC, Boustead Securities, LLC, and Maxim Group LLP dated June 16, 2019

 

4.1

Form of Warrant Agreement issued in offering

 

10.1

Form of Securities Purchase Agreement dated June 16, 2019 by and among Soliton, Inc. and the Investors

 

10.2

Form Registration Rights Agreement dated June 16, 2019 by and among Soliton, Inc. and the Investors

 

99.1

Press release dated June 17, 2019

 

 

 

 

 

Signature

 

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.

 

 

 

 

SOLITON, INC.

 

 

 

 

 

 

 

 

 

 

By:

/s/ Lori Bisson                      

 

 

 

Lori Bisson

 

 

 

Executive Vice-President,

 

 

 

Chief Financial Officer

 

 

 

Dated: June 18, 2019

 

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