As filed with the Securities and Exchange Commission on August 9, 2023
Registration No. 333-
Delaware (State or other jurisdiction of incorporation or organization) | | | 13-3986004 (I.R.S. Employer Identification Number) |
Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ |
Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☒ |
| | | | Emerging growth company | | | ☐ |
• | forecasts of future business performance, consumer trends and macro-economic conditions; |
• | descriptions of market, competitive conditions, and competitive product introductions; |
• | descriptions of plans or objectives of management for future operations, products or services; |
• | actions by the FDA or other regulatory agencies with respect to our products or product candidates; |
• | changes to third-party reimbursement of laser treatments using our devices; |
• | our estimates regarding the sufficiency of our cash resources, expenses, capital requirements and needs for additional financing and our ability to obtain additional financing; |
• | our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others; |
• | anticipated results of existing or future litigation or government actions; |
• | health emergencies, the spread of infectious disease or pandemics; and |
• | descriptions or assumptions underlying or related to any of the above items and other factors. |
• | 96920 – designated for: the total area less than 250 square centimeters. CMS assigned a 2022 national payment of $162 per treatment; |
• | 96921 – designated for: the total area 250 to 500 square centimeters. CMS assigned a 2022 national payment of $176 per treatment; and |
• | 96922 – designated for: the total area over 500 square centimeters. CMS assigned a 2022 national payment of $240 per treatment. |
(1) | The number of shares of common stock to be outstanding immediately after this offering as shown above is based on 34,881,453 shares of common stock outstanding as of June 30, 2023. The number of outstanding shares excludes, as of June 30, 2023, 5,489,311 shares of common stock reserved for issuance pursuant to grants under our Equity Incentive Plan, 2,298,706 shares of common stock reserved for future issuance under our Equity Incentive Plan and shares of common stock issued pursuant to an equity distribution agreement with Ladenburg Thalmann & Co. Inc. (Ladenburg). |
• | shift in our investor base; |
• | general economic and financial market conditions; |
• | government action or regulation; |
• | changes in accounting standards, policies, guidance, interpretations or principles; |
• | changes to the market and industry conditions as a result of the global outbreak of the COVID-19 coronavirus; |
• | an inability to maintain an uninterrupted supply of gasses used to power our lasers as the Russia-Ukraine War has disrupted supplies of rare gasses; |
• | the financial condition, operations, stock price performance and prospects of our competitors; |
• | announcements by us or our competitors of significant acquisitions, dispositions or software developments; |
• | changes in financial estimates or recommendations by securities analysts with respect to us or our competitors in our industry; |
• | the possible delisting of our common stock on the NASDAQ Capital Market; |
• | our issuance of preferred equity and/or debt securities; and |
• | actual or anticipated variations in annual and quarterly operating results of us and our competitors. |
Exercise price per share | | | | | $0.88 | |
Net tangible book value per share as of June 30, 2023 | | | $(0.23) | | | |
Increase per share attributable to new investors | | | 0.02 | | | |
Pro forma as adjusted net tangible book value per share after this offering | | | | | $(0.20) | |
Dilution in net tangible book value per share to new investors | | | | | $1.08 |
• | 5,369,714 shares of common stock issuable upon the exercise of options with a weighted average exercise price of $1.61; |
• | 119,597 shares of common stock issuable upon the vesting and settlement of outstanding restricted stock units; |
• | 2,298,706 shares of common stock reserved for issuance pursuant to unvested grants under our equity compensation plans; and |
• | shares of common stock, having an aggregate offering price of up to $11.0 million, issued pursuant to an equity distribution agreement with Ladenburg. |
Name and Address of Selling Stockholder | | | Common Shares Beneficially Owned Prior to This Offering | | | Number of Shares Underlying Warrant(1) | | | Common Shares Beneficially Owned After This Offering | ||||||
| | Number(1) | | | Percentage | | | | | Number | | | Percentage | ||
MidCap Funding XLVII Trust(2) 7255 Woodmont Ave, Suite 300 Bethesda, MD 20814 | | | 800,000 | | | 2.24% | | | 800,000 | | | 0 | | | 0% |
Total of Selling Stockholder: | | | 800,000 | | | 2.24% | | | 800,000 | | | 0 | | | 0% |
(1) | Represents shares of common stock issuable if the Warrant is exercised in full. |
(2) | Apollo Capital Management, L.P. (“Apollo”) is the investment manager for MidCap Funding XXVII Trust (“MCFXXVII”). Apollo is a registered investment advisor with the SEC. Howard Widra is an authorized signatory for Apollo Capital Management GP, LLC, which is the general partner of Apollo. Accordingly, Mr. Widra is permitted to make decisions on behalf of Apollo, acting in its capacity as the investment manager of MCFXXVII, and therefore may be deemed to have voting control and investment discretion over the securities held by MCFXXVII as reported herein. |
• | on an actual basis; and |
• | as adjusted basis, reflecting the issuance of 800,000 shares of common stock offered by this prospectus, as a result of exercising the Warrant to purchase 800,000 shares of our common stock at an exercise price of $0.88 per share, assuming net proceeds to us of approximately $704,000, after deducting estimated offering expenses payable by us. |
| | As of June 30, 2023 | ||||
| | Actual | | | As Adjusted | |
| | (in thousands, except share data) | ||||
Cash and cash equivalents | | | $9,034 | | | $9,738 |
Current portion of long-term debt | | | $— | | | $— |
Long-term debt, net of current portion | | | 14,987 | | | 14,987 |
Total debt | | | 14,987 | | | 14,987 |
Stockholders’ equity | | | | | ||
Common stock, $0.001 par value - authorized, 150,000,000 shares; issued and outstanding, 34,881,453 shares actual and 35,681,453 as adjusted | | | 35 | | | 36 |
Additional paid-in capital | | | 250,085 | | | 250,788 |
Accumulated deficit | | | (233,211) | | | (233,211) |
Total stockholders’ equity | | | 16,909 | | | 17,613 |
Total capitalization | | | $31,896 | | | $32,600 |
• | 5,369,714 shares of common stock issuable upon the exercise of options with a weighted average exercise price of $1.61; |
• | 119,597 shares of common stock issuable upon the vesting and settlement of outstanding restricted stock units; |
• | 2,298,706 shares of common stock reserved for issuance pursuant to unvested grants under our equity compensation plans; and |
• | shares of common stock having an aggregate offering price of up to $11.0 million issued pursuant to an equity distribution agreement with Ladenburg. |
• | common stock; |
• | preferred stock; |
• | secured or unsecured debt securities consisting of notes, debentures or other evidences of indebtedness which may be senior debt securities, senior subordinated debt securities or subordinated debt securities, each of which may be convertible into equity securities; |
• | warrants to purchase our securities; |
• | rights to purchase our securities; or |
• | units comprised of, or other combinations of, the foregoing securities. |
• | the title of the series and the number of shares in the series; |
• | the price at which the preferred stock will be offered; |
• | the dividend rate or rates or method of calculating the rates, the dates on which the dividends will be payable, whether or not dividends will be cumulative or noncumulative and, if cumulative, the dates from which dividends on the preferred stock being offered will cumulate; |
• | the voting rights, if any, of the holders of shares of the preferred stock being offered; |
• | the provisions for a sinking fund, if any, and the provisions for redemption, if applicable, of the preferred stock being offered, including any restrictions on the foregoing as a result of arrearage in the payment of dividends or sinking fund installments; |
• | the liquidation preference per share; |
• | the terms and conditions, if applicable, upon which the preferred stock being offered will be convertible into our common stock, including the conversion price, or the manner of calculating the conversion price, and the conversion period; |
• | the terms and conditions, if applicable, upon which the preferred stock being offered will be exchangeable for debt securities, including the exchange price, or the manner of calculating the exchange price, and the exchange period; |
• | any listing of the preferred stock being offered on any securities exchange; |
• | a discussion of any material federal income tax considerations applicable to the preferred stock being offered; |
• | any preemptive rights; |
• | the relative ranking and preferences of the preferred stock being offered as to dividend rights and rights upon liquidation, dissolution or the winding up of our affairs; |
• | any limitations on the issuance of any class or series of preferred stock ranking senior or equal to the series of preferred stock being offered as to dividend rights and rights upon liquidation, dissolution or the winding up of our affairs; and |
• | any additional rights, preferences, qualifications, limitations and restrictions of the series. |
• | no cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates; |
• | the exclusive right of our board of directors to elect a director to fill a vacancy created by the expansion of the board of directors or the resignation, death, or removal of a director with or without cause by stockholders, which prevents stockholders from being able to fill vacancies on our board of directors; |
• | the ability of our board of directors to determine whether to issue shares of our Preferred Stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer; |
• | limiting the liability of, and providing indemnification to, our directors and officers; |
• | specifying the Court of Chancery of the State of Delaware as the exclusive forum for adjudication of disputes; |
• | controls over the procedures for the conduct and scheduling of stockholder meetings; and |
• | advance notice procedures that stockholders must comply with in order to nominate candidates to our board of directors or to propose matters to be acted upon at a stockholders’ meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of us. |
• | A “Merger Event” means any of the following: (i) a sale, lease or other transfer of all or substantially all of our assets, (ii) any merger or consolidation involving us in which we are not the surviving entity or in which our outstanding shares of capital stock are otherwise converted into or exchanged for shares of capital stock or other securities or property of another entity or converted into the right to receive cash, or (iii) any sale by holders of our outstanding voting equity securities in a single transaction or series of related transactions of shares constituting a majority of the outstanding combined voting power of us; and |
• | A “Liquid Sale” means the closing of a Merger Event in which the consideration received by us and/or our stockholders, as applicable, consists solely of cash and/or securities meeting all of the following requirements: |
○ | the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act and is then current in its filing of all required reports and other information under the Act and the Exchange Act; |
○ | the class and series of shares or other security of the issuer that would be received by the holder of the Warrant in connection with the Merger Event were the holder to exercise the Warrant on or prior to the closing thereof is then traded on a national securities exchange or over-the-counter market; and |
○ | following the closing of such Merger Event, the holder of the Warrant would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by the holder in such Merger Event were the holder to exercise the Warrant in full on or prior to the closing of such Merger Event, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Merger Event. |
• | incur additional indebtedness; |
• | pay cash dividends on its capital stock or redeem, repurchase or retire its capital stock (other than repurchases pursuant to the terms of employee stock purchase plans, employee restricted stock agreements or similar plans in an aggregate amount not exceed $500,000 in any twelve month period); |
• | make investments, loans and acquisitions; |
• | engage in transactions with its affiliates; |
• | sell assets; |
• | materially alter the business it conducts; |
• | consolidate or merge; |
• | establish any new deposit accounts or security accounts not subject to an account control agreement; |
• | make or permit payment on any subordinated debt; |
• | incur liens; |
• | make any significant change in accounting treatment or reporting practices; and |
• | amend, modify or waive certain material agreements (if the effect on the Company or loans would be material) or its organizational documents. |
• | failure to make any payment of principal or interest under the MidCap Credit Agreement when due; |
• | failure to comply with any term contained in the MidCap Credit Agreement or related documents; |
• | making any incorrect representation, warranty, certification or statement with respect to the MidCap Credit Agreement or related document; |
• | failure to pay when due any other outstanding debt in the excess of $100,000; |
• | commencing a voluntary case or other proceeding, or having such case or proceeding commenced against us, seeking liquidation, reorganization or other relief with respect to debts under any bankruptcy or insolvency; |
• | any payments of any subordinated debt (other than specifically permitted payments); |
• | if our common stock fails to remain publicly traded and registered with a public securities exchange; |
• | a change in control (as defined in the MidCap Credit Agreement) occurs; and |
• | occurrence of any event that could reasonably be expected to result in a material adverse effect. |
• | block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction; |
• | purchases by a broker-dealer as principal and resale by the broker-dealer for its account; |
• | an exchange distribution in accordance with the rules of the applicable exchange; |
• | privately negotiated transactions; |
• | settlement of short sales; |
• | in transactions through broker-dealers that agree with the selling stockholders to sell a specified number of such securities at a stipulated price per security; |
• | through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; |
• | a combination of any such methods of sale; or |
• | any other method permitted pursuant to applicable law. |
• | our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 31, 2023 as amended by Amendment No. 1, filed with the SEC on May 1, 2023; |
• | our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2023, as filed with the SEC on May 15, 2023, and for the quarter ended June 30, 2023, as filed with the SEC on August 9, 2023; |
• | Our Current Reports on Form 8-K as filed with the SEC on June 30, 2023 and July 6, 2023; and |
• | the description of our common stock contained in Exhibit 4.2 to our Annual Report on Form 10-K for the year ended December 31, 2022, including any amendment or report filed for the purpose of updating the description. |
Item 14. | Other Expenses of Issuance and Distribution |
| | Amount | |
SEC registration fee | | | $107 |
Printing expenses | | | $ (1) |
Legal fees and expenses | | | $ (1) |
Accounting fees and expenses | | | $ (1) |
Transfer agent fees and expenses | | | $ (1) |
Miscellaneous | | | $ (1) |
Total | | | $ (1) |
(1) | These fees are calculated based on the securities offered and the number of issuance and accordingly cannot be estimated at this time. |
Item 15. | Indemnification of Directors and Officers |
Item 16. | Exhibits |
Exhibit Number | | | Description of Document |
| | Fifth Amended and Restated Certificate of Incorporation of STRATA Skin Sciences, Inc., incorporated by reference to Exhibit 3.1 contained in our Registration Statement on Form S-3 (File No. 333-258814), as filed with the SEC on August 13, 2021). | |
| | Fourth Amended and Restated Bylaws of STRATA Skin Sciences, Inc., incorporated herein by reference to Exhibit 3.2 to the Current Report on Form 8-K, as filed with the SEC on January 8, 2016. | |
| | Opinion of Stevens & Lee, P.C. | |
| | Amended and Restated Warrant Agreement to Purchase Shares of the Common Stock of STRATA Skin Sciences, Inc., dated as of June 30, 2023, between STRATA Skin Sciences, Inc. and MidCap Funding XXVII Trust, incorporated by reference to Exhibit 10.4 contained in our Current Report on Form 8-K, as filed with the SEC on July 6, 2023. | |
| | Amended and Restated Registration Rights Agreement, dated as of June 30, 2023, between STRATA Skin Sciences, Inc. and MidCap Funding XXVII Trust, incorporated by reference to Exhibit 10.5 contained in our Current Report on Form 8-K, as filed with the SEC on July 6, 2023. | |
| | Consent of Marcum LLP | |
| | Consent of Stevens & Lee, P.C. (included in Exhibit 5.1) | |
| | Power of Attorney | |
| | Filing Fee Table |
Item 17. | Undertakings |
(a) | The undersigned registrant hereby undertakes: |
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; |
(ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) |
(iii) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. |
(2) | That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(4) | That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: |
(i) | Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and |
(ii) | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. |
(5) | That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
(i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
(ii) | any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
(iii) | the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
(iv) | any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
(b) | The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, as amended, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(c) | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933, and will be governed by the final adjudication of such issue. |
(d) | If and when applicable, the undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Act. |
| | STRATA SKIN SCIENCES, INC. | ||||
| | | | |||
| | By: | | | /s/ Robert J. Moccia | |
| | | | Robert J. Moccia | ||
| | | | Chief Executive Officer (Principal Executive Officer) |
Signature | | | Title | | | Date |
| | | | |||
/s/ Robert J. Moccia | | | Chief Executive Officer and Director (Principal Executive Officer) | | | August 9, 2023 |
Robert J. Moccia | | | ||||
| | | | |||
/s/ Christopher Lesovitz | | | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | | August 9, 2023 |
Christopher Lesovitz | | | ||||
| | | | |||
/s/ Uri Geiger | | | Director, Chairperson of the Board of Directors | | | August 9, 2023 |
Uri Geiger | | | | | ||
| | | | |||
/s/ William D. Humphries | | | Director | | | August 9, 2023 |
William D. Humphries | | | | | ||
| | | | |||
/s/ Samuel Rubinstein | | | Director | | | August 9, 2023 |
Samuel Rubinstein | | | | | ||
| | | | |||
/s/ Nachum Shamir | | | Director | | | August 9, 2023 |
Nachum Shamir | | | | | ||
| | | | |||
/s/ Douglas Strang | | | Director | | | August 9, 2023 |
Douglas Strang | | | | | ||
| | | | |||
/s/ Patricia Walker | | | Director | | | August 9, 2023 |
Patricia Walker | | | | |
Very truly yours,
|
|
STEVENS & LEE
|
|
/s/ Stevens & Lee
|
Security
Type |
Security
Class Title |
Fee
Calculation Rule |
Amount
Registered(1) |
Proposed
Maximum Offering Price Per Share(2) |
Maximum
Aggregate Offering Price |
Fee
Rate |
Amount of
Registration Fee |
Carry
Forward Form Type |
Carry
Forward File Number |
Carry
Forward Initial effective date |
Filing Fee
Previously Paid In Connection with Unsold Securities to be Carried Forward |
|
Newly Registered Securities
|
||||||||||||
Fees to Be Paid
|
Equity
|
Common Stock, par value $0.001 per share
|
457(c)
|
426,374(3)
|
$0.94
|
$400,791.56
|
0.00011020
|
$44.17
|
||||
Carry Forward Securities
|
||||||||||||
Carry Forward Securities
|
Equity
|
Common Stock, par value $0.001 per share
|
415(a)(6)
|
373,626(4)
|
$0.94
|
$351,208.44
|
—
|
—
|
S-3
|
333-261090
|
November 24, 2021
|
$63.04
|
Total
Registration Fee |
$752,000.00
|
|||||||||||
Total Offering Amounts (Newly Registered Securities)
|
$400,791.56
|
$44.17
|
||||||||||
Total Offering Amounts (Carry Forward Securities)
|
$351,208.44
|
—
|
||||||||||
Total Fees Previously Paid
|
—
|
|||||||||||
Total Fee Offsets
|
—
|
|||||||||||
Net Fee Due
|
$44.17
|
(1)
|
The shares of common stock will be offered for resale by the selling stockholder pursuant to the prospectus contained herein. Pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), this registration
statement also covers any additional number of shares of common stock issuable upon stock splits, stock dividends, or other distribution, recapitalization or similar events with respect to the shares of common stock being registered pursuant
to this registration statement.
|
(2)
|
Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the Securities Act, based on average of high and low price per share of the common stock as reported on The NASDAQ Capital Market on August 4,
2023.
|
(3)
|
This registration statement registers the resale of (i) an aggregate of 373,626 shares of common stock of the registrant issuable upon the exercise of an outstanding warrant to purchase shares of common stock held by the selling
securityholder (the “Carry Forward Resale Warrant Shares”) that are currently registered and remain unsold under the registration statement on Form S-3 (File No. 333-261090) previously filed by the registrant and declared effective by the
Securities and Exchange Commission on November 24, 2021 (the “Prior Registration Statement”), and (ii) 426,374 shares of common stock of the registrant issuable upon the exercise of an outstanding warrant to purchase shares of common stock
held by the selling securityholder that are newly registered hereunder.
|
(4)
|
Pursuant to Rule 415(a)(6) of the Securities Act, the securities registered pursuant to this registration statement include, as of the date of filing of this registration statement, the Carry Forward Warrant Shares for which a filing fee
of $63.06 was previously paid (based on fee rates previously in effect), registered for sale by the selling securityholder previously registered on the Prior Registration Statement. Such previously paid registration fees will continue to be
applied to such unsold securities set forth in the preceding sentence. Pursuant to Rule 415(a)(6), the offering of the unsold securities registered under the Prior Registration Statement will be deemed terminated as of the date of
effectiveness of this registration statement. If any of such unsold securities are sold pursuant to the Prior Registration Statement after the date of this filing, and prior to the date of effectiveness of this registration statement, the
registrant will file a pre-effective amendment to this registration statement which will reduce the number of such unsold securities included on this registration statement and reduce the number of Carry Forward Warrant Shares to be
registered hereby for sale by the selling securityholder by an amount equivalent to the amount of shares sold.
|