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id="_af27c42d_9b39_4ca8_bc81_879074175f27"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">UNITED STATES</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">SECURITIES AND EXCHANGE COMMISSION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">Washington, DC 20549</p><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:12pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">FORM <ix:nonNumeric contextRef="Duration_6_24_2022_To_6_24_2022_0Q54mHQp6keeiWkPe0OmeA" name="dei:DocumentType" 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class</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:31.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Trading Symbol(s)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:32.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Name of each exchange on which registered</p></td></tr><tr><td style="vertical-align:top;white-space:nowrap;width:31.76%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">None</p></td><td style="vertical-align:top;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:31.72%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">None</p></td><td style="vertical-align:top;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:32.8%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">None</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:12pt 0pt 12pt 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Emerging growth company <ix:nonNumeric contextRef="Duration_6_24_2022_To_6_24_2022_0Q54mHQp6keeiWkPe0OmeA" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_cQHdI2lq5UuQyBnh632Edg"><span style="font-family:'Segoe UI Symbol';">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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. <span style="font-family:'Segoe UI Symbol';">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="display:none;line-height:0pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:88.24%;border:0;margin:30pt 5.88% 30pt 5.88%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_994e54ce_a60f_4a9a_a80a_83db3a7e6816"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Item 3.02</span></span><span style="font-weight:normal;">Unregistered Sales of Equity Securities.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.25;margin:0pt 10.4pt 0pt 5pt;">The<span style="letter-spacing:0.2pt;"> </span>Company<span style="letter-spacing:0.4pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>providing<span style="letter-spacing:0.4pt;"> </span>this<span style="letter-spacing:0.2pt;"> </span>disclosure<span style="letter-spacing:0.4pt;"> </span>because,<span style="letter-spacing:0.35pt;"> </span>as<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>June 24,<span style="letter-spacing:0.15pt;"> </span>2022,<span style="letter-spacing:0.25pt;"> </span>its<span style="letter-spacing:0.15pt;"> </span>unregistered<span style="letter-spacing:0.5pt;"> </span>sales<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>equity<span style="letter-spacing:0.25pt;"> </span>securities that were not previously reported,<span style="letter-spacing:0.4pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>aggr<span style="letter-spacing:-0.05pt;">e</span>gate,<span style="letter-spacing:0.4pt;"> </span>exceeded<span style="letter-spacing:0.4pt;"> </span>1%<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the shares<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>its<span style="letter-spacing:0.15pt;"> </span>Common<span style="letter-spacing:0.4pt;"> </span>Stock<span style="letter-spacing:0.25pt;"> </span>outstanding<span style="letter-spacing:0.45pt;"> </span>as<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>May<span style="letter-spacing:0.2pt;"> </span>31,<span style="letter-spacing:0.15pt;"> </span>2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.25;margin:0pt 10.4pt 0pt 5pt;"><span style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:1.6pt 0pt 0pt 5pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Private</span><span style="letter-spacing:1.3pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> </span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Placement</span><span style="letter-spacing:0.75pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> </span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">of</span><span style="letter-spacing:-0.45pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> </span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Common</span><span style="letter-spacing:-0.65pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> </span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Stock</span><span style="letter-spacing:-0.8pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> </span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">and</span><span style="letter-spacing:0.65pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> </span><span style="letter-spacing:-0.85pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">W</span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">arrants</span><span style="letter-spacing:1.3pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> </span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">th</span><span style="letter-spacing:-0.35pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">r</span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">ough</span><span style="letter-spacing:0.8pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> </span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Placement</span><span style="letter-spacing:0.6pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> </span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Agent</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:6pt;margin:0.05pt 0pt 0pt 0pt;"><span style="font-size:6pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.25;margin:0pt 5.3pt 0pt 5pt;">As<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>June 24, 2022,<span style="letter-spacing:0.3pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>Company<span style="letter-spacing:0.4pt;"> </span>ha<span style="letter-spacing:0.15pt;">d </span>received<span style="letter-spacing:0.35pt;"> </span>binding<span style="letter-spacing:0.3pt;"> </span>subscription<span style="letter-spacing:0.5pt;"> </span>agreements<span style="letter-spacing:0.45pt;"> </span>for<span style="letter-spacing:0.15pt;"> </span>an<span style="letter-spacing:0.15pt;"> </span>estimated<span style="letter-spacing:0.4pt;"> </span>total<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>approximately<span style="letter-spacing:0.55pt;"> </span>85.4 million units<span style="letter-spacing:0.2pt;"> </span>from accredited<span style="letter-spacing:0.4pt;"> </span>investors<span style="letter-spacing:0.35pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>private<span style="letter-spacing:0.3pt;"> </span>o<span style="letter-spacing:-0.15pt;">f</span>fering<span style="letter-spacing:0.35pt;"> </span>(the<span style="letter-spacing:0.2pt;"> </span>&#8220;O<span style="letter-spacing:-0.15pt;">f</span>fering&#8221;)<span style="letter-spacing:0.45pt;"> </span>through<span style="letter-spacing:0.35pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>placement<span style="letter-spacing:0.4pt;"> </span>agent.<span style="letter-spacing:0.25pt;"> The final closing of the Offering was held on June 24, 2022. </span>Each<span style="letter-spacing:0.25pt;"> </span>unit<span style="letter-spacing:0.2pt;"> </span>consists<span style="letter-spacing:0.35pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>one<span style="letter-spacing:0.2pt;"> </span>share<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>Comm<span style="letter-spacing:0.05pt;">o</span>n<span style="letter-spacing:0.4pt;"> </span>Stock<span style="letter-spacing:0.25pt;"> </span>and<span style="letter-spacing:0.2pt;"> </span>three-quarters<span style="letter-spacing:0.35pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>warrant<span style="letter-spacing:0.3pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>purchase<span style="letter-spacing:0.35pt;"> </span>one<span style="letter-spacing:0.2pt;"> </span>share<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>Common<span style="letter-spacing:0.4pt;"> </span>Stock.<span style="letter-spacing:0.1pt;"> </span>The<span style="letter-spacing:0.2pt;"> </span>warrants<span style="letter-spacing:0.35pt;"> </span>will<span style="letter-spacing:0.2pt;"> </span>have<span style="letter-spacing:0.2pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>five-year<span style="letter-spacing:0.35pt;"> </span>term<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.2pt;"> </span>will<span style="letter-spacing:0.2pt;"> </span>be<span style="letter-spacing:0.15pt;"> </span>exercisable<span style="letter-spacing:0.45pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>full<span style="letter-spacing:0.15pt;"> </span>when<span style="letter-spacing:0.25pt;"> </span>issued.<span style="letter-spacing:0.1pt;"> </span>The warrants,<span style="letter-spacing:0.4pt;"> </span>other<span style="letter-spacing:0.25pt;"> </span>than<span style="letter-spacing:0.2pt;"> </span>as<span style="letter-spacing:0.1pt;"> </span>described<span style="letter-spacing:0.4pt;"> </span>above,<span style="letter-spacing:0.3pt;"> </span>will<span style="letter-spacing:0.2pt;"> </span>be<span style="letter-spacing:0.15pt;"> </span>substantially<span style="letter-spacing:0.5pt;"> </span>similar<span style="letter-spacing:0.3pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>form<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>warrant<span style="letter-spacing:0.3pt;"> </span>filed<span style="letter-spacing:0.2pt;"> </span>as<span style="letter-spacing:0.1pt;"> </span>Exhibit<span style="letter-spacing:0.3pt;"> </span>4.1<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>Comp<span style="letter-spacing:0.05pt;">a</span>ny<span style="letter-spacing:-0.5pt;">&#8217;</span>s<span style="letter-spacing:0.45pt;"> </span>Current<span style="letter-spacing:0.3pt;"> </span>Report on<span style="letter-spacing:0.15pt;"> </span>Form<span style="letter-spacing:0.25pt;"> </span>8-K<span style="letter-spacing:0.2pt;"> </span>filed<span style="letter-spacing:0.2pt;"> </span>with<span style="letter-spacing:0.2pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>SEC<span style="letter-spacing:0.2pt;"> </span>on<span style="letter-spacing:0.15pt;"> </span>September<span style="letter-spacing:0.45pt;"> </span>7,<span style="letter-spacing:0.1pt;"> </span>2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:11pt;margin:0.55pt 0pt 0pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.25;margin:0pt 6.1pt 0pt 5pt;">The<span style="letter-spacing:0.2pt;"> </span>aggregate<span style="letter-spacing:0.4pt;"> </span>gross<span style="letter-spacing:0.25pt;"> </span>proceeds<span style="letter-spacing:0.35pt;"> </span>received<span style="letter-spacing:0.35pt;"> </span>under<span style="letter-spacing:0.25pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>executed<span style="letter-spacing:0.35pt;"> </span>subscription<span style="letter-spacing:0.5pt;"> </span>agreements<span style="letter-spacing:0.45pt;"> </span>in the<span style="letter-spacing:0.15pt;"> </span>Offering were <span style="letter-spacing:0.15pt;">approximately </span>$21.8 million.<span style="letter-spacing:0.25pt;"> </span>The<span style="letter-spacing:0.2pt;"> </span>final<span style="letter-spacing:0.2pt;"> </span>purchase<span style="letter-spacing:0.35pt;"> </span>price per<span style="letter-spacing:0.15pt;"> </span>unit<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.2pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>exercise<span style="letter-spacing:0.35pt;"> </span>price<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>warrants<span style="letter-spacing:0.35pt;"> </span>is $0.255 per share, which is equal to 85%<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>intraday<span style="letter-spacing:0.35pt;"> </span>volume<span style="letter-spacing:0.3pt;"> </span>weighted<span style="letter-spacing:0.4pt;"> </span>average<span style="letter-spacing:0.35pt;"> </span>price<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>Comm<span style="letter-spacing:0.05pt;">o</span>n<span style="letter-spacing:0.4pt;"> </span>Stock<span style="letter-spacing:0.25pt;"> </span>on<span style="letter-spacing:-0.35pt;"> </span>April 29, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:11pt;margin:0.55pt 0pt 0pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.25;margin:0pt 21pt 0pt 5pt;">Pursuant<span style="letter-spacing:0.35pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>subscription<span style="letter-spacing:0.5pt;"> </span>agreements,<span style="letter-spacing:0.5pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>Company<span style="letter-spacing:0.4pt;"> </span>has<span style="letter-spacing:0.15pt;"> </span>agreed<span style="letter-spacing:0.3pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>use<span style="letter-spacing:0.15pt;"> </span>commercially<span style="letter-spacing:0.55pt;"> </span>reasonable<span style="letter-spacing:0.45pt;"> </span>e<span style="letter-spacing:-0.15pt;">f</span>forts<span style="letter-spacing:0.3pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>prepare<span style="letter-spacing:0.3pt;"> </span>and<span style="letter-spacing:0.2pt;"> </span>file<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.2pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>Securities<span style="letter-spacing:0.4pt;"> </span>and Exchange<span style="letter-spacing:0.4pt;"> </span>Commission<span style="letter-spacing:0.5pt;"> </span>(the<span style="letter-spacing:0.2pt;"> </span>&#8220;SEC&#8221;),<span style="letter-spacing:0.35pt;"> </span>and<span style="letter-spacing:0.2pt;"> </span>cause<span style="letter-spacing:0.25pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>SEC<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>declare<span style="letter-spacing:0.3pt;"> </span>e<span style="letter-spacing:-0.15pt;">f</span>fective,<span style="letter-spacing:0.4pt;"> </span>within<span style="letter-spacing:0.3pt;"> </span>ninety<span style="letter-spacing:0.25pt;"> </span>(90)<span style="letter-spacing:0.2pt;"> </span>days<span style="letter-spacing:0.2pt;"> </span>following<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>final<span style="letter-spacing:0.2pt;"> </span>closing<span style="letter-spacing:0.3pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>O<span style="letter-spacing:-0.15pt;">f</span>fering,<span style="letter-spacing:0.4pt;"> </span>a registration<span style="letter-spacing:0.45pt;"> </span>statement<span style="letter-spacing:0.4pt;"> </span>under<span style="letter-spacing:0.25pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>Securities<span style="letter-spacing:-0.15pt;"> </span>Act<span style="letter-spacing:0.2pt;"> </span>covering<span style="letter-spacing:0.35pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>resale<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>all<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>shares<span style="letter-spacing:0.25pt;"> </span>and<span style="letter-spacing:0.2pt;"> </span>warrants<span style="letter-spacing:0.35pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>purchase<span style="letter-spacing:0.35pt;"> </span>shares<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>Co<span style="letter-spacing:0.05pt;">m</span>mon<span style="letter-spacing:0.4pt;"> </span>Stock<span style="letter-spacing:0.25pt;"> </span>sold<span style="letter-spacing:0.2pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>the O<span style="letter-spacing:-0.15pt;">f</span>fering.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0.94pt 0pt 0pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.25;margin:0pt 10.95pt 0pt 5pt;">As<span style="letter-spacing:0.15pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>fee<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>placement<span style="letter-spacing:0.4pt;"> </span>agent,<span style="letter-spacing:0.25pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>Company<span style="letter-spacing:0.4pt;"> </span>has<span style="letter-spacing:0.15pt;"> </span>agreed<span style="letter-spacing:0.3pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>pay<span style="letter-spacing:0.2pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>cash<span style="letter-spacing:0.2pt;"> </span>fee<span style="letter-spacing:0.15pt;"> </span>equal<span style="letter-spacing:0.25pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>13%<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>gross<span style="letter-spacing:0.25pt;"> </span>proceeds<span style="letter-spacing:0.35pt;"> </span>received<span style="letter-spacing:0.35pt;"> </span>from<span style="letter-spacing:0.2pt;"> </span>qua<span style="letter-spacing:0.05pt;">l</span>ified<span style="letter-spacing:0.35pt;"> </span>investors<span style="letter-spacing:0.35pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>the O<span style="letter-spacing:-0.15pt;">f</span>fering,<span style="letter-spacing:0.4pt;"> </span>as<span style="letter-spacing:0.1pt;"> </span>well<span style="letter-spacing:0.2pt;"> </span>as<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>one-time<span style="letter-spacing:0.35pt;"> </span>non-accountable<span style="letter-spacing:0.65pt;"> </span>expense<span style="letter-spacing:0.35pt;"> </span>fee<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>$50,000<span style="letter-spacing:0.35pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>aggregate<span style="letter-spacing:0.4pt;"> </span>for<span style="letter-spacing:0.15pt;"> </span>all<span style="letter-spacing:0.15pt;"> </span>closings<span style="letter-spacing:0.35pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>O<span style="letter-spacing:-0.15pt;">f</span>fering.<span style="letter-spacing:0.2pt;"> </span>The<span style="letter-spacing:0.2pt;"> </span><span style="letter-spacing:-0.05pt;">C</span>ompany<span style="letter-spacing:0.4pt;"> has </span>also<span style="letter-spacing:0.2pt;"> </span>agreed<span style="letter-spacing:0.3pt;"> </span>to issue<span style="letter-spacing:0.25pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>placement<span style="letter-spacing:0.4pt;"> </span>agent<span style="letter-spacing:0.25pt;"> </span>or<span style="letter-spacing:0.1pt;"> </span>its<span style="letter-spacing:0.15pt;"> </span>designees<span style="letter-spacing:0.4pt;"> </span>warrants<span style="letter-spacing:0.35pt;"> </span>with<span style="letter-spacing:0.2pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>10-year<span style="letter-spacing:0.3pt;"> </span>term<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>purchase<span style="letter-spacing:0.35pt;"> </span>13%<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>total<span style="letter-spacing:0.2pt;"> </span>number<span style="letter-spacing:0.3pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>shares<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>Co<span style="letter-spacing:-0.05pt;">m</span>mon<span style="letter-spacing:0.4pt;"> </span>Stock,<span style="letter-spacing:0.3pt;"> </span>including shares<span style="letter-spacing:0.25pt;"> </span>subject<span style="letter-spacing:0.3pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>warrants,<span style="letter-spacing:0.4pt;"> </span>sold<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>qualified<span style="letter-spacing:0.35pt;"> </span>investors<span style="letter-spacing:0.35pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>O<span style="letter-spacing:-0.15pt;">f</span>fering, for the total of approximately 19.4 million warrants. The issuance of the warrants is subject to the approval by the Company&#8217;s stockholders of an increase in authorized shares of Common Stock.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0.94pt 0pt 0pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 5pt;">The<span style="letter-spacing:0.2pt;"> </span>Company<span style="letter-spacing:0.4pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>relying<span style="letter-spacing:0.3pt;"> </span>on<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>exemption<span style="letter-spacing:0.45pt;"> </span>provided<span style="letter-spacing:0.35pt;"> </span>by<span style="letter-spacing:0.15pt;"> </span>Rule<span style="letter-spacing:0.2pt;"> </span>506<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>Regulation<span style="letter-spacing:0.45pt;"> </span>D<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.2pt;"> </span>Section<span style="letter-spacing:0.3pt;"> </span>4(a)(2)<span style="letter-spacing:0.3pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>Securities<span style="letter-spacing:-0.1pt;"> </span>Act<span style="letter-spacing:0.2pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>conn<span style="letter-spacing:-0.05pt;">e</span>ction<span style="letter-spacing:0.45pt;"> </span>with<span style="letter-spacing:0.2pt;"> </span>the O<span style="letter-spacing:-0.15pt;">f</span>fering.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0.6pt 0pt 0pt 5pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.25;margin:0pt 10.4pt 0pt 5pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;background:#ffffff;">Issuance of Shares to Former Executive Officer</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 5pt;">The<span style="letter-spacing:0.2pt;"> </span>Company<span style="letter-spacing:0.4pt;"> </span>issued<span style="letter-spacing:0.25pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>former<span style="letter-spacing:0.3pt;"> </span>executive<span style="letter-spacing:0.4pt;"> </span>o<span style="letter-spacing:-0.15pt;">f</span>ficer<span style="letter-spacing:0.3pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>total<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> 43,657 </span>shares<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>Common<span style="letter-spacing:0.4pt;"> </span>Stock<span style="letter-spacing:0.25pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>satisfy<span style="letter-spacing:0.3pt;"> </span>its<span style="letter-spacing:0.15pt;"> </span>obligation<span style="letter-spacing:0.4pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>make<span style="letter-spacing:0.25pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>severance<span style="letter-spacing:0.4pt;"> </span>payment<span style="letter-spacing:0.35pt;"> </span>of $<span style="letter-spacing:0.05pt;">15,523 </span>for<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>payroll<span style="letter-spacing:0.3pt;"> </span>periods<span style="letter-spacing:0.3pt;"> </span>ended<span style="letter-spacing:0.25pt;"> </span>May<span style="letter-spacing:0.2pt;"> </span>31 and June 15, 2022,<span style="letter-spacing:0.25pt;"> </span>net<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>payroll<span style="letter-spacing:0.3pt;"> </span>deductions<span style="letter-spacing:0.45pt;"> </span>and<span style="letter-spacing:0.2pt;"> </span>withholding<span style="letter-spacing:0.5pt;"> </span>taxes.<span style="letter-spacing:0.05pt;"> </span>The<span style="letter-spacing:0.2pt;"> </span>number<span style="letter-spacing:0.3pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>shares<span style="letter-spacing:0.2pt;"> </span>issued<span style="letter-spacing:0.25pt;"> </span>was<span style="letter-spacing:0.2pt;"> </span>based on<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>closing<span style="letter-spacing:0.3pt;"> </span>price<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>Common<span style="letter-spacing:0.4pt;"> </span>Stock<span style="letter-spacing:0.25pt;"> </span>on<span style="letter-spacing:0.15pt;"> </span>that date. The<span style="letter-spacing:0.2pt;"> </span>Company<span style="letter-spacing:0.4pt;"> </span>relied<span style="letter-spacing:0.25pt;"> </span>on<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>exemption<span style="letter-spacing:0.45pt;"> </span>from<span style="letter-spacing:0.2pt;"> </span>registration<span style="letter-spacing:0.45pt;"> </span>a<span style="letter-spacing:-0.15pt;">f</span>forded<span style="letter-spacing:0.35pt;"> </span>by<span style="letter-spacing:0.15pt;"> </span>Secti<span style="letter-spacing:0.05pt;">o</span>n<span style="letter-spacing:0.3pt;"> </span>4(a)(2)<span style="letter-spacing:0.3pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the Securities<span style="letter-spacing:-0.15pt;"> </span>Act<span style="letter-spacing:0.2pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>connection<span style="letter-spacing:0.45pt;"> </span>with<span style="letter-spacing:0.2pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>issuance<span style="letter-spacing:0.35pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>shares.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:57.95pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Item 5.02</span></span><span style="font-weight:normal;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 5pt;">(b) and (c) On June 27, 2022, CytoDyn Inc., a Delaware corporation (the &#8220;Company&#8221;), entered into an employment agreement with Cyrus Arman, Ph.D. (the &#8220;Employment Agreement&#8221;), under which he will be employed as the Company&#8217;s President on an at-will basis beginning on July 9, 2022. Antonio Migliarese, who was appointed as interim President on January 24, 2022, will cease to be President on July 9, 2022, but will continue in his roles of Chief Financial Officer, Corporate Secretary and Treasurer, as well as serving as the Company&#8217;s principal accounting officer. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 5pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 5pt;">Dr. Arman, age 41, previously held positions with a number of biotechnology companies, most recently serving as Chief Business Officer of Nimble Therapeutics, Inc., a company focused on engineering peptides, since early 2021. He </p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 5pt;">was Vice President of Corporate Development and Strategy of Neuvogen, Inc., an immunoncology company developing therapeutic whole cell cancer vaccines, from 2019 until 2021. Beginning in 2017, he served as cofounder and managing partner of BioVega Capital, LLC, a life sciences hedge fund, for four years, and as Director of Corporate Strategy at Amgen, a leading independent biotechnology company, for two years. For three years prior to 2017, Dr. Arman was Global Director and Head of Competitive Intelligence and Strategy at Amgen. He received an M.S. degree in biomedical engineering and a Ph.D. in neuroscience from the University of Southern California and an M.B.A from the UCLA Anderson School of Management. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 5pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 5pt;">There are no family relationships, as defined in Item&#160;401&#160;of Regulation S-K, between Dr. Arman and any of the Company&#8217;s executive officers or directors. There is no arrangement or understanding between Dr. Arman and any other person pursuant to which he was&#160;appointed as President of the Company. There are no transactions in which Dr. Arman has an interest requiring disclosure under Item&#160;404(a) of Regulation S-K. There are no family relationships between him and any other executive officer or director of the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 5pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 5pt;">(e) Dr. Arman&#8217;s Employment Agreement is effective as of July 9, 2022, and has an initial six-month term. Dr. Arman will be considered for advancement to the position of Chief Executive Officer during the initial term, in which event the term of the Employment Agreement will be extended. The compensation offered to Dr. Arman includes the following: </p><div style="margin-top:5.4pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;letter-spacing:-0.15pt;">an initial annual base salary of $458,000;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:5.4pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;letter-spacing:-0.15pt;">Eligibility to participate in our short- and long-term incentive plans in which other executive officers may participate, with a target annual bonus equal to 40% of his base salary; </span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:5.4pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;letter-spacing:-0.15pt;">Contingent on approval by the stockholders of an amendment to the Company&#8217;s Certificate of Incorporation to increase the number of shares of common stock authorized for issuance, an initial grant of options with a grant date fair value of $750,000, calculated based on the Black-Scholes model, and awards of Restricted Stock Units (&#8220;RSUs&#8221;) and Performance Stock Units (&#8220;PSUs&#8221;), each with a grant date fair value of $375,000. The RSUs will vest in four equal annual installments subject to continued employment, while vesting of the PSUs will be tied to satisfactory achievement of performance metrics approved by the Board; and &#160;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:5.4pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;letter-spacing:-0.15pt;">other customary benefits for which he is qualified as an executive officer of the Company.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="letter-spacing:-0.15pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="letter-spacing:-0.15pt;">Dr. Arman is also entitled to severance benefits under the Employment Agreement as follows: </span></p><div style="margin-top:5.4pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:21pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;letter-spacing:-0.15pt;">if Dr. Arman&#8217;s employment is terminated by the Company without cause during the first six months of his employment, he will be entitled to receive cash severance in an amount equal to six months of his annual base salary, with an additional month of severance for each additional month that Dr. Arman is employed up to a maximum of 12 months of severance; or </span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:5.4pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:21pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;letter-spacing:-0.15pt;">if the Company experiences a change in control during Dr. Arman&#8217;s employment and, during the 12 months following the change in control the Company terminates his employment without cause or he resigns for good reason, cash severance in an amount equal to 12 months of his annual base salary in effect when his termination occurs.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="letter-spacing:-0.15pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="letter-spacing:-0.15pt;">Severance payments may be satisfied either in cash or in common stock, at the sole discretion of the Company.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="letter-spacing:-0.15pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="letter-spacing:-0.15pt;">The foregoing description of the Employment Agreement is not complete and is qualified in its entirety by reference to the complete text of the Employment Agreement, a copy of which will be filed as an exhibit to the Company&#8217;s Annual Report on Form&#160;10-K for the fiscal year ended May 31, 2022, to be filed with the Securities and Exchange Commission.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_232d5378_c54c_4874_88a1_53f16ff52558"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">SIGNATURE</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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 thereunto duly authorized.</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:99.89%;"><tr style="height:1pt;"><td style="vertical-align:top;white-space:nowrap;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:46.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;white-space:nowrap;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;white-space:nowrap;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">CYTODYN INC.</p></td></tr><tr><td style="vertical-align:top;white-space:nowrap;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:46.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;white-space:nowrap;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: June 30, 2022</p></td><td style="vertical-align:top;white-space:nowrap;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By&#160;</p></td><td style="vertical-align:top;white-space:nowrap;width:46.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Antonio Migliarese</p></td></tr><tr><td style="vertical-align:top;white-space:nowrap;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:46.99%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Antonio Migliarese</p></td></tr><tr><td style="vertical-align:top;white-space:nowrap;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:46.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interim President and Chief Financial Officer</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
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{"company-data": {"conformed-name": "CytoDyn Inc.", "cik": "0001175680", "assigned-sic": "2834", "irs-number": "753056237", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-49908", "film-number": "221058323"}, "business-address": {"street1": "1111 MAIN STREET, SUITE 660", "city": "VANCOUVER", "state": "WA", "zip": "98660", "phone": "360-980-8524"}, "mail-address": {"street1": "1111 MAIN STREET, SUITE 660", "city": "VANCOUVER", "state": "WA", "zip": "98660"}, "former-company": [{"former-conformed-name": "CYTODYN INC", "date-changed": "20031114"}, {"former-conformed-name": "REXRAY CORP", "date-changed": "20020617"}]}
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 30, 2022 (
June 24, 2022
)
CytoDyn Inc.
(Exact name of registrant as specified in its charter)
​
​
​
Delaware
000-49908
83-1887078
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
1111 Main Street
,
Suite 660
Vancouver
,
Washington
98660
(Address of principal executive offices, including zip code)
(
360
)
980-8524
(Registrant's telephone number, including area code)
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:
​
​
☐
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))
Securities registered pursuant to Section 12(b) of the Act:
​
​
​
​
​
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
​
None
​
None
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.
☐
​
Item 3.02
Unregistered Sales of Equity Securities.
The
Company
is
providing
this
disclosure
because,
as
of
June 24,
2022,
its
unregistered
sales
of
equity
securities that were not previously reported,
in
the
aggr
e
gate,
exceeded
1%
of
the shares
of
its
Common
Stock
outstanding
as
of
May
31,
2022.
​
Private
Placement
of
Common
Stock
and
W
arrants
th
r
ough
Placement
Agent
​
As
of
June 24, 2022,
the
Company
ha
d
received
binding
subscription
agreements
for
an
estimated
total
of
approximately
85.4 million units
from accredited
investors
in
a
private
o
f
fering
(the
"O
f
fering")
through
a
placement
agent.
The final closing of the Offering was held on June 24, 2022.
Each
unit
consists
of
one
share
of
Comm
o
n
Stock
and
three-quarters
of
a
warrant
to
purchase
one
share
of
Common
Stock.
The
warrants
will
have
a
five-year
term
and
will
be
exercisable
in
full
when
issued.
The warrants,
other
than
as
described
above,
will
be
substantially
similar
to
the
form
of
warrant
filed
as
Exhibit
4.1
to
the
Comp
a
ny
'
s
Current
Report on
Form
8-K
filed
with
the
SEC
on
September
7,
2021.
​
The
aggregate
gross
proceeds
received
under
the
executed
subscription
agreements
in the
Offering were
approximately
$21.8 million.
The
final
purchase
price per
unit
and
the
exercise
price
of
the
warrants
is $0.255 per share, which is equal to 85%
of
the
intraday
volume
weighted
average
price
of
the
Comm
o
n
Stock
on
April 29, 2022.
​
Pursuant
to
the
subscription
agreements,
the
Company
has
agreed
to
use
commercially
reasonable
e
f
forts
to
prepare
and
file
with
the
Securities
and Exchange
Commission
(the
"SEC"),
and
cause
the
SEC
to
declare
e
f
fective,
within
ninety
(90)
days
following
the
final
closing
of
the
O
f
fering,
a registration
statement
under
the
Securities
Act
covering
the
resale
of
all
of
the
shares
and
warrants
to
purchase
shares
of
Co
m
mon
Stock
sold
in
the O
f
fering.
​
As
a
fee
to
the
placement
agent,
the
Company
has
agreed
to
pay
a
cash
fee
equal
to
13%
of
the
gross
proceeds
received
from
qua
l
ified
investors
in
the O
f
fering,
as
well
as
a
one-time
non-accountable
expense
fee
of
$50,000
in
the
aggregate
for
all
closings
in
the
O
f
fering.
The
C
ompany
has
also
agreed
to issue
to
the
placement
agent
or
its
designees
warrants
with
a
10-year
term
to
purchase
13%
of
the
total
number
of
shares
of
Co
m
mon
Stock,
including shares
subject
to
warrants,
sold
to
qualified
investors
in
the
O
f
fering, for the total of approximately 19.4 million warrants. The issuance of the warrants is subject to the approval by the Company's stockholders of an increase in authorized shares of Common Stock.
​
The
Company
is
relying
on
the
exemption
provided
by
Rule
506
of
Regulation
D
and
Section
4(a)(2)
of
the
Securities
Act
in
conn
e
ction
with
the O
f
fering.
​
Issuance of Shares to Former Executive Officer
The
Company
issued
to
a
former
executive
o
f
ficer
a
total
of
43,657
shares
of
Common
Stock
to
satisfy
its
obligation
to
make
a
severance
payment
of $
15,523
for
the
payroll
periods
ended
May
31 and June 15, 2022,
net
of
payroll
deductions
and
withholding
taxes.
The
number
of
shares
issued
was
based on
the
closing
price
of
the
Common
Stock
on
that date. The
Company
relied
on
the
exemption
from
registration
a
f
forded
by
Secti
o
n
4(a)(2)
of
the Securities
Act
in
connection
with
the
issuance
of
the
shares.
​
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) and (c) On June 27, 2022, CytoDyn Inc., a Delaware corporation (the "Company"), entered into an employment agreement with Cyrus Arman, Ph.D. (the "Employment Agreement"), under which he will be employed as the Company's President on an at-will basis beginning on July 9, 2022. Antonio Migliarese, who was appointed as interim President on January 24, 2022, will cease to be President on July 9, 2022, but will continue in his roles of Chief Financial Officer, Corporate Secretary and Treasurer, as well as serving as the Company's principal accounting officer.
​
Dr. Arman, age 41, previously held positions with a number of biotechnology companies, most recently serving as Chief Business Officer of Nimble Therapeutics, Inc., a company focused on engineering peptides, since early 2021. He
was Vice President of Corporate Development and Strategy of Neuvogen, Inc., an immunoncology company developing therapeutic whole cell cancer vaccines, from 2019 until 2021. Beginning in 2017, he served as cofounder and managing partner of BioVega Capital, LLC, a life sciences hedge fund, for four years, and as Director of Corporate Strategy at Amgen, a leading independent biotechnology company, for two years. For three years prior to 2017, Dr. Arman was Global Director and Head of Competitive Intelligence and Strategy at Amgen. He received an M.S. degree in biomedical engineering and a Ph.D. in neuroscience from the University of Southern California and an M.B.A from the UCLA Anderson School of Management.
​
There are no family relationships, as defined in Item 401 of Regulation S-K, between Dr. Arman and any of the Company's executive officers or directors. There is no arrangement or understanding between Dr. Arman and any other person pursuant to which he was appointed as President of the Company. There are no transactions in which Dr. Arman has an interest requiring disclosure under Item 404(a) of Regulation S-K. There are no family relationships between him and any other executive officer or director of the Company.
​
(e) Dr. Arman's Employment Agreement is effective as of July 9, 2022, and has an initial six-month term. Dr. Arman will be considered for advancement to the position of Chief Executive Officer during the initial term, in which event the term of the Employment Agreement will be extended. The compensation offered to Dr. Arman includes the following:
●
an initial annual base salary of $458,000;
●
Eligibility to participate in our short- and long-term incentive plans in which other executive officers may participate, with a target annual bonus equal to 40% of his base salary;
●
Contingent on approval by the stockholders of an amendment to the Company's Certificate of Incorporation to increase the number of shares of common stock authorized for issuance, an initial grant of options with a grant date fair value of $750,000, calculated based on the Black-Scholes model, and awards of Restricted Stock Units ("RSUs") and Performance Stock Units ("PSUs"), each with a grant date fair value of $375,000. The RSUs will vest in four equal annual installments subject to continued employment, while vesting of the PSUs will be tied to satisfactory achievement of performance metrics approved by the Board; and
●
other customary benefits for which he is qualified as an executive officer of the Company.
​
Dr. Arman is also entitled to severance benefits under the Employment Agreement as follows:
●
if Dr. Arman's employment is terminated by the Company without cause during the first six months of his employment, he will be entitled to receive cash severance in an amount equal to six months of his annual base salary, with an additional month of severance for each additional month that Dr. Arman is employed up to a maximum of 12 months of severance; or
●
if the Company experiences a change in control during Dr. Arman's employment and, during the 12 months following the change in control the Company terminates his employment without cause or he resigns for good reason, cash severance in an amount equal to 12 months of his annual base salary in effect when his termination occurs.
​
Severance payments may be satisfied either in cash or in common stock, at the sole discretion of the Company.
​
The foregoing description of the Employment Agreement is not complete and is qualified in its entirety by reference to the complete text of the Employment Agreement, a copy of which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2022, to be filed with the Securities and Exchange Commission.
​
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 thereunto duly authorized.
​
​
​
​
CYTODYN INC.
​
​
​
Date: June 30, 2022
By
/s/ Antonio Migliarese
​
​
Antonio Migliarese
​
​
Interim President and Chief Financial Officer
​
​
​
​