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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION 13 OR 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): January&nbsp;4, 2019 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CytoDyn Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">000-49908</FONT></B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">83-1887078</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(SEC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1111 Main Street, Suite 660</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Vancouver, Washington</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center"><B>98660</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code:
<FONT STYLE="white-space:nowrap">(360)&nbsp;980-8524</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.03. Creation of a Direct Financial Obligation or an Obligation under <FONT
STYLE="white-space:nowrap">an&nbsp;Off-Balance&nbsp;Sheet</FONT> Arrangement of a Registrant. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;7, 2019 and January&nbsp;8, 2019,
CytoDyn Inc. (the &#147;Company&#148;) issued $1.6&nbsp;million in aggregate principal amount of unsecured convertible promissory notes (the &#147;Notes&#148;) and related warrants (the &#147;Warrants&#148;) to purchase common stock of the Company
(the &#147;Common Stock&#148;) in a private placement to various accredited investors (collectively, the &#147;Private Placements&#148;), pursuant to subscription agreements entered into with each (collectively, the &#147;Subscription
Agreements&#148;), in exchange for cash in an equal amount. The proceeds are anticipated to be used for general working capital and to fund clinical trials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The terms of the Private Placements and of the Notes and the Warrants are identical to those of the private placement that occurred on December&nbsp;28, 2018
(the &#147;Prior Placement&#148;), as described in the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the Securities and Exchange Commission on January&nbsp;3, 2019 (the &#147;Prior <FONT STYLE="white-space:nowrap">8-K&#148;),</FONT>
which is incorporated herein by reference. Each of the Notes matures nine months from the date of its initial issuance. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;3.02. Unregistered
Sales of Equity Securities. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the Private Placements, the Company sold $1.6&nbsp;million in aggregate principal amount of Notes and related Warrants
to various accredited investors. The principal amount of the Notes plus unpaid accrued interest is convertible at the election of the holders into shares of Common Stock at any time prior to maturity at an initial conversion price of $0.50 per
share, with an aggregate of 3,200,000 shares of the Company&#146;s Common Stock initially underlying the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of the investment in the Notes,
the Company also issued Warrants exercisable for 50% of the shares into which the Notes are convertible, with Warrants for an aggregate of 1,600,000 shares of Common Stock issued in the Private Placements. The Warrants are exercisable at a price of
$0.30 per share. The Warrants are currently exercisable in full and will expire five years from the date of issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of the issuance of the
Notes, pursuant to the terms of the Placement Agent Agreement, dated July&nbsp;26, 2018, entered into in connection with an earlier private securities offering of common stock and warrants, the placement agent in that offering earned a &#147;tail
fee&#148; comprising warrants exercisable for 220,000 shares of Common Stock (the &#147;Placement Agent Warrants&#148;) and a cash fee of $132,000. The Placement Agent Warrants are exercisable at a price of $0.50 per share and will expire five years
from the date of issuance. The Placement Agent Warrants provide for cashless exercise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of the Notes investors has represented to the Company that it
is an &#147;accredited investor&#148; as that term is defined in Rule&nbsp;501(a) of Regulation&nbsp;D promulgated under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The Company relied on the exemption from registration
afforded by Section&nbsp;4(a)(2) of the Securities Act in connection with the issuance of the Notes, the Warrants and the Placement Agent Warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
descriptions contained herein of the Notes, the Warrants, the Subscription Agreement, the Placement Agent Warrants and the offering thereof is qualified in its entirety by reference to the full text of the Notes, the Warrants the Subscription
Agreements and the Placement Agent Warrants, the forms of which were filed as Exhibits&nbsp;4.1, 4.2, 4.3 and 10.1, respectively, to the <FONT STYLE="white-space:nowrap">Prior&nbsp;Form&nbsp;8-K</FONT> and are incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Appointment of New Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
January&nbsp;10, 2019, CytoDyn Inc., a Delaware corporation (the &#147;Company&#148;), announced the appointment of David F. Welch, Ph.D. to its board of directors, effective immediately. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with Dr.&nbsp;Welch&#146;s appointment as a director, on January&nbsp;10, 2019, the Company
granted Dr.&nbsp;Welch a <FONT STYLE="white-space:nowrap">non-qualified</FONT> stock option to purchase up to 38,904 shares of the Company&#146;s common stock, representing a pro rata portion of the annual option grant received by each director. The
option has an exercise price of $0.50 per share (equal to the closing sale price of the Company&#146;s common stock on the grant date) and a <FONT STYLE="white-space:nowrap">ten-year</FONT> term. The option will vest on March&nbsp;1, 2019 with
respect to 13,904 shares and on June&nbsp;1, 2019 with respect to 25,000 shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No arrangement or understanding exists between Dr.&nbsp;Welch and any
other person pursuant to which Dr.&nbsp;Welch was appointed as a director. Dr.&nbsp;Welch will be compensated for his services consistent with the Company&#146;s compensation policies for nonemployee directors. The Company&#146;s board of directors
has not yet determined the board committees to which Dr.&nbsp;Welch will be appointed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Resignation of Director </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;10, 2019, Anthony D. Caracciolo resigned as a member of the Company&#146;s board of directors. Mr.&nbsp;Caracciolo informed the Company of his
intention to resign at the conclusion of a board meeting on January&nbsp;4, 2019, and the resignation became effective on January&nbsp;10, 2019. The resignation was not the result of any disagreement with the Company on any matter relating to the
Company&#146;s operations, policies or practices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the resignation of Mr.&nbsp;Caracciolo, on January&nbsp;4, 2019, the Company&#146;s
Board of Directors approved a motion to accelerate all outstanding unvested stock options held by Mr.&nbsp;Caracciolo, to vest immediately upon the effectiveness of his resignation and to retain the stock options&#146; exercise period through their
respective expiration date. Stock options covering 1,145,834 shares held by Mr.&nbsp;Caracciolo were subject to acceleration. The other terms of the accelerated stock options remained otherwise unchanged. In addition, the expiration terms of certain
of Mr.&nbsp;Caracciolo&#146;s other previously awarded stock options covering an aggregate of 150,000 shares of the Company&#146;s common stock were extended from five years to 10 years. The other terms of the extended stock options remained
otherwise unchanged. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7.01 Regulation FD Disclosure. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;10, 2019, the Company issued a press release to announce the appointment of Dr.&nbsp;Welch as director, which is furnished as Exhibit 99.1 to
this Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01. Other Events. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;9, 2019, the Company posted an updated version of the investor presentation deck titled &#147;Leronlimab (PRO&nbsp;140) HIV-Cancer&#148; to its
website at www.cytodyn.com. A copy of the investor presentation is filed as Exhibit 99.2 to this <FONT STYLE="white-space:nowrap">Form&nbsp;8-K.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company does not intend to incorporate any contents from its website into this <FONT STYLE="white-space:nowrap">Form&nbsp;8-K.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-size:10pt">(d)</FONT></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
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<TD VALIGN="top">99.1</TD>
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<TD VALIGN="bottom" NOWRAP><A HREF="d688532dex991.htm">Press Release, dated January&nbsp;10, 2019.</A></TD></TR>
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<TD VALIGN="top">99.2</TD>
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<TD VALIGN="bottom" NOWRAP><A HREF="d688532dex992.htm">Investor Presentation.</A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3">CytoDyn Inc.</TD></TR>
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<TD VALIGN="top">January&nbsp;10, 2019</TD>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Michael D. Mulholland</I></P></TD></TR>
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<TD VALIGN="bottom">Name:</TD>
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<TD VALIGN="bottom">Michael D. Mulholland</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">Title:</TD>
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<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
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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": "19520872"}, "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"}]}
Form 8-K
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): January 4, 2019
CytoDyn Inc.
(Exact
name of registrant as specified in its charter)
Delaware
000-49908
83-1887078
(State or other jurisdiction
of incorporation)
(SEC
File Number)
(I.R.S. Employer
Identification No.)
1111 Main Street, Suite 660
Vancouver, Washington
98660
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(360) 980-8524
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.  ☐
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet
Arrangement of a Registrant.
On January 7, 2019 and January 8, 2019,
CytoDyn Inc. (the "Company") issued $1.6 million in aggregate principal amount of unsecured convertible promissory notes (the "Notes") and related warrants (the "Warrants") to purchase common stock of the Company
(the "Common Stock") in a private placement to various accredited investors (collectively, the "Private Placements"), pursuant to subscription agreements entered into with each (collectively, the "Subscription
Agreements"), in exchange for cash in an equal amount. The proceeds are anticipated to be used for general working capital and to fund clinical trials.
The terms of the Private Placements and of the Notes and the Warrants are identical to those of the private placement that occurred on December 28, 2018
(the "Prior Placement"), as described in the Form
8-K
filed with the Securities and Exchange Commission on January 3, 2019 (the "Prior
8-K"),
which is incorporated herein by reference. Each of the Notes matures nine months from the date of its initial issuance.
Item 3.02. Unregistered
Sales of Equity Securities.
In the Private Placements, the Company sold $1.6 million in aggregate principal amount of Notes and related Warrants
to various accredited investors. The principal amount of the Notes plus unpaid accrued interest is convertible at the election of the holders into shares of Common Stock at any time prior to maturity at an initial conversion price of $0.50 per
share, with an aggregate of 3,200,000 shares of the Company's Common Stock initially underlying the Notes.
As part of the investment in the Notes,
the Company also issued Warrants exercisable for 50% of the shares into which the Notes are convertible, with Warrants for an aggregate of 1,600,000 shares of Common Stock issued in the Private Placements. The Warrants are exercisable at a price of
$0.30 per share. The Warrants are currently exercisable in full and will expire five years from the date of issuance.
As a result of the issuance of the
Notes, pursuant to the terms of the Placement Agent Agreement, dated July 26, 2018, entered into in connection with an earlier private securities offering of common stock and warrants, the placement agent in that offering earned a "tail
fee" comprising warrants exercisable for 220,000 shares of Common Stock (the "Placement Agent Warrants") and a cash fee of $132,000. The Placement Agent Warrants are exercisable at a price of $0.50 per share and will expire five years
from the date of issuance. The Placement Agent Warrants provide for cashless exercise.
Each of the Notes investors has represented to the Company that it
is an "accredited investor" as that term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the "Securities Act"). The Company relied on the exemption from registration
afforded by Section 4(a)(2) of the Securities Act in connection with the issuance of the Notes, the Warrants and the Placement Agent Warrants.
The
descriptions contained herein of the Notes, the Warrants, the Subscription Agreement, the Placement Agent Warrants and the offering thereof is qualified in its entirety by reference to the full text of the Notes, the Warrants the Subscription
Agreements and the Placement Agent Warrants, the forms of which were filed as Exhibits 4.1, 4.2, 4.3 and 10.1, respectively, to the
Prior Form 8-K
and are incorporated herein by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
Appointment of New Director
On
January 10, 2019, CytoDyn Inc., a Delaware corporation (the "Company"), announced the appointment of David F. Welch, Ph.D. to its board of directors, effective immediately.
In connection with Dr. Welch's appointment as a director, on January 10, 2019, the Company
granted Dr. Welch a
non-qualified
stock option to purchase up to 38,904 shares of the Company's common stock, representing a pro rata portion of the annual option grant received by each director. The
option has an exercise price of $0.50 per share (equal to the closing sale price of the Company's common stock on the grant date) and a
ten-year
term. The option will vest on March 1, 2019 with
respect to 13,904 shares and on June 1, 2019 with respect to 25,000 shares.
No arrangement or understanding exists between Dr. Welch and any
other person pursuant to which Dr. Welch was appointed as a director. Dr. Welch will be compensated for his services consistent with the Company's compensation policies for nonemployee directors. The Company's board of directors
has not yet determined the board committees to which Dr. Welch will be appointed.
Resignation of Director
On January 10, 2019, Anthony D. Caracciolo resigned as a member of the Company's board of directors. Mr. Caracciolo informed the Company of his
intention to resign at the conclusion of a board meeting on January 4, 2019, and the resignation became effective on January 10, 2019. The resignation was not the result of any disagreement with the Company on any matter relating to the
Company's operations, policies or practices.
In connection with the resignation of Mr. Caracciolo, on January 4, 2019, the Company's
Board of Directors approved a motion to accelerate all outstanding unvested stock options held by Mr. Caracciolo, to vest immediately upon the effectiveness of his resignation and to retain the stock options' exercise period through their
respective expiration date. Stock options covering 1,145,834 shares held by Mr. Caracciolo were subject to acceleration. The other terms of the accelerated stock options remained otherwise unchanged. In addition, the expiration terms of certain
of Mr. Caracciolo's other previously awarded stock options covering an aggregate of 150,000 shares of the Company's common stock were extended from five years to 10 years. The other terms of the extended stock options remained
otherwise unchanged.
Item 7.01 Regulation FD Disclosure.
On January 10, 2019, the Company issued a press release to announce the appointment of Dr. Welch as director, which is furnished as Exhibit 99.1 to
this Form
8-K.
Item 8.01. Other Events.
On January 9, 2019, the Company posted an updated version of the investor presentation deck titled "Leronlimab (PRO 140) HIV-Cancer" to its
website at www.cytodyn.com. A copy of the investor presentation is filed as Exhibit 99.2 to this
Form 8-K.
The Company does not intend to incorporate any contents from its website into this
Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibit
No.
Description.
99.1
Press Release, dated January 10, 2019.
99.2
Investor Presentation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
CytoDyn Inc.
January 10, 2019
By:
/s/ Michael D. Mulholland
Name:
Michael D. Mulholland
Title:
Chief Financial Officer