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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">UNITED STATES</div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">WASHINGTON, DC 20549</div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br />
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold;">FORM <ix:nonNumeric name="dei:DocumentType" id="Fact_4e5a4a024a6b433587de910b6485d2cf" contextRef="c20220201to20220201">8-K</ix:nonNumeric></div>

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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CURRENT REPORT</div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br />
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of the</div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Securities Exchange Act of 1934</div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br />
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Date of report (Date of earliest event reported): <ix:nonNumeric name="dei:DocumentPeriodEndDate" id="Fact_d72cd406b16a44f6a38df035013cd61a" contextRef="c20220201to20220201" format="ixt:datemonthdayyearen">February 1, 2022</ix:nonNumeric></div>

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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">(State or other jurisdiction of incorporation)</div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">(Commission File Number)</div>
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    <td style="width: 49.01%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Address of principal executive offices)</div>
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    <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 49%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Zip Code)</div>
            </td>

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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br />
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Registrant&#8217;s telephone number, including area code: (<ix:nonNumeric name="dei:CityAreaCode" id="Fact_3535c22ac65d4504953c1112eb5c4140" contextRef="c20220201to20220201">561</ix:nonNumeric>) <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_f698ae543c9a4ae0a33581a002fbdb85" contextRef="c20220201to20220201">589-7020</ix:nonNumeric></div>

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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Not Applicable</span></div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(Former name or former address, if changed since last report)<br />
        <br />
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      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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:</div>

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    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
            </td>

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    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:SolicitingMaterial" id="Fact_140d0541e0664109957414e3e1c4aa48" contextRef="c20220201to20220201" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric><br />
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    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
            </td>

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    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_a8613b324a254a8bbd679ae6e1ff56fb" contextRef="c20220201to20220201" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric><br />
            </td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br />
      </div>

      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</div>

      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br />
      </div>

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              <div style="text-align: center; color: rgb(0, 0, 0);">Title of each class</div>
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    <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0);">Trading Symbol(s)</div>
            </td>

    <td style="width: 1%; vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 33%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Name of each exchange on which</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">registered</div>
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    <td style="width: 32.99%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0);"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_88c81141a7a14a27a41bed65a8deb3a1" contextRef="c20220201to20220201">Common Stock, par value $0.0001 per share</ix:nonNumeric><br />
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    <td style="width: 1%; vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 32%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0);"><ix:nonNumeric name="dei:TradingSymbol" id="Fact_4b201c8b578a4e10aeb829d3a210c131" contextRef="c20220201to20220201">FWBI</ix:nonNumeric><br />
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    <td style="width: 1%; vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 33%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0);"><span style="-sec-ix-hidden:Fact_460f1010307c49ba81b7a2a354fc7264">Nasdaq Capital Market</span><br />
              </div>
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      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br />
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      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405
        of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2 of this chapter).</div>

      <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Emerging growth company <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_56b91fe8d2894075ac9199a3039f6e7d" contextRef="c20220201to20220201" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></div>

      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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. &#9744;</div>

      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
<div><br /></div>

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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 1.01</td>

    <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Entry into a Material Definitive Agreement.</div>
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      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Between February 1 and February 7, 2022, First Wave BioPharma, Inc., a Delaware corporation (the &#8220;Company&#8221;), entered into
        waiver agreements (the &#8220;Waiver&#8221;) with certain holders of the Company&#8217;s Series B Convertible Preferred Stock, par value $0.0001 per share (the &#8220;Series B Preferred Stock&#8221;), pursuant to which the Company agreed to pay a cash waiver fee equal to ten
        percent of the Stated Value (as defined below) of the shares of Series B Preferred Stock held by such holder, and such holder agreed to irrevocably waive its Series B Exchange Right (as defined below) with respect to any Subsequent Financing (as
        defined below) that occurs from and after the date of the Waiver until December 31, 2022.</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br />
      </div>

      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the Series B Preferred Stock Certificate of Designations (the &#8220;Certificate of Designations&#8221;), in the event of any
        issuance by the Company or any of its subsidiaries of its common stock, par value $0.0001 (the &#8220;Common Stock&#8221;), or Common Stock equivalents for cash consideration or a combination of units thereof (a &#8220;Subsequent Financing&#8221;), each holder of the
        Company&#8217;s Series B Preferred Stock has the right, subject to certain exceptions set forth in the Certificate of Designations, at its option, to exchange (in lieu of cash subscription payments) all or some of the Series B Preferred Stock then held
        (with a value per share of Series B Preferred Stock equal to the stated value of each share of Series B Preferred Stock, or $7,700.00 (the &#8220;Stated Value&#8221;), plus accrued and unpaid dividends thereon, of the Series B Preferred Stock) for any
        securities or units issued in a Subsequent Financing on a dollar-for-dollar basis (the &#8220;Series B Exchange Right&#8221;).</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br />
      </div>

      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
        <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company entered into Waivers with holders of approximately $2.83 million of Stated Value. The Company also entered into Waivers with Company insiders
          of approximately $474,000 of Stated Value for which the Company did not pay a cash waiver fee. On the date of this report, there is a total amount of approximately $5.1 million of Stated Value of Series B Preferred Stock outstanding.</div>

        <div>&#160;</div>

      </div>

      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The foregoing description of the Waiver does not purport to be complete and is qualified in its entirety by reference to the
        full text of the Waiver which a form of such agreement is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br />
      </div>

      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">


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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 3.03</td>

    <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Material Modification to Rights of Security Holders.</div>
            </td>

  </tr>


</table>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br />
      </div>

      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">To the extent required by Item 3.03 of Form 8-K, the information regarding the Waiver contained in Item 1.01 of this Current
        Report on Form 8-K is incorporated by reference herein.</div>

      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br />
      </div>

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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 9.01.</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Financial Statements and Exhibits.</div>
            </td>

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      <div> <br />
      </div>

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    <td style="width: 1%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 4%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">(d)</div>
            </td>

    <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Exhibits</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">.</span></div>
            </td>

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      <div><br />
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      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">


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    <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);"><span style="text-decoration: underline;">Exhibit No.</span></div>
            </td>

    <td style="width: 90%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);"><span style="text-decoration: underline;">Description</span></div>
            </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; color: rgb(0, 0, 0);"><a href="brhc10033595_ex10-1.htm">10.1</a></div>
            </td>

    <td style="width: 90%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; color: rgb(0, 0, 0);">Form of Waiver.</div>
            </td>

  </tr>

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    <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">104</div>
            </td>

    <td style="width: 90%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Cover Page Interactive Data File (embedded within the Inline XBRL document).</div>
            </td>

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      <div> <br />
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      </div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURES</div>

      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div>

      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br />
      </div>

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    <td style="width: 49.65%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td colspan="2" style="vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">First Wave BioPharma, Inc.</div>
            </td>

  </tr>

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    <td style="width: 49.65%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td colspan="2" style="vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

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    <td style="width: 49.65%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">February 7, 2022</div>
            </td>

    <td style="width: 5%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">By:</div>
            </td>

    <td style="width: 44.65%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);"><span style="text-decoration: underline;">/s/ Daniel Schneiderman</span></div>
            </td>

  </tr>

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    <td style="width: 49.65%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 5%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Name:</div>
            </td>

    <td style="width: 44.65%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Daniel Schneiderman</div>
            </td>

  </tr>

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    <td style="width: 49.65%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 5%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Title:</div>
            </td>

    <td style="width: 44.65%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Chief Financial Officer</div>
            </td>

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{"company-data": {"conformed-name": "First Wave BioPharma, Inc.", "cik": "0001604191", "assigned-sic": "2834", "irs-number": "464993860", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-37853", "film-number": "22598536"}, "business-address": {"street1": "777 YAMATO ROAD", "street2": "SUITE 502", "city": "BOCA RATON", "state": "FL", "zip": "33431", "phone": "561-589-7020"}, "mail-address": {"street1": "777 YAMATO ROAD", "street2": "SUITE 502", "city": "BOCA RATON", "state": "FL", "zip": "33431"}, "former-company": [{"former-conformed-name": "AzurRx BioPharma, Inc.", "date-changed": "20141103"}, {"former-conformed-name": "BioPharma d'Azur, Inc.", "date-changed": "20140331"}]}
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):
February 1, 2022
First Wave BioPharma, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-37853
46-4993860
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
777 Yamato Road
,
Suite 502
Boca Raton
,
Florida
33431
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (
561
)
589-7020
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
        the following provisions:
☐
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
Common Stock, par value $0.0001 per share
FWBI
Nasdaq Capital Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405
        of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §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 1.01
Entry into a Material Definitive Agreement.
Between February 1 and February 7, 2022, First Wave BioPharma, Inc., a Delaware corporation (the "Company"), entered into
        waiver agreements (the "Waiver") with certain holders of the Company's Series B Convertible Preferred Stock, par value $0.0001 per share (the "Series B Preferred Stock"), pursuant to which the Company agreed to pay a cash waiver fee equal to ten
        percent of the Stated Value (as defined below) of the shares of Series B Preferred Stock held by such holder, and such holder agreed to irrevocably waive its Series B Exchange Right (as defined below) with respect to any Subsequent Financing (as
        defined below) that occurs from and after the date of the Waiver until December 31, 2022.
Pursuant to the Series B Preferred Stock Certificate of Designations (the "Certificate of Designations"), in the event of any
        issuance by the Company or any of its subsidiaries of its common stock, par value $0.0001 (the "Common Stock"), or Common Stock equivalents for cash consideration or a combination of units thereof (a "Subsequent Financing"), each holder of the
        Company's Series B Preferred Stock has the right, subject to certain exceptions set forth in the Certificate of Designations, at its option, to exchange (in lieu of cash subscription payments) all or some of the Series B Preferred Stock then held
        (with a value per share of Series B Preferred Stock equal to the stated value of each share of Series B Preferred Stock, or $7,700.00 (the "Stated Value"), plus accrued and unpaid dividends thereon, of the Series B Preferred Stock) for any
        securities or units issued in a Subsequent Financing on a dollar-for-dollar basis (the "Series B Exchange Right").
The Company entered into Waivers with holders of approximately $2.83 million of Stated Value. The Company also entered into Waivers with Company insiders
          of approximately $474,000 of Stated Value for which the Company did not pay a cash waiver fee. On the date of this report, there is a total amount of approximately $5.1 million of Stated Value of Series B Preferred Stock outstanding.
The foregoing description of the Waiver does not purport to be complete and is qualified in its entirety by reference to the
        full text of the Waiver which a form of such agreement is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 3.03
Material Modification to Rights of Security Holders.
To the extent required by Item 3.03 of Form 8-K, the information regarding the Waiver contained in Item 1.01 of this Current
        Report on Form 8-K is incorporated by reference herein.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
.
Exhibit No.
Description
10.1
Form of Waiver.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
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.
First Wave BioPharma, Inc.
February 7, 2022
By:
/s/ Daniel Schneiderman
Name:
Daniel Schneiderman
Title:
Chief Financial Officer