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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:4pt;">&#160;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section&#160;13 or 15(d) </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">N/A </p>
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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form&#160;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): </p>
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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Securities registered pursuant to Section 12(b) of the Act: </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000021" name="dei:Security12bTitle" contextRef="C_0000949858_20221114_20221114">Common Stock, par value $0.001 per share</ix:nonNumeric></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000022" name="dei:TradingSymbol" contextRef="C_0000949858_20221114_20221114">ACHV</ix:nonNumeric></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The <ix:nonNumeric id="F_000023" name="dei:SecurityExchangeName" contextRef="C_0000949858_20221114_20221114">NASDAQ</ix:nonNumeric> Capital Market</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Emerging growth company&#160;&#160;<span style="font-family:Segoe UI Symbol;"><ix:nonNumeric id="F_000005" name="dei:EntityEmergingGrowthCompany" contextRef="C_0000949858_20221114_20221114" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span> </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#160;13(a) of the Exchange Act.&#160;&#160;<span style="font-family:Segoe UI Symbol;">&#9744;</span> </p>
<p style="text-align:center;margin-top:4pt;line-height:1pt;border-top:Solid 0.75pt #000000;padding-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:center;margin-top:1pt;line-height:1pt;border-top:Solid 1pt;padding-top:1pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&#160;</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#212529;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">ITEM 1.01<span style="color:#000000;"> Entry into a Material Definitive Agreement.</span></p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November 14, 2022, Achieve Life Sciences, Inc., a Delaware corporation (the &#8220;<span style="text-decoration:underline;">Company</span>&#8221;), entered into subscription agreements (the &#8220;<span style="text-decoration:underline;">Subscription Agreements</span>&#8221;) with certain accredited investors (the &#8220;<span style="text-decoration:underline;">Purchasers</span>&#8221;) pursuant to which the Company agreed to issue and sell to the Purchasers in a private placement 4,093,141 units (each, a &#8220;<span style="text-decoration:underline;">Unit</span>&#8221;), each consisting of (i) two shares of the Company&#8217;s common stock, par value $0.001 per share (the &#8220;<span style="text-decoration:underline;">Common Stock</span>&#8221;), and (ii) a warrant to purchase one share of Common Stock (the &#8220;<span style="text-decoration:underline;">Warrants</span>&#8221;), at an offering price of $4.625 per Unit, for aggregate gross proceeds of approximately $18.9 million (the &#8220;<span style="text-decoration:underline;">Offering</span>&#8221;). Lake Street Capital Markets, LLC (the &#8220;<span style="text-decoration:underline;">Placement Agent</span>&#8221;), acted as the exclusive placement agent for the Offering and, pursuant to the engagement agreement between the Company and the Placement Agent (the &#8220;<span style="text-decoration:underline;">Placement Agent Agreement</span>&#8221;), will receive a cash commission equal to 5% of the gross proceeds from the sale of the Units. The net proceeds to the Company, after deducting Placement Agent expenses and commissions and estimated offering expenses payable by the Company, will be approximately $17.9 million.</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Each Warrant is exercisable beginning on the six (6) month anniversary of the initial closing date of the Offering (the &#8220;<span style="text-decoration:underline;">Initial Exercise Date</span>&#8221;), through the Warrant expiration date, which is the seven (7)&#160;year anniversary of the initial closing date of the Offering, except that the Warrants cannot be exercised by a Warrant holder if, after giving effect thereto, such Warrant holder would beneficially own more than 19.99% of the outstanding Common Stock, subject to certain adjustments. The Warrants issued pursuant to the Subscription Agreements are exercisable at a price per share of Common Stock of $4.50, subject to adjustment. Additionally, subject to certain exceptions, if, after the Initial Exercise Date, (i)&#160;the volume weighted average price of the Common Stock for each of 30 consecutive trading days (the &#8220;<span style="text-decoration:underline;">Measurement Period</span>&#8221;), which Measurement Period commences on the closing date, exceeds 300% of the exercise price (subject to adjustments for stock splits, recapitalizations, stock dividends and similar transactions), (ii)&#160;the average daily trading volume for such Measurement Period exceeds $500,000 per trading day and (iii)&#160;certain other equity conditions are met, and subject to a beneficial ownership limitation, then the Company may call for cancellation of all or any portion of the Warrants then outstanding. </p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the Subscription Agreements, on November 18, 2022, the Company entered into a registration rights agreement (the &#8220;<span style="text-decoration:underline;">Registration Rights Agreement</span>&#8221;) with the Purchasers, under which the Company is required to file a registration statement within 60 days following the final closing date of the Offering (the &#8220;<span style="text-decoration:underline;">Registration Statement</span>&#8221;). The Registration Statement will register the resale of the Common Stock and the shares of Common Stock issuable upon exercise of the Warrants (the &#8220;<span style="text-decoration:underline;">Registrable Securities</span>&#8221;). <span style="Background-color:#FFFFFF;color:#212529;">The Registration Rights Agreement requires that the Company maintain the Registration Statement&#8217;s effectiveness until the earlier of the date that (i) the Registrable Securities have been sold or (ii) the Registrable Securities may be sold without any restrictions pursuant to Rule 144 under the Securities Act of 1933, as amended (the &#8220;</span><span style="text-decoration:underline;Background-color:#FFFFFF;color:#212529;">Securities Act</span><span style="Background-color:#FFFFFF;color:#212529;">&#8221;).</span></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The foregoing summaries of the Warrants, the Subscription Agreements and the Registration Rights Agreement do not purport to be complete and are subject to, and qualified in their entirety by, such documents attached as Exhibits 4.1, 10.1 and 10.2, respectively, to this Current Report on Form 8-K, and which are incorporated herein by reference. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&#160;</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#212529;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">ITEM 3.02 Unregistered Sales of Equity Securities</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#212529;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#212529;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The disclosure required by this Item 3.02 and included in Item 1.01 is incorporated into this Item 3.02 by reference.</p>
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<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#212529;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#212529;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</span></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#212529;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company offered and sold the Units and the shares of Common Stock underlying the Warrants in reliance on Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder. </p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&#160;</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#212529;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">ITEM 8.01 Other Events </p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November 15, 2022, the Company issued a press release announcing the Offering, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.&#160;&#160;&#160;&#160;&#160;&#160;</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;">&#160;</p>
<p style="margin-bottom:10pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;">Item 9.01.&#160;&#160;Financial Statements and Exhibits. </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:3.33%;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d) <span style="margin-left:36pt;">Exhibits</span></p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Description</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="achv-ex41_55.htm"><span style="text-decoration:underline;">Form of Common Stock Purchase Warrant.</span></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:30pt;;text-indent:-10pt;;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.1</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="achv-ex101_54.htm"><span style="text-decoration:underline;">Form of Subscription Agreement.</span></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:30pt;;text-indent:-10pt;;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.2</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="achv-ex102_53.htm"><span style="text-decoration:underline;">Form of Registration Rights Agreement.</span></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:30pt;;text-indent:-10pt;;font-size:11pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:30pt;;text-indent:-10pt;;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.1</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="achv-ex991_6.htm"><span style="text-decoration:underline;">Press release of Achieve Life Sciences, Inc. dated November 15, 2022.</span></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:30pt;;text-indent:-10pt;;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">104</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cover Page Interactive Data File (embedded within the Inline XBRL document).</p></td>
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<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">________________________</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;margin-right:6.67%;text-indent:0%;letter-spacing:-0.15pt;font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&#160;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;margin-right:6.67%;text-indent:0%;font-weight:bold;font-family:Times New Roman;letter-spacing:-0.15pt;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p>
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<p style="text-align:justify;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&#160;</p></td>
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<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ACHIEVE LIFE SCIENCES, INC.</p></td>
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<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Executive Officer (Principal Executive and Financial Officer)</p></td>
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{"company-data": {"conformed-name": "ACHIEVE LIFE SCIENCES, INC.", "cik": "0000949858", "assigned-sic": "2835", "irs-number": "954343413", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-80623", "film-number": "221401967"}, "business-address": {"street1": "22722 29TH DR. SE", "street2": "SUITE 100", "city": "SEATTLE", "state": "WA", "zip": "98021", "phone": "425-686-1500"}, "mail-address": {"street1": "22722 29TH DR. SE", "street2": "SUITE 100", "city": "SEATTLE", "state": "WA", "zip": "98021"}, "former-company": [{"former-conformed-name": "ONCOGENEX PHARMACEUTICALS, INC.", "date-changed": "20080821"}, {"former-conformed-name": "SONUS PHARMACEUTICALS INC", "date-changed": "19950825"}]}
achv-8k_20221114.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 14, 2022
ACHIEVE LIFE SCIENCES, INC.
(Exact name of Registrant as Specified in Its Charter)
Delaware
033-80623
95-4343413
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1040 West Georgia
,
Suite 1030
Vancouver
,
BC
,
Canada
V6E 4H1
(Address of Principal Executive Offices)
(Zip Code)
Registrant's Telephone Number, Including Area Code: (
604
)
210-2217
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of exchange on which registered
Common Stock, par value $0.001 per share
ACHV
The
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 (§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 1.01
Entry into a Material Definitive Agreement.
On November 14, 2022, Achieve Life Sciences, Inc., a Delaware corporation (the "
Company
"), entered into subscription agreements (the "
Subscription Agreements
") with certain accredited investors (the "
Purchasers
") pursuant to which the Company agreed to issue and sell to the Purchasers in a private placement 4,093,141 units (each, a "
Unit
"), each consisting of (i) two shares of the Company's common stock, par value $0.001 per share (the "
Common Stock
"), and (ii) a warrant to purchase one share of Common Stock (the "
Warrants
"), at an offering price of $4.625 per Unit, for aggregate gross proceeds of approximately $18.9 million (the "
Offering
"). Lake Street Capital Markets, LLC (the "
Placement Agent
"), acted as the exclusive placement agent for the Offering and, pursuant to the engagement agreement between the Company and the Placement Agent (the "
Placement Agent Agreement
"), will receive a cash commission equal to 5% of the gross proceeds from the sale of the Units. The net proceeds to the Company, after deducting Placement Agent expenses and commissions and estimated offering expenses payable by the Company, will be approximately $17.9 million.
Each Warrant is exercisable beginning on the six (6) month anniversary of the initial closing date of the Offering (the "
Initial Exercise Date
"), through the Warrant expiration date, which is the seven (7) year anniversary of the initial closing date of the Offering, except that the Warrants cannot be exercised by a Warrant holder if, after giving effect thereto, such Warrant holder would beneficially own more than 19.99% of the outstanding Common Stock, subject to certain adjustments. The Warrants issued pursuant to the Subscription Agreements are exercisable at a price per share of Common Stock of $4.50, subject to adjustment. Additionally, subject to certain exceptions, if, after the Initial Exercise Date, (i) the volume weighted average price of the Common Stock for each of 30 consecutive trading days (the "
Measurement Period
"), which Measurement Period commences on the closing date, exceeds 300% of the exercise price (subject to adjustments for stock splits, recapitalizations, stock dividends and similar transactions), (ii) the average daily trading volume for such Measurement Period exceeds $500,000 per trading day and (iii) certain other equity conditions are met, and subject to a beneficial ownership limitation, then the Company may call for cancellation of all or any portion of the Warrants then outstanding.
Pursuant to the Subscription Agreements, on November 18, 2022, the Company entered into a registration rights agreement (the "
Registration Rights Agreement
") with the Purchasers, under which the Company is required to file a registration statement within 60 days following the final closing date of the Offering (the "
Registration Statement
"). The Registration Statement will register the resale of the Common Stock and the shares of Common Stock issuable upon exercise of the Warrants (the "
Registrable Securities
").
The Registration Rights Agreement requires that the Company maintain the Registration Statement's effectiveness until the earlier of the date that (i) the Registrable Securities have been sold or (ii) the Registrable Securities may be sold without any restrictions pursuant to Rule 144 under the Securities Act of 1933, as amended (the "
Securities Act
").
The foregoing summaries of the Warrants, the Subscription Agreements and the Registration Rights Agreement do not purport to be complete and are subject to, and qualified in their entirety by, such documents attached as Exhibits 4.1, 10.1 and 10.2, respectively, to this Current Report on Form 8-K, and which are incorporated herein by reference.
ITEM 3.02 Unregistered Sales of Equity Securities
The disclosure required by this Item 3.02 and included in Item 1.01 is incorporated into this Item 3.02 by reference.
The Company offered and sold the Units and the shares of Common Stock underlying the Warrants in reliance on Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder.
ITEM 8.01 Other Events
On November 15, 2022, the Company issued a press release announcing the Offering, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01.  Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
4.1
Form of Common Stock Purchase Warrant.
10.1
Form of Subscription Agreement.
10.2
Form of Registration Rights Agreement.
99.1
Press release of Achieve Life Sciences, Inc. dated November 15, 2022.
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 caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ACHIEVE LIFE SCIENCES, INC.
Date: November 18, 2022
/s/ John Bencich
John Bencich
Chief Executive Officer (Principal Executive and Financial Officer)