<?xml version="1.0" ?><!--XBRL Document Created with Wdesk from Workiva--><!--Copyright 2022 Workiva--><!--r:6e8ab525-8655-479a-90fa-e44cfb1b58eb,g:90bf79c6-290e-4256-ab6b-7cc3a01b3e19,d:e2b4437e50fa4bdb986c14925ca82daf--><html xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2020-02-12" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xml:lang="en-US"><head><meta http-equiv="Content-Type" content="text/html"/>


<title>athx-20220512</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:AmendmentFlag" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl80L2ZyYWc6MWUzOWFiM2IzNTA3NDU0NmIxOTdlNTAwOGE5OWI2OGMvdGFibGU6NTQ5ZjI5OTcwY2VhNDBhYjg0ODlkNmFkMGNkZDk2ZWEvdGFibGVyYW5nZTo1NDlmMjk5NzBjZWE0MGFiODQ4OWQ2YWQwY2RkOTZlYV8yLTEtMS0xLTQ2MjE0_05a50133-7b96-4e90-84d8-3d92d5982759">false</ix:nonNumeric><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:EntityRegistrantName" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl80L2ZyYWc6MWUzOWFiM2IzNTA3NDU0NmIxOTdlNTAwOGE5OWI2OGMvdGFibGU6NTQ5ZjI5OTcwY2VhNDBhYjg0ODlkNmFkMGNkZDk2ZWEvdGFibGVyYW5nZTo1NDlmMjk5NzBjZWE0MGFiODQ4OWQ2YWQwY2RkOTZlYV8zLTEtMS0xLTQ2MjE0_7fc426a3-4f12-46a7-9005-18ea403eb877">ATHERSYS, INC / NEW</ix:nonNumeric><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl80L2ZyYWc6MWUzOWFiM2IzNTA3NDU0NmIxOTdlNTAwOGE5OWI2OGMvdGFibGU6NTQ5ZjI5OTcwY2VhNDBhYjg0ODlkNmFkMGNkZDk2ZWEvdGFibGVyYW5nZTo1NDlmMjk5NzBjZWE0MGFiODQ4OWQ2YWQwY2RkOTZlYV80LTEtMS0xLTQ2MjE0_a34e76c9-0575-42ee-b9a7-f61b4bd8af7f">0001368148</ix:nonNumeric></ix:hidden><ix:references xml:lang="en-US"><link:schemaRef xlink:type="simple" xlink:href="athx-20220512.xsd"></link:schemaRef></ix:references><ix:resources><xbrli:context id="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001368148</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2022-05-12</xbrli:startDate><xbrli:endDate>2022-05-12</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="ie2b4437e50fa4bdb986c14925ca82daf_1"></div><div style="min-height:27pt;width:100%"><div><span><br/></span></div></div><div style="-sec-extract:summary;margin-top:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">WASHINGTON, DC 20549</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:27.631%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-top:4pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">FORM <ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:DocumentType" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGV4dHJlZ2lvbjpmZTFkMWM4ZTc0NzU0OGQyYmU4MjNmNTk0Yzc2M2FhNl8yNDk5_4f1ad15a-c5c8-4b82-809e-33c9ebcf168b">8-K</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:27.631%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-top:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">CURRENT REPORT</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Pursuant to Section&#160;13 or 15(d)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">of the Securities Exchange Act of 1934</span></div><div style="margin-top:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Date of report (Date of earliest event reported): <ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGV4dHJlZ2lvbjpmZTFkMWM4ZTc0NzU0OGQyYmU4MjNmNTk0Yzc2M2FhNl8yMzI_b35e4c24-fb9a-4ba7-a7ba-cfeb9fe173d8">May 12, 2022</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4pt;font-weight:400;line-height:120%">&#160;&#160;</span></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:27.631%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:24pt;font-weight:700;line-height:120%">Athersys, Inc.</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Exact Name of Registrant as Specified in Charter)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:27.631%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:513.75pt"><tr><td style="width:1.0pt"></td><td style="width:159.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:13.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:159.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:13.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:159.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:EntityIncorporationStateCountryCode" format="ixt-sec:stateprovnameen" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6ZGZlYTQ0Mzg4OTRhNDIyYmI2MDllODkzMjljOGE2ZWQvdGFibGVyYW5nZTpkZmVhNDQzODg5NGE0MjJiYjYwOWU4OTMyOWM4YTZlZF8wLTAtMS0xLTQ2MjE0_99d125fc-bd8f-4c19-a752-beaec9416c62">Delaware</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:EntityFileNumber" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6ZGZlYTQ0Mzg4OTRhNDIyYmI2MDllODkzMjljOGE2ZWQvdGFibGVyYW5nZTpkZmVhNDQzODg5NGE0MjJiYjYwOWU4OTMyOWM4YTZlZF8wLTItMS0xLTQ2MjE0_2d212e79-35b0-4fd1-a15e-d100f86c7fdb">001-33876</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:EntityTaxIdentificationNumber" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6ZGZlYTQ0Mzg4OTRhNDIyYmI2MDllODkzMjljOGE2ZWQvdGFibGVyYW5nZTpkZmVhNDQzODg5NGE0MjJiYjYwOWU4OTMyOWM4YTZlZF8wLTQtMS0xLTQ2MjE0_91161e0e-028f-413b-ba84-92fd0148d488">20-4864095</ix:nonNumeric></span></td></tr><tr style="height:20pt"><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(State or Other Jurisdiction<br/>of Incorporation)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Commission<br/>File Number)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(I.R.S. Employer<br/>Identification No.)</span></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:456.00pt"><tr><td style="width:1.0pt"></td><td style="width:102.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:49.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:25.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:88.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:181.00pt"></td><td style="width:1.0pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:EntityAddressAddressLine1" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6YzY3N2ZhNTJjMWUwNDMzNmI5YjkyZGU1MTBlNzdmYWMvdGFibGVyYW5nZTpjNjc3ZmE1MmMxZTA0MzM2YjliOTJkZTUxMGU3N2ZhY18wLTAtMS0xLTQ2MjE0_6caa4464-d7e7-4289-bfba-6e3be1b1142c">3201 Carnegie Avenue,</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:EntityAddressCityOrTown" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6YzY3N2ZhNTJjMWUwNDMzNmI5YjkyZGU1MTBlNzdmYWMvdGFibGVyYW5nZTpjNjc3ZmE1MmMxZTA0MzM2YjliOTJkZTUxMGU3N2ZhY18wLTEtMS0xLTQ2MjE0_dd16a0f5-a9ef-4088-8f23-11330b1ebbce">Cleveland,</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:EntityAddressStateOrProvince" format="ixt-sec:stateprovnameen" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6YzY3N2ZhNTJjMWUwNDMzNmI5YjkyZGU1MTBlNzdmYWMvdGFibGVyYW5nZTpjNjc3ZmE1MmMxZTA0MzM2YjliOTJkZTUxMGU3N2ZhY18wLTItMS0xLTQ2MjE0_094da85c-49e6-4eaf-bde5-e53d781912fb">Ohio</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:EntityAddressPostalZipCode" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6YzY3N2ZhNTJjMWUwNDMzNmI5YjkyZGU1MTBlNzdmYWMvdGFibGVyYW5nZTpjNjc3ZmE1MmMxZTA0MzM2YjliOTJkZTUxMGU3N2ZhY18wLTQtMS0xLTQ2MjE0_3da708c0-6f4d-4330-8f72-4dd485e592bb">44115-2634</ix:nonNumeric></span></td></tr><tr style="height:12pt"><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Address of principal executive offices)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Zip Code)</span></td></tr></table></div><div style="margin-top:1pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Registrant&#8217;s telephone number, including area code: (<ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:CityAreaCode" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGV4dHJlZ2lvbjpmZTFkMWM4ZTc0NzU0OGQyYmU4MjNmNTk0Yzc2M2FhNl8zNzI_9b4ce8af-aaa5-45f4-a164-b0790ca67da0">216</ix:nonNumeric>) <ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGV4dHJlZ2lvbjpmZTFkMWM4ZTc0NzU0OGQyYmU4MjNmNTk0Yzc2M2FhNl8yNDk3_f98b1ed3-4ee4-4ca2-85a6-2b4fe7c58ac9">431-9900</ix:nonNumeric></span></div><div style="margin-top:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(Former Name or Former Address, if Changed Since Last Report)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:27.631%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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:</span></div><div style="margin-bottom:1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.044%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:WrittenCommunications" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6YjM4NWE2ZmE4NGI1NDEwY2IwNTlkZjRmZjNkNzI0MDEvdGFibGVyYW5nZTpiMzg1YTZmYTg0YjU0MTBjYjA1OWRmNGZmM2Q3MjQwMV8wLTAtMS0xLTQ2MjE0_40266666-6676-4014-b859-d6fffc3fad4d">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr></table></div><div style="margin-bottom:1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.044%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:SolicitingMaterial" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6MTA0ZDE4M2I3NmNmNDgxZGJhMDE0ZjcyZTQzM2EyNjkvdGFibGVyYW5nZToxMDRkMTgzYjc2Y2Y0ODFkYmEwMTRmNzJlNDMzYTI2OV8wLTAtMS0xLTQ2MjE0_3cc223c8-ff00-40a7-8083-73cad8fc1743">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr></table></div><div style="margin-bottom:1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.044%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:PreCommencementTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6YjBmNjk4ZWQzZGU2NDdmOGI3ZjQzYjk1NTNmZjhkMDkvdGFibGVyYW5nZTpiMGY2OThlZDNkZTY0N2Y4YjdmNDNiOTU1M2ZmOGQwOV8wLTAtMS0xLTQ2MjE0_179e4165-a4f4-4524-869b-bde50b38fe0e">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr></table></div><div style="margin-bottom:1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.044%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6MmViOTM4YTJjMTJhNDQ1Y2IzZmI3OTc5YjYzYzZmMzEvdGFibGVyYW5nZToyZWI5MzhhMmMxMmE0NDVjYjNmYjc5NzliNjNjNmYzMV8wLTAtMS0xLTQ2MjE0_3acfd22f-c5c2-44b0-9f1e-41ce2af03182">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Securities registered pursuant to Section 12(b) of the Act:</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.906%"><tr><td style="width:1.0%"></td><td style="width:33.808%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.383%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Trading Symbol</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6ZWRkMjc5ZjFmNjQyNDc2NzhlYjk3OGM0MDBiYWI0NDkvdGFibGVyYW5nZTplZGQyNzlmMWY2NDI0NzY3OGViOTc4YzQwMGJhYjQ0OV8xLTAtMS0xLTQ2MjE0_1f1fea9e-2f57-4fde-8bbe-8c56a1705319">Common Stock, par value $0.001 per share</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6ZWRkMjc5ZjFmNjQyNDc2NzhlYjk3OGM0MDBiYWI0NDkvdGFibGVyYW5nZTplZGQyNzlmMWY2NDI0NzY3OGViOTc4YzQwMGJhYjQ0OV8xLTEtMS0xLTQ2MjE0_6f4819ca-2f03-488f-ae07-8a18b551ddb6">ATHX</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGFibGU6ZWRkMjc5ZjFmNjQyNDc2NzhlYjk3OGM0MDBiYWI0NDkvdGFibGVyYW5nZTplZGQyNzlmMWY2NDI0NzY3OGViOTc4YzQwMGJhYjQ0OV8xLTItMS0xLTQ2MjE0_bcf2237f-de8c-4446-96ff-b85859629e5a">The Nasdaq Stock Market LLC</ix:nonNumeric></span></td></tr></table></div><div style="margin-top:1pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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).</span></div><div style="margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Emerging growth company&#160;&#160;<ix:nonNumeric contextRef="i1331294148ca4b6898e4be9c4601e308_D20220512-20220512" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmUyYjQ0MzdlNTBmYTRiZGI5ODZjMTQ5MjVjYTgyZGFmL3NlYzplMmI0NDM3ZTUwZmE0YmRiOTg2YzE0OTI1Y2E4MmRhZl8xL2ZyYWc6ZmUxZDFjOGU3NDc1NDhkMmJlODIzZjU5NGM3NjNhYTYvdGV4dHJlZ2lvbjpmZTFkMWM4ZTc0NzU0OGQyYmU4MjNmNTk0Yzc2M2FhNl8yNDk4_21caae8c-cf81-4661-82e8-d66c2b2eddf5">&#9744;</ix:nonNumeric></span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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;&#9744;</span></div><div style="margin-bottom:1pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="height:27pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:27pt;width:100%"><div><span><br/></span></div></div><div style="margin-top:1pt"><span><br/></span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.01.    Entry into a Material Definitive Agreement.</span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 12, 2022, Athersys, Inc. (the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;) entered into a common stock purchase agreement (the &#8220;Purchase Agreement&#8221;) with Aspire Capital Fund, LLC (&#8220;Aspire Capital&#8221;), which provides that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital is committed to purchase up to an aggregate of $100 million of shares of the Company&#8217;s common stock over the 24-month term of the Purchase Agreement.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:24.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Concurrently with entering into the Purchase Agreement, the Company also entered into a registration rights agreement with Aspire Capital (the &#8220;Registration Rights Agreement&#8221;), pursuant to which the Company agreed to file with the Securities and Exchange Commission a prospectus supplement to the Company&#8217;s effective shelf registration statement on Form S-3 (File No. 333-238810) registering all of the shares of common stock that may be offered to Aspire Capital from time to time under the Purchase Agreement.</span></div><div style="text-indent:24.5pt"><span><br/></span></div><div style="text-indent:24.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Under the Purchase Agreement, we have the right, in our sole discretion, to present Aspire Capital with a purchase notice (each, a &#8220;Purchase Notice&#8221;), directing Aspire Capital (as principal) to purchase up to 200,000 shares of our common stock per trading day, provided that the aggregate price of such purchase shall not exceed $500,000 per trading day, up to $100 million of our common stock in the aggregate. We and Aspire Capital also may mutually agree to increase the number of shares that may be sold to as much as an additional 2,000,000 shares per business day. The purchase price per share pursuant to such Purchase Notice (the &#8220;Purchase Price&#8221;) is the lower of (i) the lowest sale price for the Company&#8217;s common stock on the date of sale and (ii) the arithmetic average of the three lowest closing sale prices for the Company&#8217;s common stock during the ten consecutive business days ending on the business day immediately preceding the purchase date of those securities. The applicable Purchase Price will be determined prior to delivery of any Purchase Notice.</span></div><div style="text-indent:24.5pt"><span><br/></span></div><div style="text-indent:24.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, on any date on which we submit a Purchase Notice to Aspire Capital in an amount of at least 100,000 shares, we also have the right, in our sole discretion, to present Aspire Capital with a volume-weighted average price purchase notice (each, a &#8220;VWAP Purchase Notice&#8221;) directing Aspire Capital to purchase an amount of the Company&#8217;s common stock equal to a percentage (not to exceed 30%) of the aggregate shares of common stock traded on The Nasdaq Capital Market on the next business day (the &#8220;VWAP Purchase Date&#8221;), subject to a maximum number of shares determined by the Company (the &#8220;VWAP Purchase Share Volume Maximum&#8221;). The purchase price per share pursuant to such VWAP Purchase Notice (the &#8220;VWAP Purchase Price&#8221;) shall be the lower of (i) the closing sale price on the date of sale and (ii) 95% of the volume weighted average price for the Company&#8217;s common stock traded on The Nasdaq Capital Market on (a) the VWAP Purchase Date if the aggregate shares to be purchased on that date does not exceeded the VWAP Purchase Share Volume Maximum and the sale price of our common stock has not fallen below the price set by us in the VWAP Purchase Notice (the &#8220;VWAP Minimum Price Threshold&#8221;) (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend stock split, reverse stock split or other similar transaction) or (b) the portion of such business day until such time as the aggregate shares to be purchased will equal the VWAP Purchase Share Volume Maximum. Further, if the sale price of our common stock falls on the VWAP Purchase Date below the greater of (i) 90% of the closing price of our common stock on the business day immediately preceding the VWAP Purchase Date and (ii) the VWAP Minimum Price Threshold, the VWAP Purchase Price will be determined using the percentage in the VWAP Purchase Notice of the total shares traded for such portion of the VWAP Purchase Date prior to the time that the sale price of our common stock fell below the VWAP Minimum Price Threshold and the volume weighted average price of our common stock sold during such portion of the VWAP Purchase Date prior to the time that the sale price of our common stock fell below the VWAP Minimum Price Threshold.</span></div><div style="text-indent:24.5pt"><span><br/></span></div><div style="text-indent:24.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The respective prices and share numbers in the preceding paragraphs shall be appropriately adjusted for any reorganization, recapitalization, stock dividend, stock split, reverse stock split or other similar transaction. </span></div><div><span><br/></span></div><div style="text-indent:24.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Purchase Agreement provides that the Company and Aspire Capital shall not effect any sales under the Purchase Agreement on any purchase date where the closing sale price of the Company&#8217;s common stock is less than $0.25 per share. There are no trading volume requirements or restrictions under the Purchase Agreement, and we will control the timing and amount of any sales of our common stock to Aspire Capital. Aspire Capital has no right to require any sales by us, but is obligated to make purchases from us as we direct in accordance with the Purchase Agreement. The Company may deliver multiple Purchase Notices and VWAP Purchase Notices to Aspire Capital from time to time during the term of the Purchase Agreement, so long as the most recent purchase has been completed. There are no limitations on use of proceeds, financial or business covenants, restrictions on future fundings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement. The Purchase Agreement may be terminated by us at any time, at our discretion, without any penalty or cost to us. Also, Aspire Capital has agreed that neither it nor any of its agents, representatives and affiliates shall engage in any direct or indirect short-selling or hedging, which establishes a net short position with respect to our common stock during any time prior to the termination of the Purchase Agreement.</span></div><div style="text-indent:24.5pt"><span><br/></span></div><div style="text-indent:24.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Purchase Agreement provides for events of default, upon the occurrence of which Aspire Capital may terminate the Purchase Agreement. Such events of default include, without limitation:</span></div><div style="height:27pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:27pt;width:100%"><div><span><br/></span></div></div><div style="text-indent:24.5pt"><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">the lapse, or unavailability to Aspire Capital for the sale of shares of the Company&#8217;s common stock, of any registration statement that is required to be maintained effective pursuant to the terms of the Registration Rights Agreement, subject to specified cure periods;</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">the suspension from trading or failure of the Company&#8217;s common stock to be listed on a Principal Market (as defined in the Purchase Agreement) for a period of three consecutive business days;</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">the delisting of the Company&#8217;s common stock from the Principal Market, provided the Company&#8217;s common stock is not immediately thereafter trading on the New York Stock Exchange, the NYSE American, The Nasdaq Global Select Market, The Nasdaq Global Market or The Nasdaq Capital Market;</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">the failure for any reason by the Company&#8217;s transfer agent to issue shares to Aspire Capital within five business days after the applicable purchase date that Aspire Capital is entitled to receive such shares;</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:14.5pt">if any of the current Executive Officers (as defined in Section 16 of the Securities Exchange Act of 1934) of the Company ceases to be an Executive Officer or full-time employee of the Company for any reason;</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">if any proceeding against the Company is commenced pursuant to or within the meaning of any bankruptcy law; and</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">any breach by the Company of the representations, warranties, covenants or other term or condition contained in the Purchase Agreement or any related agreements that would reasonably be expected to have a material adverse effect, except, in the case of a breach of a covenant which is reasonably curable, only if such breach continues for a period of at least five business days.</span></div><div><span><br/></span></div><div style="text-indent:24.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The foregoing is a summary description of certain terms of the Purchase Agreement and the Registration Rights Agreement. For a full description of all terms, please refer to copies of the Purchase Agreement and the Registration Rights Agreement that are filed herewith as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference. All readers are encouraged to read the entire text of the Purchase Agreement and the Registration Rights Agreement.</span></div><div><span><br/></span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is filing the opinion of its counsel, Jones Day, relating to the legality of the shares of common stock offered and sold pursuant to the Purchase Agreement, as Exhibit 5.1 hereto.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 9.01.&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</span></div><div style="margin-bottom:6pt;text-indent:36pt"><span><br/></span></div><div style="margin-bottom:6pt;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)    Exhibits.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">   </span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:11.180%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.890%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exhibit&#160;No.</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Description</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.1</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline" href="ex51-20220512.htm">Opinion of Jones Day</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.1*</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline" href="ex101-20220512.htm">Common Stock Pu</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline" href="ex101-20220512.htm">rchas</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline" href="ex101-20220512.htm">e Agre</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline" href="ex101-20220512.htm">em</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline" href="ex101-20220512.htm">ent</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline" href="ex101-20220512.htm">, dated as of May 1</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline" href="ex101-20220512.htm">2</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline" href="ex101-20220512.htm">, 2022, by and between Athersys, Inc. and As</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline" href="ex101-20220512.htm">pire Capital Fund, LLC</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.2*</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="ex102-20220512.htm">Registration Rights Agreement, dated as of May 12, 2022, by and between Athersys, Inc. and Aspire Capital Fund, LLC</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23.1</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="ex51-20220512.htm">Consent of Jones Day (included in Exhibit 5.1)</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">*Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby undertakes to furnish on a supplemental basis a copy of any omitted schedule or exhibit upon request by the Securities and Exchange Commission.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="height:27pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:27pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:139%">SIGNATURES</span></div><div style="margin-top:12pt;text-indent:24pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:139%">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.</span></div><div style="margin-bottom:7pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Date: May 12, 2022</span></div><div style="margin-bottom:1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:57.904%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.438%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:35.358%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">ATHERSYS, INC.</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/ Ivor Macleod</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name: Ivor Macleod<br/>Title: &#160;&#160;Chief Financial Officer</span></td></tr></table></div><div style="height:27pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div></body></html>
[{"type": "8-K", "sequence": "1", "filename": "athx-20220512.htm", "description": "8-K", "secsgml_size_bytes": 54792}]
{"company-data": {"conformed-name": "ATHERSYS, INC / NEW", "cik": "0001368148", "assigned-sic": "2834", "irs-number": "204864095", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33876", "film-number": "22919169"}, "business-address": {"street1": "3201 CARNEGIE AVENUE", "city": "CLEVELAND", "state": "OH", "zip": "44115-2634", "phone": "216-431-9900"}, "mail-address": {"street1": "3201 CARNEGIE AVENUE", "city": "CLEVELAND", "state": "OH", "zip": "44115-2634"}, "former-company": {"former-conformed-name": "BTHC VI Inc", "date-changed": "20060629"}}
athx-20220512
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):
May 12, 2022
Athersys, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
001-33876
20-4864095
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
3201 Carnegie Avenue,
Cleveland,
Ohio
44115-2634
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (
216
)
431-9900
(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
Name of each exchange on which registered
Common Stock, par value $0.001 per share
ATHX
The Nasdaq Stock Market LLC
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 May 12, 2022, Athersys, Inc. (the "Company," "we," "us" or "our") entered into a common stock purchase agreement (the "Purchase Agreement") with Aspire Capital Fund, LLC ("Aspire Capital"), which provides that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital is committed to purchase up to an aggregate of $100 million of shares of the Company's common stock over the 24-month term of the Purchase Agreement.
Concurrently with entering into the Purchase Agreement, the Company also entered into a registration rights agreement with Aspire Capital (the "Registration Rights Agreement"), pursuant to which the Company agreed to file with the Securities and Exchange Commission a prospectus supplement to the Company's effective shelf registration statement on Form S-3 (File No. 333-238810) registering all of the shares of common stock that may be offered to Aspire Capital from time to time under the Purchase Agreement.
Under the Purchase Agreement, we have the right, in our sole discretion, to present Aspire Capital with a purchase notice (each, a "Purchase Notice"), directing Aspire Capital (as principal) to purchase up to 200,000 shares of our common stock per trading day, provided that the aggregate price of such purchase shall not exceed $500,000 per trading day, up to $100 million of our common stock in the aggregate. We and Aspire Capital also may mutually agree to increase the number of shares that may be sold to as much as an additional 2,000,000 shares per business day. The purchase price per share pursuant to such Purchase Notice (the "Purchase Price") is the lower of (i) the lowest sale price for the Company's common stock on the date of sale and (ii) the arithmetic average of the three lowest closing sale prices for the Company's common stock during the ten consecutive business days ending on the business day immediately preceding the purchase date of those securities. The applicable Purchase Price will be determined prior to delivery of any Purchase Notice.
In addition, on any date on which we submit a Purchase Notice to Aspire Capital in an amount of at least 100,000 shares, we also have the right, in our sole discretion, to present Aspire Capital with a volume-weighted average price purchase notice (each, a "VWAP Purchase Notice") directing Aspire Capital to purchase an amount of the Company's common stock equal to a percentage (not to exceed 30%) of the aggregate shares of common stock traded on The Nasdaq Capital Market on the next business day (the "VWAP Purchase Date"), subject to a maximum number of shares determined by the Company (the "VWAP Purchase Share Volume Maximum"). The purchase price per share pursuant to such VWAP Purchase Notice (the "VWAP Purchase Price") shall be the lower of (i) the closing sale price on the date of sale and (ii) 95% of the volume weighted average price for the Company's common stock traded on The Nasdaq Capital Market on (a) the VWAP Purchase Date if the aggregate shares to be purchased on that date does not exceeded the VWAP Purchase Share Volume Maximum and the sale price of our common stock has not fallen below the price set by us in the VWAP Purchase Notice (the "VWAP Minimum Price Threshold") (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend stock split, reverse stock split or other similar transaction) or (b) the portion of such business day until such time as the aggregate shares to be purchased will equal the VWAP Purchase Share Volume Maximum. Further, if the sale price of our common stock falls on the VWAP Purchase Date below the greater of (i) 90% of the closing price of our common stock on the business day immediately preceding the VWAP Purchase Date and (ii) the VWAP Minimum Price Threshold, the VWAP Purchase Price will be determined using the percentage in the VWAP Purchase Notice of the total shares traded for such portion of the VWAP Purchase Date prior to the time that the sale price of our common stock fell below the VWAP Minimum Price Threshold and the volume weighted average price of our common stock sold during such portion of the VWAP Purchase Date prior to the time that the sale price of our common stock fell below the VWAP Minimum Price Threshold.
The respective prices and share numbers in the preceding paragraphs shall be appropriately adjusted for any reorganization, recapitalization, stock dividend, stock split, reverse stock split or other similar transaction.
The Purchase Agreement provides that the Company and Aspire Capital shall not effect any sales under the Purchase Agreement on any purchase date where the closing sale price of the Company's common stock is less than $0.25 per share. There are no trading volume requirements or restrictions under the Purchase Agreement, and we will control the timing and amount of any sales of our common stock to Aspire Capital. Aspire Capital has no right to require any sales by us, but is obligated to make purchases from us as we direct in accordance with the Purchase Agreement. The Company may deliver multiple Purchase Notices and VWAP Purchase Notices to Aspire Capital from time to time during the term of the Purchase Agreement, so long as the most recent purchase has been completed. There are no limitations on use of proceeds, financial or business covenants, restrictions on future fundings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement. The Purchase Agreement may be terminated by us at any time, at our discretion, without any penalty or cost to us. Also, Aspire Capital has agreed that neither it nor any of its agents, representatives and affiliates shall engage in any direct or indirect short-selling or hedging, which establishes a net short position with respect to our common stock during any time prior to the termination of the Purchase Agreement.
The Purchase Agreement provides for events of default, upon the occurrence of which Aspire Capital may terminate the Purchase Agreement. Such events of default include, without limitation:
•
the lapse, or unavailability to Aspire Capital for the sale of shares of the Company's common stock, of any registration statement that is required to be maintained effective pursuant to the terms of the Registration Rights Agreement, subject to specified cure periods;
•
the suspension from trading or failure of the Company's common stock to be listed on a Principal Market (as defined in the Purchase Agreement) for a period of three consecutive business days;
•
the delisting of the Company's common stock from the Principal Market, provided the Company's common stock is not immediately thereafter trading on the New York Stock Exchange, the NYSE American, The Nasdaq Global Select Market, The Nasdaq Global Market or The Nasdaq Capital Market;
•
the failure for any reason by the Company's transfer agent to issue shares to Aspire Capital within five business days after the applicable purchase date that Aspire Capital is entitled to receive such shares;
•
if any of the current Executive Officers (as defined in Section 16 of the Securities Exchange Act of 1934) of the Company ceases to be an Executive Officer or full-time employee of the Company for any reason;
•
if any proceeding against the Company is commenced pursuant to or within the meaning of any bankruptcy law; and
•
any breach by the Company of the representations, warranties, covenants or other term or condition contained in the Purchase Agreement or any related agreements that would reasonably be expected to have a material adverse effect, except, in the case of a breach of a covenant which is reasonably curable, only if such breach continues for a period of at least five business days.
The foregoing is a summary description of certain terms of the Purchase Agreement and the Registration Rights Agreement. For a full description of all terms, please refer to copies of the Purchase Agreement and the Registration Rights Agreement that are filed herewith as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference. All readers are encouraged to read the entire text of the Purchase Agreement and the Registration Rights Agreement.
The Company is filing the opinion of its counsel, Jones Day, relating to the legality of the shares of common stock offered and sold pursuant to the Purchase Agreement, as Exhibit 5.1 hereto.
Item 9.01.    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.
Description
5.1
Opinion of Jones Day
10.1*
Common Stock Pu
rchas
e Agre
em
ent
, dated as of May 1
2
, 2022, by and between Athersys, Inc. and As
pire Capital Fund, LLC
10.2*
Registration Rights Agreement, dated as of May 12, 2022, by and between Athersys, Inc. and Aspire Capital Fund, LLC
23.1
Consent of Jones Day (included in Exhibit 5.1)
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
*Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby undertakes to furnish on a supplemental basis a copy of any omitted schedule or exhibit upon request by the Securities and Exchange Commission.
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.
Date: May 12, 2022
ATHERSYS, INC.
By:
/s/ Ivor Macleod
Name: Ivor Macleod
Title:   Chief Financial Officer