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<title>athx-20220922</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="i6ac02b0f84db48298361e4ece1d68f85_D20220922-20220922" name="dei:AmendmentFlag" id="id3VybDovL2RvY3MudjEvZG9jOmE5NWM2MDM2ZmM0YTRjMGNhNzBlOWI5YTI2NWEwMDQyL3NlYzphOTVjNjAzNmZjNGE0YzBjYTcwZTliOWEyNjVhMDA0Ml80L2ZyYWc6NzI1OWIxODM5MWU5NGVkODg1ZDA2NzM0YTEwMTdjMjgvdGFibGU6ZWM0MDFlMTliODc2NDRkMWIyZGM2MTljYTZhY2FhM2IvdGFibGVyYW5nZTplYzQwMWUxOWI4NzY0NGQxYjJkYzYxOWNhNmFjYWEzYl8yLTEtMS0xLTYwNjQ5_f17041a0-0c2f-4958-9af5-d393d71b2841">false</ix:nonNumeric><ix:nonNumeric contextRef="i6ac02b0f84db48298361e4ece1d68f85_D20220922-20220922" name="dei:EntityRegistrantName" 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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" 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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="i6ac02b0f84db48298361e4ece1d68f85_D20220922-20220922" name="dei:SolicitingMaterial" format="ixt-sec:boolballotbox" 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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="i6ac02b0f84db48298361e4ece1d68f85_D20220922-20220922" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmE5NWM2MDM2ZmM0YTRjMGNhNzBlOWI5YTI2NWEwMDQyL3NlYzphOTVjNjAzNmZjNGE0YzBjYTcwZTliOWEyNjVhMDA0Ml8xL2ZyYWc6ZTVlNjNkYjZlNWNmNGYzOWJmYWE2ZGQzMTljZDg3MTkvdGFibGU6NTYzZWIzMWQ5MmNiNDE5OWI5MmVkMTk0NjNiMTViZjAvdGFibGVyYW5nZTo1NjNlYjMxZDkyY2I0MTk5YjkyZWQxOTQ2M2IxNWJmMF8wLTAtMS0xLTYwNjQ5_2877fbdc-59fe-4671-9a2c-08d4de54fd0a">&#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 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company&#160;&#160;<ix:nonNumeric contextRef="i6ac02b0f84db48298361e4ece1d68f85_D20220922-20220922" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmE5NWM2MDM2ZmM0YTRjMGNhNzBlOWI5YTI2NWEwMDQyL3NlYzphOTVjNjAzNmZjNGE0YzBjYTcwZTliOWEyNjVhMDA0Ml8xL2ZyYWc6ZTVlNjNkYjZlNWNmNGYzOWJmYWE2ZGQzMTljZDg3MTkvdGV4dHJlZ2lvbjplNWU2M2RiNmU1Y2Y0ZjM5YmZhYTZkZDMxOWNkODcxOV80OTIx_8771c56e-3586-4088-b1de-e3fa00bd7978">&#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><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><br/></span></div><div style="text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As previously reported on the Current Report on Form 8-K filed by Athersys, Inc., a Delaware corporation (the &#8220;Company&#8221;), on August 17, 2022, on August 15, 2022, the Company entered into a securities purchase agreement (the &#8220;Purchase Agreement&#8221;) with each purchaser identified on the signature pages thereto (the &#8220;Purchasers&#8221;). Pursuant to the Purchase Agreement, the Company issued and sold, and the Purchasers purchased in a registered direct offering, warrants (the &#8220;Initial Warrants&#8221;) exercisable for an aggregate of 1,920,000 shares of the Company&#8217;s common stock, par value $0.001 per share (&#8220;Common Stock&#8221;) (after giving effect to the Company&#8217;s 1-for-25 reverse stock split), at a price per share of $6.3850 (as adjusted from time to time in accordance with the terms thereof) for a five-year period after the six-month anniversary of August 17, 2022 (the &#8220;Closing Date&#8221;). </span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-align:justify;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 Purchase Agreement contains certain restrictions that, subject to certain exceptions, prohibit the Company from issuing its Common Stock or any other securities convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock (collectively with any Common Stock, &#8220;Offered Securities&#8221;) in certain variable rate transactions for a period of 180 days following the Closing Date (the &#8220;Standstill Period&#8221;). In the event the Company proposes to offer and sell shares of Offered Securities during the 12 months following the Closing Date (each, a &#8220;Future Offering&#8221;), the Purchase Agreement gives the Purchasers the right to participate in each such Future Offering in an amount of up to 30 percent in the aggregate of any Offered Securities (the &#8220;Participation Right&#8221;). </span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-align:justify;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 September 22, 2022, the Company entered into an amendment to the Purchase Agreement (the &#8220;Purchase Agreement Amendment&#8221;) with the Purchasers to, among other things, (i) amend the Initial Warrants to be exercisable for a seven-year period after the six-month anniversary of the Closing Date (the &#8220;Warrant Amendment&#8221;), (ii) reduce the Standstill Period to 150 days following the Closing Date, (iii) reduce the term and amount of the Participation Right to six months following the Closing Date and 20 percent in the aggregate of any Offered Securities, respectively, and (iv) require the Purchasers, subject to certain conditions, to participate in the event the Company proposes to offer and sell shares of Offered Securities during the six months following the Closing Date to investors primarily for capital raising purposes.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-align:justify;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 September 22, 2022, the Company entered into the Warrant Amendment with the Purchasers in consideration for the Purchase Agreement Amendment. On September 22, 2022, in further consideration for the Purchase Agreement Amendment, the Company issued to the Purchasers, each an accredited investor, in a private placement basis under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder, warrants (the &#8220;New Warrants&#8221;) exercisable for an aggregate of 2,000,000 shares of Common Stock (subject to pro rata adjustments for any share splits (including those effected pursuant to a distribution of shares of Common Stock), subdivisions or combinations with respect to the Common Stock) at a price per share of $6.3850 (as adjusted from time to time in accordance with the terms thereof) for a seven-year period after the six-month anniversary of the date of issuance thereof.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-align:justify;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 foregoing description of the Purchase Agreement Amendment, the Warrant Amendment and the New Warrants are not complete and are qualified in their entirety by references to the full texts of the Form of Purchase Agreement Amendment, the Form of Warrant Amendment and the Form of New Warrant, which are filed as exhibits to this Current Report on Form 8-K and are incorporated by reference herein.</span></div><div style="text-align:justify;text-indent:22.5pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 3.02. Unregistered Sales of Equity Securities. </span></div><div><span><br/></span></div><div style="text-align:justify;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 disclosures included in Item 1.01 above are incorporated by reference in their entirety into this Item 3.02. </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="text-indent:36pt"><span><br/></span></div><div style="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%">4.1</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="ex41-20220922.htm">Form of </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="ex41-20220922.htm">Warrant Amendment</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%">4.2</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: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="ex42-20220922.htm">Form of </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="ex42-20220922.htm">New Warrant</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="ex101-20220922.htm">Form of </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="ex101-20220922.htm">Purchase Agreement Amendment</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="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:10pt;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:10pt;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:10pt;font-weight:400;line-height:100%">Date: September 22, 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/ Daniel Camardo</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: Daniel Camardo<br/>Title: &#160;&#160;Chief Executive 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>
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athx-20220922
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):
September 22, 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.
As previously reported on the Current Report on Form 8-K filed by Athersys, Inc., a Delaware corporation (the "Company"), on August 17, 2022, on August 15, 2022, the Company entered into a securities purchase agreement (the "Purchase Agreement") with each purchaser identified on the signature pages thereto (the "Purchasers"). Pursuant to the Purchase Agreement, the Company issued and sold, and the Purchasers purchased in a registered direct offering, warrants (the "Initial Warrants") exercisable for an aggregate of 1,920,000 shares of the Company's common stock, par value $0.001 per share ("Common Stock") (after giving effect to the Company's 1-for-25 reverse stock split), at a price per share of $6.3850 (as adjusted from time to time in accordance with the terms thereof) for a five-year period after the six-month anniversary of August 17, 2022 (the "Closing Date").
The Purchase Agreement contains certain restrictions that, subject to certain exceptions, prohibit the Company from issuing its Common Stock or any other securities convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock (collectively with any Common Stock, "Offered Securities") in certain variable rate transactions for a period of 180 days following the Closing Date (the "Standstill Period"). In the event the Company proposes to offer and sell shares of Offered Securities during the 12 months following the Closing Date (each, a "Future Offering"), the Purchase Agreement gives the Purchasers the right to participate in each such Future Offering in an amount of up to 30 percent in the aggregate of any Offered Securities (the "Participation Right").
On September 22, 2022, the Company entered into an amendment to the Purchase Agreement (the "Purchase Agreement Amendment") with the Purchasers to, among other things, (i) amend the Initial Warrants to be exercisable for a seven-year period after the six-month anniversary of the Closing Date (the "Warrant Amendment"), (ii) reduce the Standstill Period to 150 days following the Closing Date, (iii) reduce the term and amount of the Participation Right to six months following the Closing Date and 20 percent in the aggregate of any Offered Securities, respectively, and (iv) require the Purchasers, subject to certain conditions, to participate in the event the Company proposes to offer and sell shares of Offered Securities during the six months following the Closing Date to investors primarily for capital raising purposes.
On September 22, 2022, the Company entered into the Warrant Amendment with the Purchasers in consideration for the Purchase Agreement Amendment. On September 22, 2022, in further consideration for the Purchase Agreement Amendment, the Company issued to the Purchasers, each an accredited investor, in a private placement basis under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder, warrants (the "New Warrants") exercisable for an aggregate of 2,000,000 shares of Common Stock (subject to pro rata adjustments for any share splits (including those effected pursuant to a distribution of shares of Common Stock), subdivisions or combinations with respect to the Common Stock) at a price per share of $6.3850 (as adjusted from time to time in accordance with the terms thereof) for a seven-year period after the six-month anniversary of the date of issuance thereof.
The foregoing description of the Purchase Agreement Amendment, the Warrant Amendment and the New Warrants are not complete and are qualified in their entirety by references to the full texts of the Form of Purchase Agreement Amendment, the Form of Warrant Amendment and the Form of New Warrant, which are filed as exhibits to this Current Report on Form 8-K and are incorporated by reference herein.
Item 3.02. Unregistered Sales of Equity Securities.
The disclosures included in Item 1.01 above are incorporated by reference in their entirety into this Item 3.02.
Item 9.01.    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.
Description
4.1
Form of
Warrant Amendment
4.2
Form of
New Warrant
10.1
Form of
Purchase Agreement Amendment
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 22, 2022
ATHERSYS, INC.
By:
/s/ Daniel Camardo
Name: Daniel Camardo
Title:   Chief Executive Officer