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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>UNITED STATES</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> <b>SECURITIES AND EXCHANGE COMMISSION</b></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D.C.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;20549</font></b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> &nbsp;</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CURRENT REPORT</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Pursuant to Section<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</font></b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of report<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;(Date of earliest event reported): October 4, 2017</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:24pt;margin:0pt;text-align:center;"><b><font style="font-family:Times New Roman, Times, serif;font-size:24pt;">CELSION CORPORATION</font></b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Exact Name of Registrant as Specified in Charter)</b></p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:center;"><b>Delaware</b></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:center;"><b>001-15911</b></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:center;"><b>52-1256615</b></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:center;"><b>(State or other jurisdiction</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:center;"><b>of incorporation)</b></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:center;"><b>(Commission File Number)</b></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:center;"><b>(IRS Employer</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:center;"><b>Identification No.)</b></p>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>997 Lenox Drive, Suite 100</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Lawrenceville, NJ 08648</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Registrant<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s telephone number, including area code: (609)&nbsp;896-9100</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">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 p<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">rovisions:</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;">Pre-commencement communications pursuant to Rule 14d-2(b) unde<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">r the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="background-color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;line-height:.15;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&sect;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;&nbsp;240.12b-2 of this chapter). </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Emerging growth company<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&#9744;</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">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<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> 13(a) of the Exchange Act.&nbsp;&nbsp;</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&#9744;</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 1.01</b></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Entry into a Material Definitive Agreement.</b></p>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As previously reported, on<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> July 6, 2017, Celsion Corporation (the &ldquo;Company&rdquo;) entered into a securities purchase agreement (the &ldquo;Purchase Agreement&rdquo;) with certain investors pursuant to which the Company agreed, among other things, to issue 2</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">,435</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">,000 Series AAA Warrants (the &ldquo;Series AAA Warrants&rdquo;) and 2</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">,435</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">,000 Series BBB Warrants (the &ldquo;Series BBB Warrants&rdquo; and together with the Series AAA Warrants, the &ldquo;Existing Warrants&rdquo;), each to purchase one share of common stock of the Company, par value $0.01 (&ldquo;Common Stock&rdquo;), to such investors in a private placement. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">October 4, 2017, the Company entered into letter agreements (the &ldquo;Exercise Agreements&rdquo;) with the holders of certain of the Existing Warrants (the &ldquo;Exercising Holders&rdquo;). The Exercise Agreements amend the Series AAA Warrants to permit their immediate exercise. Prior to the execution of the Exercise Agreements, the Series AAA Warrants were not exercisable until January 11, 2018. Pursuant to the Exercise Agreements, the Exercising Holders and the Company agreed that the Exercising Holders would exercise all of their Existing Warrants with respect to 4,665,000 shares of Common Stock underlying such Existing Warrants. The Series AAA Warrants and Series BBB Warrants will be exercised at a price of $2.07 per share and $4.75 per share, respectively, which were their respective original exercise prices</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Exercise Agreements also provide for the is<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">suance of 1,166,250 Series DDD Warrants, each to purchase one share of Common Stock (the &ldquo;Series DDD Warrants&rdquo;). The Series DDD Warrants are initially exercisable no sooner than six months following issuance, and terminate six months following when the Series DDD Warrants are initially exercisable. The Series DDD Warrants have an exercise price no than less than $6.07</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Series DDD Warrants and the shares of Common Stock issuable upon the exercise of the Series DDD Warrants <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">are not being registered under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and are being offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act or Rule 506(b) promulgated thereunder. Pursuant to the Exercise Agreements, the Series DDD Warrants shall be substantially in the form of the Existing Warrants and the Company will be required to register for resale the shares of Common Stock underlying the Series DDD Warrants.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company expects to receive agg<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">regate gross proceeds of approximately $15.6 million from the exercise of the Existing Warrants by the Exercising Holders.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The description of terms and conditions of the Exercise Agreements <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">and the Series DDD Warrant set forth herein do not purport to be complete and are qualified in their entirety by reference to the full text of the form of Exercise Agreement and the Series DDD Warrant, copies of which will be filed as exhibits to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.</font></p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 3.02</b></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Unregistered Sale of Equity Securities.</b></p>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The information contained in Item 1.01 of this Current Report on Form 8-K in relation to the Existing Warrants and the Series DDD Warrants and the shares of Common <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Stock issuable upon the exercise thereof is hereby incorporated by reference into this Item 3.02</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 3.03</b></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Material Modifications to Rights of Security Holders.</b></p>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The information contained above in Item 1.01 <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">of this Current Report on Form 8-K is hereby incorporated by reference into this Item 3.03.</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURES</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> authorized.</font></p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:left;"><b>CELSION CORPORATION</b></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</p>
			</td>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
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			<td style="vertical-align:top;width:49.2%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">Dated: <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">October 4, 2017</font></p>
			</td>
			<td style="vertical-align:top;width:4.5%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">By:</p>
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			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:34.5%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">/s/ Jeffrey W. Church</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</p>
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			<td style="vertical-align:bottom;border-bottom: 1px #000000;;width:34.5%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">Jeffrey W. Church</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</p>
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			</td>
			<td style="vertical-align:top;width:4.5%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:34.5%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">Senior Vice President and</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">Chief Financial Officer <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(Principal </font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Financial Officer)</font></p>
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clsn20171003_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
Date of report
(Date of earliest event reported): October 4, 2017
CELSION CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware
001-15911
52-1256615
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
997 Lenox Drive, Suite 100
Lawrenceville, NJ 08648
Registrant
's telephone number, including area code: (609) 896-9100
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 p
rovisions:
☐
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) unde
r the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in 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
July 6, 2017, Celsion Corporation (the "Company") entered into a securities purchase agreement (the "Purchase Agreement") with certain investors pursuant to which the Company agreed, among other things, to issue 2
,435
,000 Series AAA Warrants (the "Series AAA Warrants") and 2
,435
,000 Series BBB Warrants (the "Series BBB Warrants" and together with the Series AAA Warrants, the "Existing Warrants"), each to purchase one share of common stock of the Company, par value $0.01 ("Common Stock"), to such investors in a private placement.
On
October 4, 2017, the Company entered into letter agreements (the "Exercise Agreements") with the holders of certain of the Existing Warrants (the "Exercising Holders"). The Exercise Agreements amend the Series AAA Warrants to permit their immediate exercise. Prior to the execution of the Exercise Agreements, the Series AAA Warrants were not exercisable until January 11, 2018. Pursuant to the Exercise Agreements, the Exercising Holders and the Company agreed that the Exercising Holders would exercise all of their Existing Warrants with respect to 4,665,000 shares of Common Stock underlying such Existing Warrants. The Series AAA Warrants and Series BBB Warrants will be exercised at a price of $2.07 per share and $4.75 per share, respectively, which were their respective original exercise prices
.
The Exercise Agreements also provide for the is
suance of 1,166,250 Series DDD Warrants, each to purchase one share of Common Stock (the "Series DDD Warrants"). The Series DDD Warrants are initially exercisable no sooner than six months following issuance, and terminate six months following when the Series DDD Warrants are initially exercisable. The Series DDD Warrants have an exercise price no than less than $6.07
.
The Series DDD Warrants and the shares of Common Stock issuable upon the exercise of the Series DDD Warrants
are not being registered under the Securities Act of 1933, as amended (the "Securities Act"), and are being offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act or Rule 506(b) promulgated thereunder. Pursuant to the Exercise Agreements, the Series DDD Warrants shall be substantially in the form of the Existing Warrants and the Company will be required to register for resale the shares of Common Stock underlying the Series DDD Warrants.
The Company expects to receive agg
regate gross proceeds of approximately $15.6 million from the exercise of the Existing Warrants by the Exercising Holders.
The description of terms and conditions of the Exercise Agreements
and the Series DDD Warrant set forth herein do not purport to be complete and are qualified in their entirety by reference to the full text of the form of Exercise Agreement and the Series DDD Warrant, copies of which will be filed as exhibits to the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017
.
Item 3.02
Unregistered Sale of Equity Securities.
The information contained in Item 1.01 of this Current Report on Form 8-K in relation to the Existing Warrants and the Series DDD Warrants and the shares of Common
Stock issuable upon the exercise thereof is hereby incorporated by reference into this Item 3.02
.
Item 3.03
Material Modifications to Rights of Security Holders.
The information contained above in Item 1.01
of this Current Report on Form 8-K is hereby incorporated by reference into this Item 3.03.
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.
CELSION CORPORATION
Dated:
October 4, 2017
By:
/s/ Jeffrey W. Church
Jeffrey W. Church
Senior Vice President and
Chief Financial Officer
(Principal
Financial Officer)