Form 8-K
8-K — Liminatus Pharma, Inc.
Accession: 0001104659-26-122012
Filed: 2026-11-03
Period: 2026-11-02
CIK: 0001971387
SIC: 2836 (BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES))
Item: Entry into a Material Definitive Agreement
Item: Unregistered Sales of Equity Securities
Item: Financial Statements and Exhibits
Documents
8-K — tm2628881d1_8k.htm (Primary)
EX-10.1 — EXHIBIT 10.1 (tm2628881d1_ex10-1.htm)
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8-K (Primary)
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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
November 2, 2026
Date of Report (Date of
earliest event reported)
Liminatus Pharma, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
001-42626
93-2710748
(State or other jurisdiction
(Commission
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
2251
Stern Goodman Street, Suite
E, Fullerton,
CA
92833
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code: (213)
273-5453
(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
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
LIMN
The Nasdaq Stock Market LLC
Warrants
LIMNW
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 (17 CFR
§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth
company x
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01 Entry into a Material Definitive
Agreement.
On November 2, 2026, Liminatus Pharma, Inc.
(the “Company”) entered into a subscription agreement (the “Subscription Agreement”) with a non-U.S. investor,
pursuant to which such investor agreed to subscribe for, and the Company agreed to issue to such investor, an aggregate of 260,001 shares
of the Company’s common stock (collectively, the “Shares”) in a private placement, at a purchase price of $2.50 per
share for aggregate gross proceeds of $650,002.50. The Company intends to use the net proceeds from the sale of the Shares for working
capital and general corporate purposes.
The Shares offered in the private placement have
not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws.
Accordingly, the Shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Securities Act and such applicable state securities laws. The Company has agreed to
register for resale the Shares by filing a registration statement with the U.S. Securities and Exchange Commission within 60 days of the
closing of the private placement. The private placement is expected to close on or about November 20, 2026.
The foregoing description of the Subscription
Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Subscription Agreement,
a form of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity Securities.
The disclosure set forth above in Item 1.01 of
this Current Report on Form 8-K with respect to the issuance of the Shares pursuant to the Subscription Agreement is incorporated
by reference herein. The Shares issuable pursuant to the Subscription Agreement have not been registered under the Securities Act and
will be issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, Rule 506(b) of
Regulation D and/or Regulation S promulgated thereunder.
Neither this Current Report on Form 8-K nor
any exhibit attached hereto is an offer to sell or the solicitation of an offer to buy securities of the Company.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No.
Description
10.1
Form of Subscription Agreement
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
3
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.
Dated: November 3, 2026
LIMINATUS PHARMA, INC.
By:
/s/ Chris Kim
Name:
Chris Kim
Title:
Chief Executive Officer
EX-10.1 — EXHIBIT 10.1
EX-10.1
Filename: tm2628881d1_ex10-1.htm · Sequence: 2
Exhibit 10.1
SUBSCRIPTION AGREEMENT
This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into as of November 2, 2026, by and between Liminatus Pharma, Inc.,
a Delaware corporation (the “Company”), and the undersigned (“Subscriber” or “you”).
WHEREAS, pursuant to the terms
and conditions hereof, Subscriber desires to subscribe for and purchase from the Company that number of the Company’s shares of
common stock, par value $0.0001 per share (the “Common Stock”), equal to (i) the aggregate purchase price set forth
on the signature page hereto (the “Purchase Price”), divided by (ii) $2.50 (the “Per Share Price”);
the shares of Common Stock to be purchased pursuant to this Subscription Agreement are referred to herein as the “Securities”;
WHEREAS, the Company desires
to issue and sell to Subscriber at the Closing (as defined below) the Securities in consideration of the payment of the Purchase Price
by or on behalf of Subscriber to the Company on or prior to the Closing (as defined below); and
WHEREAS, certain other investors
(the “Other Subscribers”) are entering into separate subscription agreements with the Company substantially similar
to this Subscription Agreement (the “Other Subscription Agreements”), pursuant to which such Other Subscribers, and
Subscriber pursuant to this Subscription Agreement, have agreed, severally and not jointly, to purchase on the Closing Date (as defined
below) shares of Common Stock at the Per Share Price in a private placement exempt from registration under the Securities Act of 1933,
as amended (the “Securities Act”), in reliance on Regulation D and/or Regulation S thereunder (the “Offering”).
NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants, and pursuant to the terms and subject to the conditions, herein
contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:
1. Subscription.
1.1 Subject to the terms and conditions hereof, Subscriber hereby subscribes for and agrees to purchase from the Company at
the Closing, and the Company hereby agrees to issue and sell to Subscriber, at the Closing, upon the payment of the Purchase Price, the
Securities on the terms and conditions set forth herein (such subscription and issuance, the “Subscription”).
2. Representations, Warranties and Agreements.
2.1 Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Securities to Subscriber,
Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:
2.1.1
If Subscriber is an entity, Subscriber has been duly formed or incorporated and is validly existing and in good standing
under the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its obligations
under this Subscription Agreement. If Subscriber is an individual, Subscriber has the authority to enter into, deliver and perform Subscriber’s
obligations under this Subscription Agreement.
2.1.2 This Subscription Agreement has been duly authorized, executed and delivered by Subscriber. If Subscriber is an individual,
the signature on this Subscription Agreement is genuine, and Subscriber has legal competence and capacity to execute the same. This Subscription
Agreement constitutes a valid and binding obligation of Subscriber, enforceable against Subscriber in accordance with its terms, except
as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws
relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.
2.1.3 Assuming the accuracy of the Company’s representations and warranties as set forth in Section 2.2 hereof, the execution,
delivery and performance by Subscriber of this Subscription Agreement and the consummation of the transactions contemplated herein do
not and will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber or any of
its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or
instrument to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject,
which would reasonably be expected to have a material adverse effect on the legal authority of Subscriber to enter into and timely perform
its obligations under this Subscription Agreement (a “Subscriber Material Adverse Effect”); (ii) if Subscriber is not
an individual, result in any violation of the provisions of the organizational documents of Subscriber or any of its subsidiaries in any
material respect; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or government
or governmental, tribunal, judicial, administrative federal, state, local, or foreign or any agency, bureau, board, commission instrumentality
or authority thereof, including any state’s attorney general or any court or arbitrator (public or private) (“Authority”),
having jurisdiction over Subscriber or any of its subsidiaries or any of their respective properties that would reasonably be expected
to have a Subscriber Material Adverse Effect.
2.1.4 The Subscriber (i) either (A) is an “accredited investor” (within the meaning of Rule 501(a) under the Securities
Act) acquiring the Securities in reliance on Section 4(a)(2) of the Securities Act and/or Rule 506(b) of Regulation D promulgated under
the Securities Act (“Regulation D”), or (B) is not a “U.S. person” (as defined in Rule 902(k) under the
Securities Act) and is acquiring the Securities in an “offshore transaction” (as defined in Rule 902(h) under the Securities
Act) in reliance on Regulation S promulgated under the Securities Act (“Regulation S”), in each case, as indicated
on Schedule A, (ii) is acquiring all of the Securities only for his, her or its own account and not for the account of others,
or if the Subscriber is subscribing for the Securities as a fiduciary or agent for one or more investment accounts, the Subscriber has
full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations
and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Securities with a view to, or for offer
or sale in connection with, any distribution thereof in violation of the Securities Act or the applicable laws of any jurisdiction (and
shall provide the requested information set forth on Schedule A). If the Subscriber is an entity, the Subscriber is not an entity formed
for the specific purpose of acquiring the Securities.
2.1.5 Subscriber understands and agrees that the Securities are being offered in a transaction not involving any public offering
within the meaning of the Securities Act and that the Securities have not been registered under the Securities Act. Subscriber understands
and agrees that the Securities may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration
statement under the Securities Act with respect to the Securities except (i) to the Company or a subsidiary thereof, (ii) in compliance
with Regulation S under the Securities Act, or (iii) pursuant to another applicable exemption from the registration requirements of the
Securities Act that is available and that any book entries representing the Securities shall contain a restrictive legend to such effect.
Subscriber understands and agrees that the Securities will not be eligible for resale pursuant to Rule 144A promulgated under the Securities
Act. Subscriber understands and agrees that the Securities will be subject to the foregoing transfer restrictions and, as a result of
these transfer restrictions, Subscriber may not be able to readily resell the Securities and may be required to bear the financial risk
of an investment in the Securities for an indefinite period of time. Subscriber understands that it has been advised to consult legal,
tax and accounting counsel prior to making any offer, resale, transfer, pledge or other disposition of any of the Securities.
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2.1.6 Subscriber understands and agrees that Subscriber is purchasing the Securities directly from the Company. Subscriber further
acknowledges that there have been no representations, warranties, covenants and agreements made to Subscriber by the Company or any of
its officers or directors, expressly or by implication, other than those representations, warranties, covenants and agreements included
in this Subscription Agreement, and Subscriber is not relying on any representations, warranties or covenants other than those expressly
set forth in this Subscription Agreement.
2.1.7 Subscriber represents and warrants that its acquisition and holding of the Securities will not constitute or result in a
non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law.
2.1.8 In making its decision to purchase the Securities, Subscriber represents that it has relied solely upon independent investigation
made by Subscriber and the representations, warranties, and covenants of the Company contained in this Subscription Agreement. Subscriber
acknowledges and agrees that Subscriber has received and has had an adequate opportunity to review, such financial and other information
as Subscriber deems necessary in order to make an investment decision with respect to the Securities and made its own assessment and is
satisfied concerning the relevant tax and other economic considerations relevant to Subscriber’s investment in the Securities. Without
limiting the generality of the foregoing, Subscriber acknowledges that it has had the opportunity to review the documents provided to
Subscriber by the Company, including (collectively, the “Disclosure Documents”): (i) the annual report on Form 10-K
for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (the “Commission”) on
March 31, 2026, and (ii) each SEC Document (as defined below) through the date of this Subscription Agreement. Subscriber represents and
agrees that Subscriber and its professional advisor(s), if any, have had the full opportunity to ask the Company’s management questions,
receive such answers and obtain such information as Subscriber and its professional advisor(s), if any, have deemed necessary to make
an investment decision with respect to the Securities.
2.1.9 Subscriber became aware of this offering of the Securities solely (a) by means of direct contact from the Company or a representative
of the Company or (b) directly from the Company as a result of a pre-existing, substantial relationship with the Company, and the Securities
were offered to Subscriber solely by direct contact between Subscriber and either the Company or a representative of the Company. Subscriber
did not become aware of this offering of the Securities, nor were the Securities offered to Subscriber, by any other means. Subscriber
acknowledges that the Company represents and warrants that the Securities (i) were not offered by any form of general solicitation or
general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of,
the Securities Act, or any state securities laws.
2.1.10 Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the
Securities. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of an investment in the Securities, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered
necessary to make an informed investment decision. Subscriber understands and acknowledges that it (i) is a sophisticated investor, experienced
in investing in equity transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions
and investment strategies involving a security or securities and (ii) has exercised independent judgment in evaluating its participation
in the purchase of the Securities.
3
2.1.11 Subscriber represents and acknowledges that Subscriber has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of the investment in the Securities, has analyzed and fully considered the risks of
an investment in the Securities and determined that the Securities are a suitable investment for Subscriber and that Subscriber is able
at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s investment in the Company.
Subscriber further acknowledges specifically that a possibility of total loss of investment exists.
2.1.12 Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering
of the Securities or made any findings or determination as to the fairness of this investment.
2.1.13 Subscriber represents and warrants that Subscriber is not (i) a person or entity named on the List of Specially Designated
Nationals and Blocked Persons, the Executive Order 13599 List, the Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification
List, each of which is administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”), or a
person or entity prohibited by any OFAC sanctions program, (ii) owned or controlled by, or acting on behalf of, a person, that is named
on an OFAC List; (iii) organized, incorporated, established, located, resident or born in, or a citizen, national, or the government,
including any political subdivision, agency, or instrumentality thereof, of any country or territory embargoed or subject to substantial
trade restrictions by the United States; (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part
515, or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited
Investor”). Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable
law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents that if it is a financial institution
subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of
2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”),
that Subscriber, directly or indirectly through a third party administrator, maintains policies and procedures reasonably designed to
comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it, directly or
indirectly through a third party administrator, maintains policies and procedures reasonably designed for the screening of its investors
against the OFAC sanctions programs, including the OFAC List, and to otherwise ensure compliance with OFAC-administered sanctions programs.
Subscriber further represents and warrants that, to the extent required, it, directly or indirectly through a third-party administrator,
maintains policies and procedures reasonably designed to ensure that the funds held by Subscriber and used to purchase the Securities
were legally derived.
2.1.14 On the date the Purchase Price will be required to be funded pursuant to Section 3.1.2, Subscriber will have sufficient
immediately available funds to pay the Purchase Price pursuant to Section 3.1.2.
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2.1.15 Subscriber represents that no disqualifying event described in Rule 506(d)(1)(i)-(viii) under the Securities Act (a “Disqualification
Event”) is applicable to Subscriber or any of its Rule 506(d) Related Parties (as defined below), except, if applicable, for
a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. Subscriber hereby agrees that it shall notify
the Company promptly in writing in the event a Disqualification Event becomes applicable to Subscriber or any of its Rule 506(d) Related
Parties, except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. For purposes
of this Section 2.1.15, “Rule 506(d) Related Party” shall mean a person or entity that is a direct beneficial owner of Subscriber’s
securities for purposes of Rule 506(d) under the Securities Act.
2.1.16 No broker, finder or other financial consultant has acted on behalf of Subscriber in connection with this Subscription Agreement
or the transactions contemplated hereby in such a way as to create any liability on the Company.
2.1.17 Except as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by such Subscriber with the
Commission with respect to the beneficial ownership of the equity securities of the Company prior to the date hereof, Subscriber is not
currently (and at all times through Closing will refrain from being or becoming) a member of a “group” (within the meaning
of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
any successor provision) acting for the purpose of acquiring, holding or disposing of equity securities of the Company (within the meaning
of Rule 13d-5(b)(1) under the Exchange Act).
2.1.18 Applicable to non-U.S. investors: If Subscriber has indicated on Schedule A that it is acquiring the Securities
in reliance on Regulation S, Subscriber acknowledges and agrees that the sale of the Securities is made pursuant to and in reliance upon
Regulation S. Subscriber further represents and agrees that: (a) it is not a “U.S. person” (as defined in Rule 902(k) of Regulation
S), is not acquiring the Securities for the account or benefit of a U.S. person, and was outside the United States when the offer was
made and its buy order originated; (b) it will resell the Securities only in accordance with Regulation S (including compliance with the
distribution compliance period provisions therein), pursuant to registration under the Securities Act or pursuant to an available exemption
from registration; and (c) it will not engage in hedging transactions involving the Securities unless in compliance with the Securities
Act. Subscriber has received all the information that it considers necessary and appropriate to decide whether to acquire the Securities
hereunder outside of the United States. Subscriber is not relying on any statements or representations made in connection with the transactions
contemplated hereby other than the representations contained in this Subscription Agreement. Subscriber has complied with all laws of
its home jurisdiction applicable to its purchase, including foreign exchange requirements.
2.2 Company’s Representations, Warranties and Agreements. To induce Subscriber to purchase the Securities, the
Company hereby represents and warrants to Subscriber and agrees with Subscriber as follows:
2.2.1 The Company is a Delaware corporation, duly formed, validly existing and in good standing under the Laws of the State of
Delaware, with the requisite corporate power and authority to own, lease and operate its properties and conduct its business as presently
conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.
2.2.2 The Securities have been duly authorized and, when issued and delivered to Subscriber against full payment for the Securities
in accordance with the terms of this Subscription Agreement, and registered with the Company’s transfer agent, the Securities will
be validly issued, fully paid, non-assessable and free and clear of any liens or other restrictions whatsoever (other than those arising
under state or federal securities laws or as set forth herein), and will not be issued in violation of or subject to any preemptive or
similar rights created under the Company’s organizational documents or any agreement or other instrument to which the Company is
a party or by which it is otherwise bound.
5
2.2.3 This Subscription Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding obligation
of the Company, enforceable against it in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally,
and (ii) principles of equity, whether considered at law or equity.
2.2.4 The execution, delivery and performance of this Subscription Agreement (including compliance by the Company with all of
the provisions hereof), the issuance and sale of the Securities and the consummation of the certain other transactions contemplated herein
will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or
result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company pursuant to
the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company
is a party or by which the Company is bound or to which any of the property or assets of the Company is subject, which would, individually
or in the aggregate, reasonably be expected to have a material adverse effect on the business, properties, assets, liabilities, operations,
financial condition, prospects, stockholders’ equity or results of operations of the Company or materially and adversely affect
the validity of the Securities or the legal authority or ability of the Company to comply in all material respects with the terms of this
Subscription Agreement (a “Company Material Adverse Effect”); (ii) result in any violation of the provisions of the
organizational documents of the Company in any material respect; or (iii) result in any violation of any statute or any judgment, order,
rule or regulation of any Authority having jurisdiction over the Company or any of its properties that would reasonably be expected to
have a Company Material Adverse Effect.
2.2.5 Neither the Company, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Company
security or solicited any offers to buy any security, under circumstances that would adversely affect reliance by the Company on Section
4(a)(2) of the Securities Act, Regulation D or Regulation S for the exemption from registration for the transactions contemplated hereby
or would require registration of the issuance or sale of the Securities under the Securities Act.
2.2.6 Neither the Company nor any person acting on its behalf has conducted any general solicitation or general advertising (as
those terms are used in Regulation D under the Securities Act) or engaged in any “directed selling efforts” (as defined in
Rule 902(c) under the Securities Act) in the United States in connection with the offer or sale of any of the Securities and neither the
Company, nor any person acting on its behalf has offered any of the Securities in a manner involving any public offering under, or in
a distribution in violation of, the Securities Act or any state securities laws.
2.2.7 The Company has not taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency,
reorganization, receivership, liquidation, administration or winding up or failed to pay its debts when due, nor does the Company have
any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings or seek
to commence an administration.
6
2.2.8 As of the date hereof, except as set forth in the SEC Documents (as defined below) and the Other Subscription Agreements,
there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company any Common Stock or
other equity interests in the Company, or securities convertible into or exchangeable or exercisable for such equity interests. As of
the date hereof, except as set forth in the SEC Documents, the Company has no subsidiaries and does not own, directly or indirectly, interests
or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are no stockholder agreements, voting
trusts or other agreements or understandings to which the Company is a party or by which it is bound relating to the voting of any securities
of the Company, other than as set forth in the Company’s filings with the Commission, together with any amendments, restatements
or supplements thereto (the “SEC Documents”). Except as disclosed in the SEC Documents, the Company has no outstanding
indebtedness for borrowed money that is material to the Company.
2.2.9 Assuming the accuracy of Subscriber’s representations and warranties set forth in this Subscription Agreement, no
registration under the Securities Act is required for the offer and sale of the Securities by the Company to Subscriber and the Securities
are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any state
securities laws.
2.2.10 Except as disclosed in the SEC Documents, the Company has made all filings required to be filed by it with the Commission
and, as of their respective dates, each of the SEC Documents complied in all material respects with the requirements of the Securities
Act and the Exchange Act, and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Documents, when
filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Each of the financial
statements of the Company included in the SEC Documents complied in all material respects with applicable accounting requirements and
the rules and regulations of the Commission with respect thereto as in effect at the time of filing and fairly present in all material
respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. As of the date hereof, there are no outstanding
or unresolved comments in comment letters from the Staff of the Commission with respect to any of the SEC Documents.
2.2.11 No Other Subscription Agreement includes a price per Security different from this Subscription Agreement or other terms,
rights or conditions that are more advantageous (economically or otherwise) in any material respect to any such Other Subscriber than
Subscriber hereunder, and such Other Subscription Agreements have not been amended or modified in any material respect following the date
of this Subscription Agreement in any manner that materially benefits the Other Subscriber thereunder unless Subscriber has been granted
the same benefits.
2.2.12 The Company is not, and immediately after receipt of payment for the Securities will not be, an “investment company”
within the meaning of the Investment Company Act of 1940, as amended.
2.2.13 As of the date of this Subscription Agreement the Company has not received any written communication from a governmental
entity that alleges that the Company is not in compliance with or is in default or violation of any applicable law, except where such
non-compliance, default or violation would not, individually or in the aggregate, be reasonably expected to have a Company Material Adverse
Effect.
2.2.14 Except for such matters as have not had and would not be reasonably expected to have, individually or in the aggregate,
a Company Material Adverse Effect, as of the date of this Subscription Agreement, there is no (i) action, claim, inquiry, arbitration,
investigation, litigation or other proceeding pending, or, to the knowledge of the Company, threatened against the Company or (ii) judgment,
decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Company.
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2.2.15 Except for discussions specifically regarding the offer and sale of the Securities, the Company confirms that neither it
nor any other person acting on its behalf has provided Subscriber or its agents or counsel with any information that constitutes or could
reasonably be expected to constitute material, nonpublic information concerning the Company or any of its subsidiaries, other than with
respect to the transactions contemplated by this Subscription Agreement or the Other Subscription Agreements. Except with respect to the
transactions contemplated by this Subscription Agreement and the Other Subscription Agreements, no event or circumstance has occurred
which, under applicable law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company
but which has not been so publicly disclosed.
3. Settlement Date and Delivery.
3.1 Closing.
3.1.1 The closing of the Subscription (the “Closing”) shall take place remotely by electronic exchange of documents
on [November 20, 2026] (the “Scheduled Closing Date”), or on such later date as the Company may specify by written
notice to Subscriber delivered not less than three (3) business days before such date, in each case subject to the satisfaction or valid
waiver of the conditions set forth in Section 3.2 (other than conditions that by their nature are to be satisfied at the Closing). The
date on which the Closing actually occurs is referred to herein as the “Closing Date.”
3.1.2 Not later than two (2) business days prior to the Scheduled Closing Date (or such later date as the Company may specify
in writing), Subscriber shall pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account
designated in writing by the Company, without set-off, counterclaim or deduction. All bank charges, currency conversion costs, and taxes
or withholdings imposed on the remittance outside the United States shall be borne by Subscriber. Funds received before the Closing shall
be held by the Company pending the Closing, without interest, and shall be deemed paid to the Company at the Closing.
3.1.3 At the Closing, or as promptly as practicable thereafter (and in any event within three (3) business days after the Closing
Date), the Company shall cause its transfer agent to issue the Securities to Subscriber in book-entry form. The Securities shall be free
and clear of any liens, other than restrictions arising under this Subscription Agreement (including the legends set forth in Section
4.4) or applicable securities laws.
3.1.4 The parties acknowledge that the Closing may be delayed beyond the Scheduled Closing Date. No such delay shall constitute
a breach of this Subscription Agreement by any party. Unless this Subscription Agreement is terminated pursuant to Section 5, a failure
of the Closing to occur on the Scheduled Closing Date shall not terminate this Subscription Agreement or relieve any party of its obligations
hereunder.
3.1.5 For purposes of this Subscription Agreement, “business day” means any day that, in New York, New York, is neither
a legal holiday nor a day on which commercial banking institutions are generally authorized or required by law or regulation to close
(excluding as a result of “stay at home”, “shelter-in-place”, “non-essential employee” or any other
similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long
as the electronic funds transfer systems, including for wire transfers, of commercial banking institutions in New York, New York are generally
open for use by customers on such day).
8
3.2 Conditions to Closing.
3.2.1 The Closing shall be subject to the satisfaction or valid waiver by the Company, on the one hand, and Subscriber, on the
other, of the conditions that, on the Closing Date:
(i) No Authority shall have enacted, issued, promulgated, enforced or entered any law, rule, regulation, judgment, decree, executive
order or award (whether temporary preliminary or permanent) which is then in effect and has the effect of making the transactions contemplated
hereby illegal or otherwise prohibiting or enjoining the consummation of the transactions contemplated hereby.
3.2.2 The Closing shall also be subject to the satisfaction or valid waiver by the Subscriber of the conditions that, on the Closing
Date:
(i) The Company shall have performed, satisfied and complied in all material respects with all agreements, conditions and covenants
required by this Subscription Agreement to be performed by the Company at or prior to the Closing.
(ii) The Company shall have filed with Nasdaq any notification required for the issuance of the Securities and Nasdaq shall have
raised no objection with respect thereto.
(iii) There shall have been no amendment, waiver or modification to the Other Subscription Agreements that materially benefits
(economically or otherwise) the Other Subscribers thereunder unless this Subscription Agreement shall have been amended to reflect the
same terms.
(iv) No suspension of the qualification of the Securities for offering or sale or trading of the Common Stock on Nasdaq shall
have occurred and be continuing.
3.2.3 The Closing shall also be subject to the satisfaction or valid waiver by the Company of the conditions that, on the Closing
Date:
(i) Subscriber shall have performed, satisfied and complied in all material respects with all agreements, conditions and covenants
required by this Subscription Agreement to be performed by Subscriber at or prior to the Closing.
(ii) All representations and warranties of Subscriber contained in this Subscription Agreement shall be true and correct in all
material respects (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect,
which representations and warranties shall be true in all respects) at and as of the Closing Date (except for representations and warranties
made as of a specific date, which shall be true and correct in all material respects (other than representations and warranties that are
qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true in all respects)
as of such date), and consummation of the Closing, shall constitute a reaffirmation by the Subscriber of each of the representations,
warranties and agreements of the Subscriber contained in this Subscription Agreement as of the Closing Date.
(iii) The Company shall have received the Purchase Price in full.
9
4. Transfer Restrictions.
4.1 After the Closing, the Securities may only be resold, transferred, pledged or otherwise disposed of in compliance with state
and federal securities laws and pursuant to an effective registration statement, Rule 144 under the Securities Act (“Rule 144”)
or pursuant to another applicable exemption from the registration requirements of the Securities Act, to the Company or to an affiliate
of Subscriber. As a condition of transfer (other than pursuant to an effective registration statement pursuant to Rule 144 or pursuant
to another applicable exemption from the registration requirements of the Securities Act), any such transferee shall agree in writing
to be bound by the terms of this Subscription Agreement and shall have the rights and obligations of Subscriber under this Subscription
Agreement. Notwithstanding the foregoing, the Company shall refuse to register any transfer of Securities acquired in reliance on Regulation
S that is not made in accordance with Regulation S, pursuant to registration under the Securities Act or pursuant to an available exemption
from registration.
4.2 Subject to applicable requirements of the Securities Act and the interpretations of the Commission thereunder and any requirements
of the Company’s transfer agent, the Company shall use commercially reasonable efforts to ensure that instruments, whether certificated
or uncertificated, evidencing the Securities shall not contain any legend (including the legend set forth in Section 4.4 below) (i) following
any sale of such Securities pursuant to Rule 144, (ii) if such Securities are eligible for sale under Rule 144 without the requirement
for the Company to be in compliance with the current public information required under Rule 144 (including under Rule 144(i)) and without
volume or manner-of-sale restrictions, and in each case, Subscriber provides the Company with an undertaking to effect any sales or other
transfers in accordance with the Securities Act, or (iii) if such legend is not required under applicable requirements of the Securities
Act (including judicial interpretations and pronouncements issued by the staff of the Commission).
4.3 Subscriber agrees to the imprinting, so long as is required by this Section 4, of a legend on any of the Securities
in the following form:
THIS SECURITY HAS NOT BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.
[FOR SECURITIES ISSUED
IN RELIANCE ON REGULATION S] TRANSFER OF THESE SECURITIES IS PROHIBITED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER
THE SECURITIES ACT, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING
TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.
4.4 The Company will use its commercially reasonable efforts to make all Securities eligible on the Direct Registration System
of the Depository Trust Company so that Subscriber can, subject to Section 4.2, move shares to respective prime broker accounts
and sell without restriction.
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5. Termination. Except for the provisions of Sections 5, 7 and 8 and the provisions of this Subscription Agreement providing
for the return of funds previously delivered in the event the Closing does not occur, all of which shall survive any termination hereunder,
this Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties
hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (i)
the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (ii) at the election of the Company,
if the Company has not received the Purchase Price in full by [December 31, 2026] (the “Outside Date”), or (iii) at
the election of Subscriber, if the Closing shall not have occurred on or before the Outside Date; provided, that the right to terminate
this Subscription Agreement under clause (iii) shall not be available to Subscriber if Subscriber’s failure to perform any of its
obligations hereunder has been the principal cause of the failure of the Closing to occur on or before the Outside Date; provided,
further, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination,
and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach.
Upon the termination hereof in accordance with this Section 5, any monies paid by Subscriber to the Company in connection herewith shall
promptly (and in any event within five (5) business days) be returned in full to Subscriber by wire transfer of U.S. dollars in immediately
available funds to the account specified by Subscriber.
6. Registration Rights.
6.1 The Company agrees that within sixty (60) days after the Closing Date, the Company will file with the Commission (at the
Company’s sole cost and expense) a registration statement to register under and in accordance with the provisions of the Securities
Act, the resale of all of the Registrable Securities (as defined below) on Form S-1 (or on Form S-3, if the Company is then eligible,
or any similar or successor form) (which in either case shall be filed pursuant to Rule 415 under the Securities Act as a secondary-only
registration statement) (the “Registration Statement”). The Company will provide a draft of the Registration Statement
to Subscriber for review at least two (2) business days in advance of the filing the Registration Statement, and shall advise Subscriber
promptly upon the Registration Statement being declared effective by the Commission. The Company shall use its commercially reasonable
efforts to have the Registration Statement declared effective by the Commission as soon as practicable after the filing thereof, and in
any event by the date that is ninety (90) calendar days after the later of the Closing Date and the date of such filing (the “Effectiveness
Deadline”); provided, however, that the Company’s obligations to include the Registrable Securities of Subscriber in the
Registration Statement are contingent upon Subscriber furnishing in writing to the Company such information regarding Subscriber, the
securities of the Company held by Subscriber and the intended method of disposition of the Registrable Securities as shall be reasonably
requested by the Company to effect the registration of the Registrable Securities, and Subscriber shall execute such documents in connection
with such registration as the Company may reasonably request that are customary of a selling shareholder in similar situations. Notwithstanding
the foregoing, if the Commission prevents the Company from including any or all of the Common Stock proposed to be registered under the
Registration Statement due to limitations on the use of Rule 415 under the Securities Act for the resale of the Registrable Securities
by the Subscribers or otherwise, the Company shall use its commercially reasonable efforts to ensure that the Commission determines that
the offering contemplated by the Registration Statement is a bona fide secondary offering and not an offering “by or on behalf of
the issuer” as defined in Rule 415 of the Securities Act. If the Company is unsuccessful in the efforts described in the preceding
sentence then the Company shall cause such Registration Statement to register for resale such number of Registrable Securities which is
equal to the maximum number of Common Stock as is permitted by the Commission. In such event, the number of Registrable Securities to
be registered for each selling shareholder named in the Registration Statement shall be reduced pro rata among all such selling shareholders
and as promptly as practicable after being permitted to register additional Securities under Rule 415 under the Securities Act, the Company
shall amend the Registration Statement or file a new Registration Statement to register such additional Registrable Securities that were
not included in the initial Registration Statement and cause such amendment or Registration Statement to become effective as promptly
as practicable. In no event shall the Subscriber be identified as a statutory underwriter in the Registration Statement unless requested
by the Commission; provided, that if the Commission requests that the Subscriber be identified as a statutory underwriter in the Registration
Statement, the Subscriber will have the option, in its sole and absolute discretion, to either (i) have an opportunity to withdraw from
the Registration Statement, in which case the Company’s obligation to register the Subscriber’s Registrable Securities will
be deemed satisfied, or (ii) be included as such in the Registration Statement. The Company will use its commercially reasonable efforts
to maintain the continuous effectiveness of the Registration Statement until the earliest of (x) such time as when all of Subscriber’s
securities included therein cease to be Registrable Securities, (y) such time as when all of Subscriber’s Registrable Securities
included in such Registration Statement have actually been sold and (z) three years from the Closing Date. The Company will use its commercially
reasonable efforts to cause the removal of all restrictive legends from any Registrable Securities being sold under the Registration Statement
at the time of sale of such Registrable Securities upon the receipt from the Subscriber of such supporting documentation, if any, as requested
by the Company. The Company will use commercially reasonable efforts to file all reports, and provide all customary and reasonable cooperation,
reasonably necessary to enable Subscriber to resell Registrable Securities pursuant to the Registration Statement and Rule 144, qualify
the Registrable Securities for listing on the applicable stock exchange and update or amend the Registration Statement as necessary to
include Registrable Securities. “Registrable Securities” shall mean, as of any date of determination, the Securities
and any other equity security issued or issuable with respect to the Securities by way of share split, dividend, distribution, recapitalization,
merger, exchange, replacement or similar event, provided, however, that such securities shall cease to be Registrable Securities at the
earliest of (A) three (3) years after the Closing Date, (B) the date all Securities held by Subscriber may be sold by Subscriber without
volume or manner of sale limitations pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current
public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable), (C) the date on which such securities have actually
been sold by Subscriber, or (D) when such securities shall have ceased to be outstanding. Notwithstanding the foregoing, Subscriber shall
not be required to sign any form of lock-up agreement in connection with the Registration Statement. Subscriber may deliver written notice
(an “Opt-Out Notice”) to the Company requesting that Subscriber not receive notices from the Company otherwise required
by this Section 6.1; provided, however, that Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out
Notice from Subscriber (unless subsequently revoked), (i) the Company shall not deliver any such notices to Subscriber and Subscriber
shall no longer be entitled to the rights associated with any such notice and (ii) Subscriber will notify the Company in writing at least
three (3) business days in advance of each intended use of an effective Registration Statement, and if a notice of a Suspension Event
(as defined below) was previously delivered (or would have been delivered but for the provisions of this Section 6.1) and the related
suspension period remains in effect, the Company will so notify Subscriber, within two (2) business days after Subscriber’s notification
to the Company, by delivering to Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber
with the related notice of the conclusion of such Suspension Event promptly following its availability.
11
6.2 At its expense the Company shall:
6.2.1 except for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of a Registration
Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state
securities laws that the Company determines to obtain in connection with such registration, continuously effective with respect to Subscriber,
and to keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or
omissions, until all Securities acquired by Subscriber hereunder cease to be Registrable Securities or such shorter period upon which
Subscriber has notified the Company that such Registrable Securities have actually been sold, or otherwise when such Registration Statement
is no longer required to be effective under this Section 6;
6.2.2 subject to an Opt-Out Notice, advise Subscriber within three (3) business days: (A) of the issuance by the Commission of
any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; (B) of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and (C) subject to the provisions
in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or
prospectus included therein so that, as of such date, the statements therein are not misleading and do not omit to state a material fact
required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances
under which they were made) not misleading. Notwithstanding anything to the contrary set forth herein, the Company shall not, when so
advising Subscriber of such events, provide Subscriber with any material, nonpublic information regarding the Company other than to the
extent that providing notice to Subscriber of the occurrence of the events listed in (A) through (C) above constitutes material, nonpublic
information regarding the Company;
12
6.2.3 use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement as promptly as reasonably practicable;
6.2.4 upon the occurrence of any event contemplated in Section 6.2.2, except for such times as the Company is permitted hereunder
to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially
reasonable efforts to as promptly as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement
to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities
included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading;
6.2.5 use its commercially reasonable efforts to cause all Securities to be listed on each securities exchange or market, if any,
on which the Common Stock issued by the Company have been listed; and
6.2.6 use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Registrable
Securities contemplated hereby.
6.3 Notwithstanding anything to the contrary in this Subscription Agreement, the Company shall be entitled to delay or postpone
the effectiveness of the Registration Statement, and from time to time to require Subscriber not to sell under the Registration Statement
or to suspend the effectiveness thereof, (i) if any information (e.g., compensation data) is not readily available and the non-disclosure
of which in the Registration Statement would be expected, in the reasonable determination of the Company’s board of directors, upon
the advice of external legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements, (ii)
at any time the Company is required to file a post-effective amendment to the Registration Statement and the Commission has not declared
such amendment effective or (iii) if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or
an event has occurred, which negotiation, consummation or event, the Company’s board of directors reasonably believes, upon the
advice of external legal counsel, would require additional disclosure by the Company in the Registration Statement of material non-public
information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration
Statement would be expected, in the reasonable determination of the Company’s board of directors, upon the advice of external legal
counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements (each such circumstance, a “Suspension
Event”); provided, however, the Company shall not so delay filing or so suspend the use of the Registration Statement on more
than two (2) occasions or for a period of more than sixty (60) consecutive days or more than a total of ninety (90) calendar days, in
each case in any three hundred sixty (360) day period. Upon receipt of any written notice from the Company of the happening of any Suspension
Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement
or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made (in the case of the prospectus)
not misleading, Subscriber agrees that (i) it will immediately discontinue offers and sales of the Registrable Securities under the Registration
Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until such Subscriber receives copies of a supplemental
or amended prospectus (which the Company agrees to promptly prepare after the completion of the Suspension Event) that corrects the misstatement(s)
or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified
by the Company that it may resume such offers and sales, and (ii) it will maintain the confidentiality of any information included in
such written notice delivered by the Company unless otherwise required by law or subpoena. If so directed by the Company, Subscriber will
deliver to the Company or, in such Subscriber’s sole discretion destroy, all copies of the prospectus covering the Registrable Securities
in such Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering
the Registrable Securities shall not apply (i) to the extent such Subscriber is required to retain a copy of such prospectus (a) in order
to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing
document retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up.
13
6.4 The Company shall indemnify, defend and hold harmless Subscriber (to the extent a seller under the Registration Statement),
and any of its officers, directors, agents, partners, members, stockholders, affiliates, managers, investment advisers and employees,
and each person who controls Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), to
the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including reasonable
out-of-pocket external attorneys’ fees and expenses incurred in connection with defending or investigating any such action or claim)
and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon any untrue or alleged untrue
statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement or any form
of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission
or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of
any prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading,
except insofar as and to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged
omissions are based upon information regarding Subscriber furnished in writing to the Company by such Subscriber expressly for use therein
in connection with the registration of the Common Stock; provided, however, that the indemnification contained in this Section 6 shall
not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of the Company, nor shall the
Company be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and in
conformity with written information furnished by such Subscriber, (B) in connection with any failure of such person to deliver or cause
to be delivered a prospectus made available by the Company in a timely manner, (C) as a result of offers or sales effected by or on behalf
of any person by means of a “free writing prospectus” (as defined in Rule 405 under the Securities Act) that was not authorized
in writing by the Company, or (D) in connection with any offers or sales effected by or on behalf of such Subscriber in violation of Section
6.3 hereof. Subscriber shall notify the Company promptly of the institution of any proceeding arising from or in connection with the transactions
contemplated by this Section 6 of which Subscriber becomes aware, provided that a failure by Subscriber to provide such notice shall not
impact Subscriber’s right to be indemnified hereunder unless the Company is actually prejudiced thereby. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of
the Securities by Subscriber.
14
6.5 Subscriber shall (severally and not jointly with any Other Subscriber) indemnify and hold harmless the Company, its directors,
officers, agents and employees, and each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or
are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus included
in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus,
or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make
the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading to the extent, but only to the extent, that such untrue statements or omissions are based solely
upon information regarding Subscriber furnished in writing to the Company by Subscriber expressly for use therein; provided, however,
that the indemnification contained in this Section 6 shall not apply to amounts paid in settlement of any Losses if such settlement is
effected without the consent of Subscriber. In no event shall the liability of Subscriber be greater in amount than the dollar amount
of the net proceeds received by Subscriber upon the sale of the Registrable Securities giving rise to such indemnification obligation.
The Company shall notify Subscriber promptly of the institution of any proceeding arising from or in connection with the transactions
contemplated by this Section 6 of which the Company becomes aware, provided that a failure by the Company to provide such notice shall
not impact the Company’s right to be indemnified hereunder unless Subscriber is actually prejudiced thereby. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer
of the Securities by Subscriber.
6.6 If the indemnification provided under this Section 6 from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent,
knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result
of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in this Section
6, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding.
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
pursuant to this Section 6 from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party’s obligation
to make a contribution pursuant to this Section 6.6 shall be individual, not joint and several, and in no event shall the liability of
Subscriber hereunder be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Registrable
Securities giving rise to such indemnification obligation.
7. Miscellaneous.
7.1 Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take
such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated
by this Subscription Agreement.
15
7.1.1 Subscriber acknowledges that the Company and others will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in this Subscription Agreement. Subscriber agrees to promptly notify the Company if any of the acknowledgments,
understandings, agreements, representations and warranties made by Subscriber set forth herein are no longer accurate in all material
respects.
7.1.2 Each of the Company and Subscriber is entitled to rely upon this Subscription Agreement and is irrevocably authorized to
produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby, in each case, to the extent required by applicable law.
7.1.3 The Company may request from Subscriber such additional information as the Company may deem reasonably necessary to evaluate
the eligibility of Subscriber to acquire the Securities, and Subscriber shall use reasonable best efforts to promptly provide such information
as may be reasonably requested, to the extent readily available and to the extent consistent with its internal policies and procedures,
provided that the Company agrees to keep confidential any such information provided by Subscriber.
7.2 Notices. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally,
emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall
be deemed to be given and received (a) when so delivered personally, (b) when sent, with affirmative confirmation of receipt, if sent
by email, (c) one (1) business day after being sent, if sent by reputable, internationally recognized overnight courier service or (d)
three (3) business days after the date of mailing by registered or certified mail (prepaid and return receipt requested), in any case,
to the address below or to such other address or addresses as such person may hereafter designate by notice given hereunder:
(i) if to Subscriber, to such address or addresses set forth on the signature page hereto;
(ii) if to the Company, to:
Liminatus Pharma, Inc.
2251 Stern Goodman Street, Suite E
Fullerton, CA 92833
Attn: Chris Kim, CEO
E-mail: chris@liminatus.com
with a required copy to (which copy shall not constitute
notice):
Loeb & Loeb LLP
345 Park Avenue, 19th Floor
New York, NY 10154
Attention: Giovanni Caruso
E-mail: gcaruso@loeb.com
7.3 Entire Agreement. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof (other
than any confidentiality agreement entered into by the Company and Subscriber in connection with the Offering).
7.4 Modifications and Amendments. This Subscription Agreement may not be modified, waived or terminated except by an
instrument in writing, signed by the parties hereto.
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7.5 Waivers and Consents. The terms and provisions of this Subscription Agreement may be waived, or consent for the departure
therefrom granted, only by a written document executed by the party against whom enforcement of such waiver or consent is sought. No such
waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Subscription Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the
purpose for which it was given, and shall not constitute a continuing waiver or consent. No failure or delay by a party hereto in exercising
any right, power or remedy under this Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a
waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription
Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude
such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any
remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or
demand on a party not expressly required under this Subscription Agreement shall entitle the party receiving such notice or demand to
any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such
notice or demand to any other or further action in any circumstances without such notice or demand.
7.6 Assignment. Neither this Subscription Agreement nor any rights, interests or obligations that may accrue to the Subscriber
hereunder (other than the Securities acquired hereunder by Subscriber, if any, after the Closing) may be transferred or assigned without
the prior written consent of the Company, and any purported transfer or assignment without such consent shall be null and void ab initio;
provided, however, Subscriber may transfer or assign its rights, interests and obligations hereunder to a controlled affiliate
of Subscriber or another investment fund or account managed or advised by the same manager as Subscriber (or a related party or affiliate)
that can satisfy the requirements of Section 2.1.4 and the other representations and warranties in Section 2.1, provided, further,
that no such transfer or assignment without the prior express written consent of the Company shall release Subscriber of its obligations
hereunder and such transferee(s) or assignee(s), as applicable, agrees in writing to be bound by the terms hereof as if it were the original
Subscriber party hereto.
7.7 Benefit. Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the
benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and
the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding
upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. Except as expressly provided for
herein, this Subscription Agreement shall not confer rights or remedies upon any person other than the parties hereto and their respective
successors and permitted assigns.
7.8 Governing Law. This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of
or related to this Subscription Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation,
execution, performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the laws of
the State of Delaware, without giving effect to the principles of conflicts of law thereof.
7.9 Consent to Jurisdiction; Waiver of Jury Trial. The parties hereto agree to submit any matter or dispute resulting
from or arising out of the execution, performance, interpretation, breach or termination of this Subscription Agreement to the exclusive
jurisdiction of the Court of Chancery of the State of Delaware or, if such court lacks subject matter jurisdiction, the Superior Court
of the State of Delaware or the United States District Court for the District of Delaware (and, in each case, any appellate courts thereof)
(the “Specified Courts”). Each of the parties agrees that service of any process, summons, notice or document in the
manner set forth in Section 7.2 hereof or in such other manner as may be permitted by applicable law, shall be effective service of process
for any proceeding with respect to any matters to which it has submitted to jurisdiction in this Section 7.9. Each of the parties hereto
irrevocably and unconditionally agrees that it is subject to, and hereby submits to, the personal jurisdiction of the Specified Courts
for any action, suit or proceeding arising out of this Subscription Agreement or the transactions contemplated hereunder and waives any
objection to the laying of venue in the Specified Courts, and hereby further irrevocably and unconditionally waives and agrees not to
plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient
forum. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ITS RIGHTS TO A TRIAL BY JURY.
17
7.10 Non-Reliance and Exculpation. Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement,
representation or warranty made by any person other than the statements, representations and warranties of the Company expressly contained
in Section 2.2 of this Subscription Agreement, in making its investment or decision to invest in the Company. Subscriber further acknowledges
and agrees that no Other Subscriber pursuant to Other Subscription Agreements (including the controlling persons, members, officers, directors,
partners, agents, employees or other representatives of any such Other Subscriber) shall be liable to Subscriber pursuant to this Subscription
Agreement for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Securities.
7.11 Severability. If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity,
legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby
and shall continue in full force and effect. Upon such determination that any provision is invalid, illegal or unenforceable, the parties
will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out so far as may
be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.
7.12 Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this
Subscription Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the Closing
until the expiration of any statute of limitations under applicable law.
7.13 Expenses. Each of the parties hereto shall pay all of its own expenses in connection with this Subscription Agreement
and the transactions contemplated herein.
7.14 Headings and Captions. The headings and captions of the various subdivisions of this Subscription Agreement are for
convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.
7.15 Counterparts. This Subscription Agreement may be executed in one or more counterparts (including by facsimile or
electronic mail or in .pdf), all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign
the same counterpart. In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with
the same force and effect as if such signature page were an original thereof.
18
7.16 Construction. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the
context otherwise requires. The words “this Subscription Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Subscription Agreement as a whole
and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant
contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained
herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless
of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant. All references in this Subscription Agreement to numbers of shares,
per share amounts and purchase prices shall be appropriately adjusted to reflect any stock split, stock dividend, stock combination, recapitalization
or the like occurring after the date hereof. As used in this Subscription Agreement, the term: (x) “person” shall refer to
any individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind; and (y) “affiliate” shall
mean, with respect to any specified person, any other person or group of persons acting together that, directly or indirectly, through
one or more intermediaries controls, is controlled by or is under common control with such specified person (where the term “control”
(and any correlative terms) means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of such person, whether through the ownership of voting securities, by contract or otherwise).
7.17 Mutual Drafting. This Subscription Agreement is the joint product of Subscriber and the Company and each provision
hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against
any party hereto.
7.18 Remedies.
7.18.1 The parties agree that irreparable damage would occur if this Subscription Agreement was not performed in accordance with
its specific terms or was otherwise breached and that money damages or other legal remedies would not be an adequate remedy for any such
damage. It is accordingly agreed that the parties hereto shall be entitled to equitable relief, including in the form of an injunction
or injunctions, to prevent breaches or threatened breaches of this Subscription Agreement and to enforce specifically the terms and provisions
of this Subscription Agreement in an appropriate court of competent jurisdiction as set forth in Section 7.9, this being in addition to
any other remedy to which any party is entitled at law or in equity, including money damages. The right to specific enforcement shall
include the right of the parties hereto to cause the other parties hereto to cause the transactions contemplated hereby to be consummated
on the terms and subject to the conditions and limitations set forth in this Subscription Agreement. The parties hereto further agree
(i) to waive any requirement for the security or posting of any bond in connection with any such equitable remedy, (ii) not to assert
that a remedy of specific enforcement pursuant to this Section 7.18 is unenforceable, invalid, contrary to applicable law or inequitable
for any reason and (iii) to waive any defenses in any action for specific performance, including the defense that a remedy at law would
be adequate.
7.18.2 The parties acknowledge and agree that this Section 7.18 is an integral part of the transactions contemplated hereby and
without that right, the parties hereto would not have entered into this Subscription Agreement.
19
8. Disclosure.
8.1 Notwithstanding anything in this Subscription Agreement to the contrary, the Company shall not publicly disclose the name
of Subscriber or any of its affiliates, or include the name of Subscriber or any of its affiliates in any press release or in any filing
with the Commission or any regulatory agency or trading market, without the prior written consent of Subscriber, except (i) as required
by the federal securities law in connection with the Registration Statement, and (ii) to the extent such disclosure is required by law,
at the request of the Staff of the Commission or regulatory agency or under the regulations of Nasdaq, in which case under clause (i)
or (ii) above, the Company shall, to the extent reasonably practicable and legally permitted, provide Subscriber with prior written notice
of such disclosure, and shall reasonably consult with the Subscriber regarding such disclosure.
[Signature Pages Follow]
20
IN WITNESS WHEREOF,
each of the Company and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date first set forth above.
LIMINATUS PHARMA, INC.
By:
Name:
Title:
[Signature page to Subscription Agreement]
Accepted and agreed as of the date first set forth above.
SUBSCRIBER:
Name of Subscriber:
Name of Joint Subscriber, if applicable
[Please print]
[Please print]
Signature of Subscriber:
Signature of Joint Subscriber, if applicable:
By:
By:
Name:
Name:
Title:
Title:
Name of Subscriber:
Name of Joint Subscriber, if applicable
[Please print]
[Please print]
Signature of Subscriber:
Signature of Joint Subscriber, if applicable:
By:
By:
Name:
Name:
Title:
Title:
If there are joint investors, please check one:
¨ Joint Tenants with Rights of Survivorship
¨ Community Property
¨ Tenants-in-Common
Subscriber’s EIN:
Joint Subscriber’s EIN:
Business Address:
Mailing Address (if different):
City, State and Zip Code:
City, State and Zip Code:
Country:
Country:
Attn:
Attn:
Telephone No.:
Telephone No.:
Facsimile No.:
Facsimile No.:
Email Address:
Email Address:
[Signature page to Subscription Agreement]
Aggregate Purchase Price: $
Subscriber must pay the Purchase Price by wire
transfer of U.S. dollars in immediately available funds to the account designated in writing by the Company.
[Signature page to Subscription Agreement]
SCHEDULE A
ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER
This Schedule
A should be completed by Subscriber and constitutes a part of the Subscription Agreement. Subscriber must complete Part A (Accredited
Investor) or Part B (Regulation S), as applicable, and Part C.
A. ACCREDITED INVESTOR STATUS
(Please check
the applicable subparagraphs):
1. ¨
Subscriber is an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act of 1933, as amended (the
“Securities Act”)), and has marked and initialed the appropriate box on the following page indicating the provision
under which Subscriber qualifies as an “accredited investor.”
*** OR ***
B. REGULATION S STATUS (NON-U.S. PERSON)
(Please check
the applicable subparagraphs):
1. ¨
Subscriber is not a “U.S. person” (as defined in Rule 902(k) of Regulation S under the Securities Act), is not acquiring
the Securities for the account or benefit of any U.S. person, and was located outside the United States at the time the offer was made
and at the time the buy order was originated.
*** AND ***
C. AFFILIATE STATUS
(Please check the
applicable box)
SUBSCRIBER:
¨ is:
¨ is not
an “affiliate” (as defined
in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.
Rule
501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed
categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities
to that person. Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to
Subscriber and under which Subscriber accordingly qualifies as an “accredited investor.”
¨ Any bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association or other
institution as defined in section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity;
¨ Any broker or dealer registered pursuant to section 15 of the Exchange Act;
¨ Any investment adviser registered pursuant to section 203 of the Investment Advisers Act of 1940 or registered
pursuant to the laws of a state;
Schedule A
¨ Any investment adviser relying on the exemption from registering with the Commission under section 203(l)
or (m) of the Investment Advisers Act of 1940;
¨ Any insurance company as defined in section 2(a)(13) of the Securities Act;
¨ Any investment company registered under the Investment Company Act or a business development company as
defined in section 2(a) (48) of the Investment Company Act;
¨ Any Small Business Investment Company licensed by the U.S. Small Business Administration under section
301(c) or (d) of the Small Business Investment Act of 1958;
¨ Any Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development
Act;
¨ Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality
of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;
¨ Any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 (“ERISA”),
if (i) the investment decision is made by a plan fiduciary, as defined in section 3(21) of ERISA, which is either a bank, a savings and
loan association, an insurance company, or a registered investment adviser, (ii) the employee benefit plan has total assets in excess
of $5,000,000 or, (iii) the plan is a self-directed plan, with investment decisions made solely by persons that are “accredited
investors”;
¨ Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act
of 1940;
¨ Any (i) corporation, limited liability company or partnership, (ii) Massachusetts or similar business
trust, or (iii) organization described in section 501(c)(3) of the Internal Revenue Code, in each case that was not formed for the specific
purpose of acquiring the securities offered and that has total assets in excess of $5,000,000;
¨ Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring
the securities offered, whose purchase is directed by a sophisticated person as described in section 230.506(b)(2)(ii) of Regulation D
under the Securities Act;
¨ Any entity, other than an entity described in the categories of “accredited investors” above,
not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000;
¨ Any “family office,” as defined under the Investment Advisers Act that satisfies all of the
following conditions: (i) with assets under management in excess of $5,000,000, (ii) that is not formed
for the specific purpose of acquiring the securities offered and (iii) whose prospective investment is directed by a person who has such
knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the
prospective investment;
Schedule A
¨ Any “family client,” as defined under the Investment Advisers Act, of a family office meeting
the requirements in the previous paragraph and whose prospective investment in the issuer is directed by such family office pursuant to
the previous paragraph; or
¨ Any entity in which all of the equity owners are accredited investors.
¨ I have an individual net worth, or joint net worth with my spouse or spousal equivalent, of more than
$1,000,000 exclusive of the value of my primary residence.
(For purposes of determining net worth,
exclude the value of your primary residence as well as the amount of indebtedness secured by your primary residence, up to the fair market
value. Any amount in excess of the fair market value of your primary residence must be included as a liability. In the event the indebtedness
on your primary residence was increased in the 60 days preceding the completion of the Subscription Agreement, the amount of the increase
must be included as a liability in the net worth calculation. For this purpose, “joint net worth” can be the aggregate net
worth of the investor and spouse or spousal equivalent; assets need not be held jointly to be included in the calculation. Reliance on
the joint net worth standard described herein does not require that the securities be purchased jointly. For this purpose, “spousal
equivalent” means a cohabitant occupying a relationship generally equivalent to that of a spouse.)
¨ I have an individual income in excess of $200,000, or joint income with my spouse or spousal equivalent
in excess of $300,000, in each of the 2 most recent years and I have a reasonable expectation of reaching the same income level in the
current year.
¨ I hold, in good standing, 1 or more professional certifications or designations or credentials from an
accredited educational institution that the SEC has designated as qualifying an individual for accredited investor status and which the
SEC has posted as qualifying. (For this purpose, the SEC has posted the following qualifying professional certifications: holders in good
standing of FINRA Series 7, Series 65, and Series 82 licenses.)
Schedule A
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Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=us-gaap_WarrantMember
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type: