Form 8-K
8-K — Indaptus Therapeutics, Inc.
Accession: 0001493152-26-029918
Filed: 2026-06-24
Period: 2026-06-17
CIK: 0001857044
SIC: 2834 (PHARMACEUTICAL PREPARATIONS)
Item: Entry into a Material Definitive Agreement
Item: Unregistered Sales of Equity Securities
Item: Financial Statements and Exhibits
Documents
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): June 17, 2026
INDAPTUS
THERAPEUTICS, INC.
(Exact
name of registrant as specified in its charter)
Delaware
001-40652
86-3158720
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
3 Columbus
Circle 15th Floor
New York, New York
10019
(Address of principal executive
offices)
(Zip Code)
(646)
427-2727
(Registrant’s
telephone number, including area code)
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title of
each class
Trading Symbol
Name of each
exchange on which registered
Common Stock, $0.01 par
value
INDP
Nasdaq Capital Market
Indicate
by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933
(§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
1.01. Entry into a Material Definitive Agreement.
On
June 17, 2026, Indaptus Therapeutics, Inc. (the “Company”) entered into a Stock Purchase Agreement (the “Purchase
Agreement”) with certain non-U.S. accredited investors named therein (collectively, the “Purchasers”),
pursuant to which the Company agreed to issue and sell an aggregate of 20,000,000 shares of its common stock, par value $0.01 per share
(the “Common Stock”), at a purchase price of $0.60 per share (the “Private Placement”).
The aggregate gross proceeds to the Company from the Private Placement were approximately $12,000,000, before deducting offering expenses
payable by the Company. The shares of Common Stock issued in this Private Placement represented less than 20% of the Company’s
issued and outstanding Common Stock prior to the execution of the Purchase Agreement. This Private Placement was conducted directly by
the Company, and no commissions or other compensation were paid in connection with it.
Under
the Purchase Agreement, each Purchaser was granted certain registration rights with respect to the shares of Common Stock purchased in
the Private Placement. The Company is required to prepare and file a registration statement with the Securities and Exchange Commission
(the “SEC”) covering the resale of such shares of Common Stock on or before a date that is 90 days following
the closing of the Private Placement, and to use its best efforts to have the registration statement declared effective within 75 days
after the actual date on which such registration statement is filed with the SEC, or, if the registration statement is subject to SEC
review, within such additional period as is reasonably necessary. The Company has agreed to bear all fees and expenses incurred in connection
with the registration of the registrable securities.
The
Purchase Agreement contains customary representations, warranties and covenants of the parties. The closing of the Private Placement
is subject to customary closing conditions and occurred on the same date.
Each
Purchaser has represented that it is an accredited investor within the meaning of Rule 501 of Regulation D under the Securities Act of
1933, as amended (the “Securities Act”), and that it has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of an investment in the shares of Common Stock. Each Purchaser further
represented that it qualifies to participate in the Private Placement conducted in reliance on Regulation S under the Securities Act,
including that it is a non-U.S. person (as defined in Regulation S).
The
foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the
form of Purchase Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item
3.02. Unregistered Sales of Equity Securities.
The
information set forth in Item 1.01 of this Current Report on Form 8-K concerning the offer and sale of the Common Stock to the Purchasers
pursuant to the Purchase Agreement is incorporated herein by reference.
The
shares of Common Stock issued in connection with the Purchase Agreement were issued in reliance upon the exemptions from registration
afforded by Section 4(a)(2) of the Securities Act and Regulation S promulgated thereunder. The Private Placement was conducted in offshore
transactions, as defined in Rule 902(h) of Regulation S, to persons who represented that they were not “U.S. persons,” as
defined in Rule 902(k) of Regulation S, and were not acquiring the shares for the account or benefit of any U.S. person. The Company
did not engage in any directed selling efforts, as defined in Rule 902(c) of Regulation S, in the United States in connection with the
Private Placement. The shares of Common Stock are restricted securities as defined in Rule 144(a)(3) under the Securities Act.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
Description
10.1
Form of Stock Purchase Agreement, dated June 17, 2026
104
Cover Page Interactive Data File (embedded within the
Inline XBRL document)
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
June 24, 2026
INDAPTUS
THERAPEUTICS, INC.
By:
/s/
Junyi Dai
Name:
Junyi Dai
Title:
Chief Executive Officer
EX-10.1
EX-10.1
Filename: ex10-1.htm · Sequence: 2
Exhibit
10.1
THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION OR APPROVED OR DISAPPROVED BY THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) OR ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY OF ANY JURISDICTION,
NOR HAS THE SEC OR ANY SUCH STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY PASSED UPON THE MERITS OF THIS OFFERING, NOR IS IT INTENDED
THAT THEY WILL. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
THE
SECURITIES OFFERED HEREBY CANNOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO “U.S. PERSONS” (AS SUCH TERM IS DEFINED IN
REGULATION S, PROMULGATED UNDER THE SECURITIES ACT) UNLESS THE SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT, OR AN EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE.
FORM
OF STOCK PURCHASE AGREEMENT
This
STOCK PURCHASE AGREEMENT (this “Agreement”) dated June 17th , 2026, is entered by
and between Indaptus Therapeutics, Inc., a Delaware corporation (the “Company”), and each purchaser identified
on the signature page(s) of this Agreement (each, an “Purchaser” and collectively the “Purchasers”).
The Purchasers and the Company are sometimes herein referred to each as a “Party,” and collectively as the “Parties.”
Reference to dollars herein shall mean United States dollars.
RECITALS
WHEREAS,
the Company is offering and the Purchasers desire to purchase up to an aggregate of 20,000,000 shares of common stock, $0.01 par value
(the “Shares”), for approximately US$12,000,000, or US$0.60 per Share;
WHEREAS,
the Company and each Purchaser are executing and delivering this Agreement in reliance upon the exemption from registration afforded
by one or more of Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or
Regulation S (“Regulation S”) as promulgated by the United States Securities and Exchange Commission under
the Securities Act;
WHEREAS,
each Purchaser, severally and not jointly, wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in
this Agreement, that aggregate number of Shares set forth next to the heading “Subscription Amount” (“Subscription
Amount”) in United States dollars and in immediately available funds on the signature page of this Agreement;
WHEREAS,
the Company has made available to the Purchasers through the SEC EDGAR system, true and complete copies of the Company’s most recent
Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Form 10-Q for the quarter ended March 31, 2026, any current reports
on Form 8-K, and all other reports filed by the Company pursuant to the Securities and Exchange Act of 1934, as amended (the “Exchange
Act”) prior to the date hereof (collectively, the “SEC Documents”).
1
NOW,
THEREFORE, in consideration of the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
SECTION
1. DEFINITIONS
1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings set forth in
this Section 1.1
“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.
“Business
Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day
on which the Federal Reserve Bank of New York is closed and/or any of the following exchanges on which the Common Stock is traded and
listed, or any successor(s) thereto, is not open for at least five (5) hours of trading: the Nasdaq Capital Market; the Nasdaq Global
Market; the Nasdaq Global Select Market, the New York Stock Exchange; the NYSE American; or any over-the-counter markets, including the
OTC Markets-OTCQB tier; and any successor to any of the foregoing markets or exchanges.
“Common
Stock” means (i) the Company’s shares of common stock, $0.01 par value per share, and (ii) any capital stock into which
such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.
“Closing”
shall have the meaning set forth in Section 3.1.
“Closing
Date” shall have the meaning set forth in Section 3.1.
“Effectiveness
Date” means, with respect to the Registration Statement required to be filed hereunder, the 75th calendar day following
the actual date on which such Registration Statement is filed with the SEC; provided, however, in the event the Company is notified by
the SEC that the Registration Statement will not be reviewed or is no longer subject to further review and comments, the Effectiveness
Date as to such Registration Statement shall be the fifth Business Day following the date on which the Company is so notified if such
date precedes the date required above. Notwithstanding the foregoing, in the event the Registration Statement is subject to a full SEC
review, or the Company is required to update the financial statements therein, which causes the Registration Statement not to be declared
effective by the Effectiveness Date, the Effectiveness Deadline shall automatically be deemed to be extended for so long as necessary
provided that the Company is using its best efforts to promptly respond and satisfy the requests of the SEC, and during such period,
the Company shall not be deemed to be in default of satisfying the Effectiveness Date.
“Effectiveness
Period” shall have the meaning set forth in Section 9.1.
“Filing
Date” means, with respect to the Initial Registration Statement required hereunder, the 90th calendar day following
the Closing Date.
“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.
“Indemnified
Party” shall have the meaning set forth in Section 9.5(iii).
“Indemnifying
Party” shall have the meaning set forth in Section 9.5(iii).
“Losses”
shall have the meaning set forth in Section 9.5(i).
2
“Material
Adverse Effect” shall have the meaning set forth in Section 4.1.
“Person”
means an 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.
“Plan
of Distribution” shall have the meaning set forth in Section 9.1.
“Proceeding(s)”
means any writ, injunction, decree, order, judgment, lawsuit, claim, action, arbitration, proceeding, investigation, summons, audit or
hearing (in each case, whether civil, criminal, administrative, investigative or informal) commenced, brought, conducted or heard by
or before, or otherwise involving, any governmental authority.
“Prospectus”
means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the
SEC pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering
of any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.
“Registrable
Securities” means all of the shares of Common Stock issued to the Purchasers pursuant to the Purchase Agreement, including,
without limitation, as a result of any stock split, stock dividend or other distribution, recapitalization or similar event or otherwise;
provided, however, that such securities shall no longer be deemed Registrable Securities if (i) such securities have been
sold pursuant to the Registration Statement, (ii) such securities have been sold in compliance with Rule 144 or such other securities
exemption under the Securities Act, or (ii) all such securities may be sold without limitation or restriction pursuant to Rule 144.
“Registration
Statement” means the registration statement required to be filed hereunder pursuant to Section 9, including the Prospectus,
amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits
thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.
“Rule
144” means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.
“Rule
415” means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended or interpreted from
time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such
Rule.
“Rule
424” means Rule 424 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended or interpreted from
time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such
Rule.
“SEC”
means the Securities and Exchange Commission.
3
“SEC
Documents” shall have the meaning set forth in Recitals.
“SEC
Restrictions” shall have the meaning set forth in Section 9.2(iii).
“Securities
Act” means the Securities Act of 1933, as amended.
SECTION 2. SALE OF COMMON STOCK
2.1
Authorization. The Company has authorized the sale and issuance of Shares to the Purchasers, and the Purchasers, severally and
not jointly, agree to purchase up to an aggregate of US$12,000,000 of Shares.
2.2
Sale and Issuance of the Securities. Subject to the terms and conditions set forth in this Agreement, the Company will issue and
sell to the Purchasers and the Purchasers will buy from the Company the Subscription Amount at a per share purchase price of US$0.60
(the “Purchase Price”). There shall be no minimum investment amount necessary to effect a Closing (as defined
below).
SECTION
3. CLOSING DATE; DELIVERY.
3.1
Closing Date. Subject to the satisfaction or waiver of the conditions set forth in Sections 7 and 8, the Closing of the
purchase and sale of the Shares shall take place at the offices of the Company at 3 Columbus Circle, New York, New York 10019, at 4:00
p.m. local time, on June 17th , 2026, or at such other location, date, and time as may be agreed upon between the applicable
Purchaser and the Company (such closing being called the “Closing” and such date and time being called the
“Closing Date”) but in any event not later than June 17th , 2026, so long as all of the conditions
of Sections 7 and 8 have been satisfied (or otherwise waived in
accordance with this Agreement).
3.2
Delivery and Payment. At the Closing, subject to the terms and conditions set forth herein, the following shall occur: the Company
will deliver, or cause its transfer agent and registrar to deliver, to the Purchasers, through book-entry delivery with appropriate restrictive
legends, registered in each Purchaser’s name, representing the number of Shares to be purchased by each Purchaser at the Closing,
against payment of the aggregate Purchase Price by the Purchaser, by wire transfer to the Company per the Company’s instructions.
The Company shall not be obligated to issue and sell any Shares unless and until it receives the entirety of the Purchase Price by the
Purchaser for the Subscription Amount.
SECTION
4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.
Except
as disclosed in the SEC Documents and as otherwise stated to the contrary herein, the Company hereby represents and warrants to the Purchasers,
as of the date hereof and as of the Closing Date, as follows:
4.1
Organization and Standing; Charters. The Company is a corporation duly organized and validly existing in good standing under the
laws of the jurisdiction of its incorporation. The Company has requisite corporate power and authority to own its assets and to carry
on its business as now conducted and proposed to be conducted and is duly qualified as a foreign corporation in each jurisdiction in
which such qualification is necessary.
4
Neither
the Company nor any subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and each subsidiary is duly qualified to conduct business and
is in good standing as a foreign Person or other entity in each jurisdiction in which the nature of the business conducted or property
owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be,
would not reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of this Agreement,
(ii) a material adverse effect on the results of operations, assets, business, or condition (financial or otherwise) of the Company and
each subsidiary, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect
on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”).
4.2
Authority. The Company has full power and authority to enter into, execute and deliver this Agreement and each agreement, certificate,
document and instrument to be executed and delivered by the Company pursuant to this Agreement and to perform its obligations hereunder.
The execution and delivery by the Company of this Agreement and any agreements, certificates, documents and instruments to be executed
and delivered by the Company pursuant to this Agreement, and the performance by the Company of its obligations hereunder, have been duly
authorized by all requisite actions on its part.
4.3
Valid Agreement. This Agreement has been duly executed and delivered by the Company and constitutes the legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally,
and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.
4.4
Due Issuance of the Shares. The Shares have been duly authorized and, when issued and delivered to and paid for by the Purchasers
pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of all encumbrances and restrictions
(other than those created by the Purchaser), except for restrictions arising under the Securities Act or created by virtue of this Agreement
and upon delivery and entry into the register of members of the Company will transfer to the Purchasers good and valid title to its Shares.
4.5
Noncontravention. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated
hereby, will (i) violate any provision of the organizational documents of the Company or violate any constitution, statute, regulation,
rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental entity or court to which
the Company is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation
of an encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease,
license, instrument, or other arrangement to which the Company is a party or by which the Company is bound or to which any of the Company’s
assets are subject. There is no action, suit or proceeding, pending or threatened against the Company that questions the validity of
this Agreement or the right of the Company to enter into this Agreement or to consummate the transactions contemplated hereby.
4.6
Consents and Approvals. Neither the execution and delivery by the Company of this Agreement, nor the consummation by the Company
of any of the transactions contemplated hereby, nor the performance by the Company of this Agreement in accordance with its terms requires
the consent, approval, order or authorization of, or registration with, or the giving of notice to, any governmental or public body or
authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date.
5
4.7
Delivery of SEC Documents; Business. The Company has made available to the Purchasers through the SEC’s EDGAR system, true
and complete copies of the Company’s SEC Documents. The Company is engaged in all material respects only in the business described
in the SEC Documents and the SEC Documents contain a complete and accurate description of the business of the Company in all material
4.8
Capitalization. The Company’s authorized capital stock consists of shares made up of 1,000,000,000 shares of common stock,
par value $0.01 per share and 5,000,000 shares of undesignated preferred stock, par value $0.01 per share. As of the date hereof, there
are [113,242,324] shares of Common Stock issued and outstanding and no shares of preferred stock issued and outstanding. As of the date
hereof, there are warrants outstanding to purchase an aggregate of [1,788,729] shares of Common Stock, and the total outstanding warrants
were exercisable at a weighted average price of $19.57.
No
person, other than the Purchasers pursuant to this Agreement, has any right to purchase any portion of the Shares covered by this Agreement.
All issued and outstanding shares of Common Stock of the Company have been duly authorized and validly issued, are fully paid and nonassessable,
and have been offered, issued, sold and delivered by the Company in compliance with applicable securities laws. The Company holds no
Common Stock in its treasury.
Except
for the those provided in this Agreement, if applicable, there are no voting agreements, buy-sell agreements, option or right of first
purchase agreements or other agreements of any kind among the Company and any of the securityholders of the Company relating to the securities
of the Company held by them. Except as provided in this Agreement, no person has the right to require the Company to register any securities
of the Company under the Securities Act, whether on a demand basis or in connection with the registration of securities of the Company
for its own account or for the account of any other person that have not otherwise been satisfied in full or waived.
4.9
Litigation. Except as set forth in the Company’s SEC Documents, there is no action, suit, proceeding nor investigation pending
or, to the Company’s knowledge, currently threatened against the Company that (i) if adversely determined would reasonably be expected
to have a Material Adverse Effect or (ii) would be required to be disclosed in the Company’s Annual Report on Form 10-K. The foregoing
includes, without limitation, any action, suit, proceeding or investigation, pending or threatened, that questions the validity of this
Agreement or the right of the Company to enter into this Agreement and perform its obligations hereunder. The Company is not subject
to any injunction, judgment, decree or order of any court, regulatory body, arbitral panel, administrative agency or other government
body.
4.10
Investment Company. The Company is not an “investment company” or an “affiliated person” of, or “promoter”
or “principal underwriter” for an investment company, within the meaning of the Investment Company Act of 1940 and will not
be deemed an “investment company” as a result of the transactions contemplated by this Agreement.
4.11
No Directed Selling Efforts. Neither the Company, nor any of its affiliates (as defined in Regulation 501 under the Securities
Act) nor any person acting on its or their behalf has engaged or will engage in any directed selling efforts (as defined in Regulation
S) in connection with the offering of the Shares and it has complied and will comply with the offering restrictions requirement of Regulation
S.
4.12
Certain Fees. Except for the termination fees payable by the Company to H.C. Wainwright & Co., LLC, the Company has not employed
any broker, finder or investment banker or incurred any liability for any brokerage fees, commissions, finders’ fees or similar
fees in connection with the transactions contemplated by this Agreement.
6
SECTION
5. REPRESENTATIONS AND WARRANTIES OF THE INVESTORS.
The
Purchasers, severally and not jointly, hereby represent and warrant to the Company, as of the date hereof and as of the Closing Date,
as follows:
5.1
Business and Financial Experience. Each Purchaser is an accredited investor within the meaning of Rule 501 of Regulation D promulgated
under the Securities Act and has such knowledge and experience in financial and business matters that each Purchaser is capable of evaluating
the merits and risks of the Purchaser’s purchase of Shares as contemplated by this Agreement. Each Purchaser’s financial
situation is such that such Purchaser can afford to bear the economic risk of holding the Shares for an indefinite period of time and
suffer complete loss of such Purchaser’s investment.
5.2
Purchase for Own Account. Each Purchaser (a) is purchasing the Shares for its own account (not as a nominee or agent) for investment
purposes only and not with an intent or view to, or for, resale, distribution, or fractionalization thereof, in whole or in part, (b)
has no present arrangement or intention to sell or distribute the Shares, or to grant participation in the Shares, and (c) does not have
any contract, undertaking, agreement, or arrangement with any person to sell, transfer, or grant participation to such person, or to
any third person, with respect to any of the Shares.
5.3
No Advertisement or General Solicitation. Each Purchaser is not purchasing the Shares as a result of or subsequent to any advertisement,
article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or
presented at any seminar or meeting, or any solicitation of a subscription by a person not previously known to the Purchaser in connection
with investments in securities generally.
5.4
No Directed Selling Efforts. Each Purchaser represents, warrants and undertakes that neither it, its affiliates (as defined in
Regulation 501 under the Securities Act), nor any persons acting on its or their behalf has engaged or will engage in any “directed
selling efforts” (as defined in Regulation S) with respect to the Shares, and it and they have complied and will comply with the
offering restrictions requirement of Regulation S.
5.5
Not a Distributor or an Underwriter. Each Purchaser is not a distributor, an underwriter or dealer in the Shares and the Purchaser
is not participating, pursuant to a contractual agreement, in a distribution of the Shares.
5.6
Non-U.S. Person. If the Purchaser is not a person in the United States or a U.S. Person (as defined in Rule 902(k) of Regulation
S) or is not purchasing the Shares on behalf of a person in the United States or a U.S. Person:
(i)
Each Purchaser resides in the jurisdiction set forth on the Purchaser’s signature page of this Agreement.
(ii)
Each Purchaser is not a “U.S. Person” as defined by Regulation S and is not acquiring the Shares for the account or benefit
of a U.S. Person. Each Purchaser acknowledges that the Purchaser was not in the United States at the time the offer to purchase the Shares
was received from the Company and that all substantive negotiations and communications between the Purchasers and the Company have occurred
outside the United States. Each Purchaser agrees not to engage in hedging transactions with regard to the Shares unless in compliance
with the Securities Act.
7
(iii)
Each Purchaser is not a “U.S. Person” (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended),
and such Purchaser hereby represents that the Purchaser has satisfied itself as to the full observance of the laws of its jurisdiction
in connection with any offer and sale of the Shares or any use of this Agreement, including (a) the legal requirements within its jurisdiction
for the purchase of the Shares, (b) any foreign exchange restrictions applicable to such purchase, (c) any governmental or other consents
that may need to be obtained, and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding,
redemption, sale or transfer of the Shares. Such Purchaser’s purchase and payment for, its beneficial ownership of the Shares,
will not violate any applicable securities or other laws of the Purchaser’s jurisdiction.
(iv)
Neither the Purchaser nor any person acting on the Purchaser’s behalf has engaged, nor will engage, in any “directed selling
efforts” (as defined under Regulation S) to U.S. Persons or in the U.S. with respect to the Shares and the Purchaser and any person
acting on the Purchaser’s behalf have complied and will comply with the “offering restrictions” requirements of Regulation
S under the Securities Act. Each Purchaser will not, during the period commencing on the date of issuance of the Shares and ending on
the six month anniversary of such date, or such shorter period as may be permitted by Regulation S or other applicable securities law
(the “Restricted Period”), offer, sell, pledge or otherwise transfer the Shares in the U.S., or to a U.S. Person
for the account or benefit of a U.S. Person, or otherwise in a manner that is not in compliance with Regulation S. The Purchaser has
not in the U.S., engaged in, and prior to the expiration of the Restricted Period will not engage in, any short selling of or any hedging
transaction with respect to the Shares, including without limitation, any put, call or other option transaction, option writing or equity
swap. The Purchaser will, after expiration of the Restricted Period in compliance with Regulation S, offer, sell, pledge or otherwise
transfer the Shares only in accordance with the provisions of Regulation S, pursuant to registration under the Securities Act or an available
exemption therefrom and, in accordance with all applicable state and federal securities laws, and agrees not to engage in hedging transactions
with regard to such Shares unless in compliance with the Securities Act.
(v)
The Purchaser (if the Purchaser is not a natural person, or any of its officers, directors, managers, managing members, general partners
or any other person acting in a similar capacity or carrying out a similar function), is not (i) a person named on the Specially Designated
Nationals and Blocked Persons List, the Foreign Sanctions Evaders List, the Sectoral Sanctions Identification List, or any other similar
list of sanctioned persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”),
or any similar list of sanctioned persons administered by the European Union or any individual European Union member state, Canada or
the United Kingdom Treasury (collectively, “Sanctions Lists”); (ii) directly or indirectly owned or controlled by, or acting
on behalf of, one or more persons on a Sanctions List; (iii) organized, incorporated, established, located in, or a citizen, national,
or the government, including any political subdivision, agency, or instrumentality thereof, of, in a country or territory that is the
subject of any sanctions administered or enforced by OFAC, or any similar list of sanctioned persons administered by the European Union
or any individual European Union member state, Canada or the United Kingdom Treasury; (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”). Each Purchaser 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 the Purchaser maintains policies
and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Each Purchaser also represents that
it maintains policies and procedures reasonably designed to ensure compliance with sanctions administered by the United States, the European
Union, or any individual European Union member state, Canada or the United Kingdom Treasury, to the extent applicable to it. Each Purchaser
further represents that the funds held by the Purchaser and used to purchase the Shares were legally derived and were not obtained, directly
or indirectly, from a Prohibited Investor.
8
(vi)
No portion of the Purchaser’s funds to be invested has been or will be derived (directly or indirectly) from proceeds of any illegal
activity.
5.7
Investment Intent; Blue Sky. Each Purchaser is acquiring the Shares for investment for such
Purchaser’s own account, not as a nominee or agent, and not with a view to or for resale in connection with any distribution thereof.
Each Purchaser understands that the issuance of the Shares has not been, and will not be, registered under the Securities Act by reason
of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things,
the bona fide nature of the Purchaser’s true and correct state of domicile, upon which the Company may rely for the purpose of
complying with applicable Blue Sky laws.
5.8
Restricted Shares. Each Purchaser understands that the Shares the Purchaser is purchasing
are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the
Company in a transaction not involving a public offering and that under such laws and regulations such securities may be resold without
registration under the Securities Act only in certain limited circumstances. The Purchaser is familiar with Rule 144, as presently in
effect, and understands the resale limitations imposed thereby and by the Securities Act.
(i)
Restrictive Legend. Each Purchaser covenants not to dispose of any of the Shares other than in conjunction with an effective registration
statement under the Securities Act or pursuant to another exemption from registration and in compliance with the applicable federal and
states securities laws. Each Purchaser acknowledges and agrees that each certificate representing the Shares shall be endorsed with the
following legends, as well as any other legend required to be placed thereon by applicable federal or state securities laws.
“THE
SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S
UNDER THE SECURITIES ACT (“REGULATION S”)). THE SHARES ARE BEING OFFERED ONLY TO NON-U.S. PERSONS OUTSIDE THE UNITED STATES
IN TRANSACTIONS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IN RELIANCE ON REGULATION S. THE SHARES ARE “RESTRICTED
SECURITIES” AS DEFINED UNDER RULE 144(a)(3) PROMULGATED UNDER THE SECURITIES ACT. THE SHARES MAY NOT BE TAKEN UP, OFFERED, SOLD,
RESOLD, DELIVERED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY WITHIN, INTO OR FROM THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, U.S. PERSONS (AS DEFINED IN REGULATION S) EXCEPT: (A)(I) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENT OF REGULATION S, (II)
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR (III) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT. RESALES OR REOFFERS OF SHARES MADE OFFSHORE IN RELIANCE ON REGULATION S MAY NOT BE SOLD TO, OR FOR
THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON (AS DEFINED IN REGULATION S) DURING THE SIX-MONTH DISTRIBUTION COMPLIANCE PERIOD UNDER REGULATION
S. HEDGING TRANSACTIONS INVOLVING THOSE SHARES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”
9
Each
Purchaser consents to the Company making a notation on its records or giving instructions to any transfer agent of the Company in order
to implement the restrictions on transfer of the Shares.
5.9
Offshore Transaction. Each Purchaser has been advised and acknowledges that in issuing Shares to the Purchaser pursuant hereto,
the Company is relying upon the exemption from registration provided by Regulation S. Each Purchaser is acquiring its Shares in an offshore
transaction in reliance upon the exemption from registration provided by Regulation S.
5.10
Access To Company Information. Each Purchaser has had an opportunity to review and discuss the Company’s business, management,
and financial affairs with the Company’s management. Each Purchaser understands that such discussions, as well as any written information
issued by the Company, were intended to describe the material aspects of the Company’s business. Each Purchaser has also had an
opportunity to review all materials provided to them by the Company in connection with this Agreement and to ask questions of the officers
of the Company.
5.11
Independent Review. Each Purchaser in making the decision to purchase the Shares subscribed for: (i) has received, read and is
familiar with this Agreement; (ii) has, prior to any sale, been given access and the opportunity to ask any and all questions it had,
and to receive answers from the Company or any person acting on its behalf concerning the Company, its business plan, management and
current financial condition, and/or the terms and conditions of the offer and sale of the Shares, and the Purchaser has received complete
and satisfactory answers to any such inquiries; (iii) has relied solely upon the information contained within this Agreement or upon
information obtained in its own investigation; (iv) understands that the attorneys, accountants or other professionals who have been
employed to perform services on the Company’s behalf have NOT been employed to represent the interests of the Purchaser, and represents
that it has consulted with and is relying on its own counsel or advisors for independent legal, accounting, financial and tax advice
concerning this investment in the Company, including but not limited to advice as to the legality of any resale of the Shares, tax or
other consequences of such investment in the Company, and the suitability of the investment for the Purchaser; (v) acknowledges that
the books and records of the Company have been available for inspection upon reasonable notice and during reasonable business hours at
the Company’s principal place of business and that the appropriate officers of the Company have been available to answer any questions
concerning this investment; and (vi) acknowledges that the purchase of the Shares involves a high degree of risk and further acknowledges
that it can bear the economic risk of the purchase of the Shares, including the total loss of its investment.
5.12
Authorization. All action on the part of each Purchaser necessary for the authorization, execution, delivery, and performance
of this Agreement by the Purchaser, the purchase of and payment for the Shares and the performance of all of such Purchaser’s obligations
under this Agreement has been taken or will be taken prior to the Closing. This Agreement, when executed and delivered by each Purchaser,
shall constitute the valid and binding obligation of each Purchaser, enforceable in accordance with its terms, subject to laws of general
application relating to bankruptcy, insolvency, and the relief of debtors and rules of law governing specific performance, injunctive
relief, or other equitable remedies. The execution of this Agreement and consummation by Purchasers of the transactions on their part
contemplated herein will not breach or violate any order or judgment of any court or governmental agency or any contract or agreement
to which any of the Purchasers is a party or may be bound.
10
5.13
No Group Participation. Each Purchaser and its affiliates is not a member of any group, nor is any Purchaser acting in concert
with any other person, including any other Purchaser, with respect to its acquisition of the Shares. The obligations of each Purchaser
under the Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any
way for the performance or non-performance of the obligations of any other Purchaser under the Agreement. Nothing contained herein, and
no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint
venture, or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with
respect to such obligations or the transactions contemplated by the Agreement. Each Purchaser shall be entitled to independently protect
and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any
other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by its own
separate legal counsel in their review and negotiation of the Agreement.
5.14
Brokers or Finders. The Purchaser has not and will not incur, directly or indirectly, as a result
of any action taken by any Purchaser, any liability for brokerage or finders’ fees or agents’ commissions or any similar
charges in connection with this Agreement or the transactions contemplated hereby.
5.15
No Violations, Etc. None of the Purchasers has had a criminal conviction; been the subject
of any regulatory enforcement action or any civil order or judgment involving financial fraud or wrongdoing; or been denied or had revoked
any license or permit involving securities or any financial business.
SECTION
6. INDEMNIFICATION.
Each
Purchaser, severally and not jointly, agrees to indemnify and hold the Company and any person, if any, who controls the Company, within
the meaning of Section 15 of the Securities Act, and the Company’s officers, managers, members, directors, agents, attorneys, and
affiliates harmless from and against all damages, losses, costs and expenses, including reasonable attorneys’ fees and expenses
reasonably incurred in the investigation or preparation in defense of any litigation commenced or threatened or any claim whatsoever,
which they may incur by reason of the failure by such Purchaser to comply with the terms and conditions of this Agreement, or by reason
of any misrepresentation or breach of any warranty or covenant made by such Purchaser herein, or in any document provided by such Purchaser
to the Company in connection with the Purchaser’s investment in the Company. Each Purchaser further agrees that the provisions
of this Section will survive (a) the sale, transfer or any attempted sale or transfer of all or a portion of the Shares and (b) the death
of the Purchaser.
SECTION
7. CONDITIONS TO CLOSING OF THE INVESTORS.
The
Purchasers’ obligation to purchase the Shares is, unless waived in writing by such Purchaser, subject to the fulfillment as of
the Closing Date of the following conditions:
7.1
Representations and Warranties Correct. The representations and warranties made by the Company in Section 4 hereof shall
be true and correct in all material respects as of the Closing Date.
7.2
Covenants. All covenants, agreements and conditions contained in this Agreement to be performed or complied with by the Company
have been performed or complied with in all material respects.
7.3
No Material Event. The Purchasers shall not have discovered any material error in, misstatement of or omission to disclose any
material fact relating to the Company.
7.4
Additional Listing. The Company shall have filed and received approval from Nasdaq for the additional listing of the Shares.
11
SECTION
8. CONDITIONS TO CLOSING OF THE COMPANY.
The
Company’s obligation to issue and sell the Shares is, unless waived in writing by the Company, subject to the fulfillment as of
the Closing Date of the following conditions:
8.1
Representations and Warranties Correct. The representations and warranties made by the Purchasers in Section 5 hereof shall
be true and correct in all material respects as of the Closing Date.
8.2
Covenants. All covenants, agreements, and conditions contained in this Agreement to be performed or complied with by the Purchasers
on or prior to the Closing Date shall have been performed or complied with in all material respects.
8.3
Additional Listing. The Company shall have filed and received approval from Nasdaq for the additional listing of the Shares.
SECTION
9. REGISTRATION RIGHTS OF PURCHASERS.
9.1
Registration Obligations; Filing Date Registration. On or prior to the Filing Date, the Company shall use best efforts to prepare
and file with the SEC the Registration Statement covering the resale of all of the Registrable Securities that are not then registered
on an effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. Each Registration Statement
filed hereunder shall be on Form S-1 (or Form S-3, if available to register for resale the Registrable Securities, or such other form
available to register for resale the Registrable Securities) and shall contain (unless otherwise directed by at least 51% in interest
of the Holders) substantially the “Plan of Distribution” attached hereto as Exhibit A. Subject to the terms
of this Agreement, the Company shall use reasonable best efforts to cause the Registration Statement filed by it to be declared effective
under the Securities Act as promptly as practicable after the filing thereof but in any event on or prior to the Effectiveness Date,
and, subject to Section 9 hereof, to keep such Registration Statement continuously effective under the Securities Act until such
date as all Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities (the “Effectiveness
Period”). The Company shall promptly notify the Holders of the effectiveness of the Registration Statement. The Company shall
file a final Prospectus with the SEC as required by Rule 424 within the time period required by Rule 424.
9.2
Registration Procedures. In connection with the Company’s registration obligations hereunder, the Company shall:
(i)
The Company shall promptly (a) furnish to each Holder copies of all such documents proposed to be filed, which documents (other than
those incorporated or deemed to be incorporated by reference) will be subject to the review of such Holders, and (b) cause its officers
and directors, counsel and independent registered public accountants to respond to such inquiries as shall be necessary, in the reasonable
opinion of respective counsel to each Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company
shall not file the Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holders of a majority
of the Registrable Securities shall reasonably object in good faith, provided that, the Company is notified of such objection in writing
no later than five (5) Trading Days after the Holders have been so furnished copies of the Registration Statement or two (2) Trading
Days after the Holders have been so furnished copies of any related Prospectus or amendments or supplements thereto.
12
(ii)
(a) Prepare and file with the SEC such amendments, including post-effective amendments, to the Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep the Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period, (b) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement
(subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (c) respond as promptly
as reasonably possible to any comments received from the SEC with respect to the Registration Statement or any amendment thereto and
provide as promptly as reasonably possible to the Holders true and complete copies of all correspondence from and to the SEC relating
to the Registration Statement (provided that, the Company shall excise any information contained therein which would constitute material
non-public information regarding the Company or any of its Subsidiaries), and (d) comply in all material respects with the applicable
provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by the Registration
Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition
by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.
(vi)
If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a Registration Statement
is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the Securities Act, requires any Purchaser
to be named as an “underwriter” or otherwise requires the Company to limit the number of shares eligible to be registered
on the Registration Statement, the Company shall try to persuade the SEC that, as applicable, the offering contemplated by a Registration
Statement is a bona fide secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415, that
none of the Purchasers is an “underwriter” and/or that the number of shares the Company is eligible to register on the Registration
Statement should not be so limited. In the event that, despite the Company’s efforts and compliance with the terms of this Section
9.2(iii), the SEC refuses to alter its position, the Company shall (a) remove from the Registration Statement such portion of the
Registrable Securities (the “Cut Back Shares”) and/or (b) agree to such restrictions and limitations on the registration
and resale of the Registrable Securities as the SEC may require to assure the Company’s compliance with the requirements of Rule
415 (collectively, the “SEC Restrictions”); provided, however, that the Company shall not agree to name any Purchaser
as an “underwriter” in such Registration Statement without the prior written consent of such Purchaser. Any cut-back imposed
on the Purchaser pursuant to this Section 9.2(iii) hall be allocated among the Purchasers on a pro rata basis and shall be applied
first to any Pre-Funded Conversion Shares, unless the SEC Restrictions otherwise require or provide or the Purchasers otherwise agree.
(vii)
Notify the Holders of Registrable Securities to be sold as promptly as reasonably possible (a)(A) when a Prospectus or any Prospectus
supplement or post-effective amendment to the Registration Statement is filed, (B) when the SEC notifies the Company whether there will
be a “review” of such Registration Statement and whenever the SEC comments in writing on such Registration Statement, and
(C) with respect to the Registration Statement or any post-effective amendment, when the same has become effective, (b) of any request
by the SEC or any other federal or state governmental authority for amendments or supplements to the Registration Statement or Prospectus
or for additional information, (c) of the issuance by the SEC or any other federal or state governmental authority of any stop order
suspending the effectiveness of the Registration Statement covering any or all of the Registrable Securities or the initiation of any
Proceedings for that purpose, (d) of the receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of
any Proceeding for such purpose, and (e) of the occurrence of any event that makes the financial statements included in the Registration
Statement ineligible for inclusion therein or any statement made in the Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to the Registration Statement,
Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading.
13
(viii)
Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (a) any order stopping or suspending
the effectiveness of the Registration Statement, or (b) any suspension of the qualification (or exemption from qualification) of any
of the Registrable Securities for sale in any U.S. jurisdiction, at the earliest practicable moment.
(ix)
Furnish to each Holder, upon request without charge, at least one conformed copy of each such Registration Statement and each amendment
thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to
the extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or
incorporated by reference) promptly after the filing of such documents with the SEC; provided, that any such item which is available
on the EDGAR system (or successor thereto) need not be furnished in physical form.
(x)
Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto
by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and
any amendment or supplement thereto, except after the giving of any notice pursuant to Section 9.2(iv).
(xi)
Prior to any resale of Registrable Securities by a Holder, use its reasonable best efforts to register or qualify or cooperate with the
selling Holders in connection with the registration or qualification (or exemption from the registration or qualification) of such Registrable
Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder
reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness
Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable
Securities covered by each Registration Statement; provided, that the Company shall not be required to qualify generally to do business
in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not
then so subject or file a general consent to service of process in any such jurisdiction.
(xii)
If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free, to the extent permitted
by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered
in such names as any such Holder may request.
(xiii)
Comply in all material respects with all applicable rules and regulations of the SEC.
(xiv)
The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder and, if required by the SEC, the natural persons thereof that have voting and dispositive control over
the shares.
14
9.4
Registration Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company
shall be borne by the Company whether or not any Registrable Securities are sold pursuant to the Registration Statement. The fees and
expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees including, without
limitation, fees and expenses (A) with respect to filings made with the SEC, (B) with respect to filings required to be made with any
stock exchange, market or trading facility on which the Common Stock is then listed for trading, and (C) in compliance with applicable
state securities or Blue Sky laws in connection with Blue Sky qualifications or exemptions of the Registrable Securities), (ii) printing
expenses (including, without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone and
delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so
desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of
the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred
in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder.
9.5
Indemnification.
(i)
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities
as principal as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees
(and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any
other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and any other Persons with
a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such
controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities,
costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”), as
incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in the Registration Statement,
any Prospectus 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 supplement thereto, in light of the circumstances under which they were made) not misleading
or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any
rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but
only to the extent, that (a) such untrue statements or omissions are based solely upon information regarding such Holder furnished in
writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such
Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder
expressly for use in the Registration Statement, such Prospectus or in any amendment or supplement thereto (it being understood that
the Holder has approved Exhibit A hereto for this purpose) or (b) in the case of an occurrence of an event of the type specified
in Section 9.2(iv)(a)-(e), the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the Company
has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder. The Company
shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions
contemplated by this Agreement of which the Company is aware.
15
(ii)
Indemnification by the Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors,
officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: any untrue or alleged
untrue statement of a material fact contained in any Registration Statement, any 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 supplement thereto, in light of the circumstances
under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is contained
in any information so furnished in writing by such Holder to the Company expressly for inclusion in such Registration Statement or such
Prospectus or (ii) to the extent, but only to the extent, that such information relates to such Holder’s information provided to
the Company or the proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such
Holder expressly for use in the Registration Statement (it being understood that the Holder has approved Exhibit A hereto for
this purpose), such Prospectus or in any amendment or supplement thereto. In no event shall the liability of a selling Holder be greater
in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this
Section 9.5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue statement or
omission) received by such Holder upon the sale of the Registrable Securities included in the Registration Statement giving rise to such
indemnification obligation.
(iii)
Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the
“Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including
the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection
with defense thereof, provided that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party
of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by
a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have materially
and adversely prejudiced the Indemnifying Party.
An
Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (a) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (b) the Indemnifying Party shall have failed promptly to assume the defense of such
Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (c) the named parties to
any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and counsel to
the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent
such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing
that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to
assume the defense thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying
Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which
consent shall not be unreasonably withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified
Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes
an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.
16
Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to
the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section)
shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party, provided
that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such
actions for which such Indemnified Party is finally determined by a court of competent jurisdiction (which determination is not subject
to appeal or further review) not to be entitled to indemnification hereunder.
(iv)
Contribution. If the indemnification under Section 9.5(i) or 9.5(ii) is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by
such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such 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 of a material
fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount
paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement,
any reasonable attorneys’ or other fees or expenses incurred by such party in connection with any Proceeding to the extent such
party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such
party in accordance with its terms.
The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 9.5(iv) were determined
by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to
in the immediately preceding paragraph. In no event shall the contribution obligation of a Holder of Registrable Securities be greater
in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this
Section 9.5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution
obligation.
The
indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have
to the Indemnified Parties.
9.6
Remedies. In the event of a breach by the Company or by a Holder of any of their respective
obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights
granted by law and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under
this Agreement. Each of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses
incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action
for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate
9.7
No Piggyback on Registrations. Neither the Company nor any of its security holders (other
than the Holders in such capacity pursuant hereto) may include securities of the Company in any Registration Statements other than the
Registrable Securities without the prior written consent of the Holders of a majority of the Registrable Securities.
17
SECTION
10. ADDITIONAL COVENANTS.
10.1
Material Non-Public Information. Each Purchaser acknowledges that the Purchaser has entered into a Non-Disclosure and Confidentiality
Agreement with the Company. Each Purchaser is aware of and will comply with the securities laws of the United States that prohibit any
Purchaser who has received from the Company or any of the directors, officers, employees, representatives, agents or advisers of the
Company material, non-public information relating to the Company from trading (buying or selling) creating, transferring or otherwise
disposing of or relinquishing any interest (including by the creation of an option) in any Shares or other securities of the Company
until such material, non-public information has been publicly disclosed.
10.2
Transfer Restrictions. Each Purchaser covenants that the Shares will only be disposed of pursuant to an effective registration
statement under, and in compliance with the requirements of, the Securities Act or pursuant to an available exemption from the registration
requirements of the Securities Act, and in compliance with any applicable state securities laws.
10.3
Use of Proceeds. The Company shall use 100% of the net proceeds from the sale of the Shares (after deducting relevant termination
fees, legal and accounting fees and expenses ) for working capital, clinical development, regulatory activities, general corporate purposes,
and such other purposes as may be authorized by the Board of Directors from time to time.
SECTION
11. MISCELLANEOUS.
11.1
Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without
regard to the principles of conflict of laws. The parties further agree that any action between them shall be heard exclusively in federal
or state court sitting in the New York County, New York, and expressly consent to the jurisdiction and venue of the Supreme Court of
New York, sitting in New York County and the United States District Court for the Southern District of New York for the adjudication
of any civil action asserted pursuant to this paragraph.
11.2
Entire Agreement; Amendment. This Agreement, and any other documents delivered pursuant hereto, including exhibits or schedules
hereto, constitute the full and entire understanding and agreement among the parties with regard to the subject hereof and no party shall
be liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth
herein or therein. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged
or terminated other than by a written instrument signed by the Company and the Purchasers holding a majority of the Shares.
11.3
Notices, Etc. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by
registered or certified mail, postage prepaid, or otherwise delivered by electronic mail, facsimile transmission, by hand or by messenger
or overnight express, addressed:
(a) if
to any Purchasers, to be delivered to the address set forth on their signature page.
18
(b) if
to the Company, to:
Indaptus
Therapeutics, Inc.
3
Columbus Circle
New
York, New York
Attention:
Chairman
Each
such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given when received
if delivered personally, if sent by electronic mail or facsimile, the first business day after the date of confirmation that the electronic
mail or facsimile, as applicable, has been successfully transmitted to the email address or facsimile number, as applicable, for the
party notified, or, if sent by mail, at the earlier of its receipt and seventy-two (72) hours after the same has been deposited in a
regularly maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid.
11.4
Delays or Omissions. Except as expressly provided herein, no delay or omission to exercise
any right, power or remedy accruing to any party, upon any breach or default of another party under this Agreement, shall impair any
such right, power, or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver
of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent, or approval of any kind or character
on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions
of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies,
either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.
11.5
Expenses. Each party will pay all of their expenses, including without limitation, counsel or
other professional fees and disbursements but excluding any brokerage or finders’ fees or agents’ commissions or any similar
charges, reasonably incurred in connection with the negotiation and preparation of this Agreement and the transactions contemplated herein.
11.6
Counterparts and Translation. This Agreement may be executed in any number of counterparts,
each of which shall be an original, and all of which together shall constitute one instrument. The English version of this Agreement
shall be controlling in all respects and shall prevail in case of any inconsistencies with translated versions, if any. Any other language
versions of this Agreement are provided for convenience only.
11.7
Severability. In the event that any provision of this Agreement becomes or is declared by a
court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without
said provision, which shall be replaced with an enforceable provision closest in intent and economic effect as the severed provision;
provided that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party.
11.8
Title and Subtitles. The titles and subtitles used in this Agreement are used for convenience
only and are not to be considered in construing or interpreting this Agreement.
11.9
Knowledge Convention. For all purposes of this Agreement, the term “knowledge” means,
with respect to an individual, that such individual is actually aware of a particular fact or other matter, with no obligation to conduct
any inquiry or other investigation to determine the accuracy of such fact or other matter. A person other than an individual shall be
deemed to have knowledge of a particular fact or other matter if the officers, directors or other management personnel of such person
had knowledge of such fact or other matter.
11.10
Survival of Warranties. The representations and warranties of the Company and the Purchasers contained in or made pursuant to
this Agreement shall survive execution and delivery of this Agreement and the Closing for a period of two (2) years and shall in no way
be affected by any investigation of the subject matter thereof made by or on behalf of the Purchasers or the Company.
11.11
Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and
be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto, as the case may be.
11.12
Further Assurances. Each party hereto agrees to do all acts and things, and to make, execute and deliver such written instruments,
as shall from time to time be reasonably required to carry out the terms and provisions of this Agreement.
[Signatures
on Following Page]
19
IN
WITNESS WHEREOF, the parties hereto have executed this STOCK PURCHASE AGREEMENT as of the day and year first above written.
INDAPTUS
THERAPEUTICS, INC.
By:
Name:
Junyi
Dai
Title:
Chief
Executive Officer
IN
WITNESS WHEREOF, the parties hereto have executed this STOCK PURCHASE AGREEMENT as of the day and year first above written.
Name
of Purchaser:
[Entity
Name(if any)]
By:
Name
:
Title:
Address:
Subscription
Amount:
Place
of Principal Residence:
Place
of Incorporation/Organization:
EIN/Social
Security Number/Registration No:
Telephone
No.:
Address:
Please
check one:
[ ]
Not a U.S. Person (as defined in Securities Act of 1933, as amended)
[ ]
U.S. Person (as defined in Securities Act of 1933, as amended)
Delivery Instructions
(if different than above):
do:_________________________________________
Address :___________________________________
Telephone No.:________________________
Facsimile No. :_________________________
Other Special Instructions:
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