Aytu Biopharma, Inc 8-K, filed Mar 23, 2021
Aytu Biopharma, Inc (AYTU)
About this 8-K
Aytu Biopharma, Inc filed this 8-K on March 23, 2021, reporting on events of March 19, 2021.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 20 , 2021
AYTU BIOPHARMA, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-38247 | 47-0883144 |
|---|---|---|
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |
373 Inverness Parkway, Suite 206
Englewood, CO 80112
(Address of principal executive offices, including Zip Code)
Registrant’s telephone number, including area code: (720) 437-6580
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.0001 per share | AYTU | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 – Other Events
On March 20, 2021, Aytu BioPharma, Inc. (the “Company”) issued 102,759 shares of the Company’s common stock valued at $1.0 million to the holders of the Contingent Value Rights (“CVR”) relating to the February 14, 2020 merger with Innovus Pharmaceuticals, Inc. (“Innovus”), as a result of the Consumer Business Unit achieving one of two components of Milestone #2.
The first component of Milestone #2 was successfully achieved as Innovus recorded in excess of $30 million of net revenue for the twelve-month period ended December 31, 2020, resulting in a $1.0 million payment due to CVR Holders. The second component, requiring the Consumer Business Unit to achieve profitability from operations for calendar 2020 was not achieved.
Unless defined herein, capitalized terms have the same meaning as in the Merger Agreement.
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.
| AYTU BIOPHARMA, INC. | ||
|---|---|---|
| Date: March 23, 2021 | By: | /s/ Joshua R. Disbrow |
| Joshua R. Disbrow | ||
| Chief Executive Officer |
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