ChronoScale Holdings Corp 8-K/A, filed Jun 15, 2020
ChronoScale Holdings Corp (CHRN)
About this 8-K/A
ChronoScale Holdings Corp filed this 8-K/A on June 15, 2020, reporting on events of June 10, 2020.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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(Amendment No. 1)
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EXPLANATORY NOTE
On June 10, 2020, Ekso Bionics Holdings, Inc. (the “Company”) filed a current report on Form 8-K (the “Original Report”) to report the closing of a registered direct offering by the Company.
This current report on Form 8-K/A amends Item 8.01 – Other Events – to the Original Report, based on the finalization of a warrant exercise price adjustment, which became determinable as of the close of trading on June 12, 2020, and should be read in conjunction with the Original Report. Except as stated above, no other information contained in the Original Report has been amended.
| Item 8.01 | Other Events. |
On May 24, 2019, the Company issued warrants to purchase up to 444,444 (as adjusted to give effect to a 1-for-15 reverse stock split effective March 24, 2020) shares of Common Stock (the “May 2019 Warrants”). Immediately prior to the Offering, the May 2019 Warrants had an exercise price of $5.70 per share. The May 2019 Warrants include a price-based anti-dilution adjustment provision. Accordingly, as a result of the Offering, the exercise price of the May 2019 Warrants was decreased to the price per share of $3.52. This amount is equal to the lower of (x) the consideration paid for the securities issued in this offering, or $4.5145 per share, (y) the lowest exercise price of the Warrants, or $5.18, and (z) the lowest one-day volume-weighted average price of the Common Stock on the Nasdaq Capital Market as measured each day during the five trading day period starting on June 8, 2020, rounded to the nearest cent, or $3.52.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| EKSO BIONICS HOLDINGS, INC. | |||
| By: | /s/ John Glenn | ||
| Name: | John Glenn | ||
| Title: | Chief Financial Officer | ||
Dated: June 15, 2020