SEC Form DEF 14A filed by Elutia Inc.
Washington, D.C. 20549
INFORMATION REQUIRED IN PROXY STATEMENT
Securities Exchange Act of 1934
(Amendment No. )
12510 Prosperity Drive, Suite 370
Silver Spring, Maryland 20904
Chairperson of the Board
12510 Prosperity Drive, Suite 370
Silver Spring, Maryland 20904
TO BE HELD ON JUNE 6, 2024
Senior Vice President, Finance, Treasurer and Secretary
April 22, 2024
This Proxy Statement and our Annual Report are available free of charge at www.proxyvote.com.
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HOUSEHOLDING | | | | | 37 | | |
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| | | | A-1 | | |
12510 Prosperity Drive, Suite 370
Silver Spring, Maryland 20904
FOR THE ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON JUNE 6, 2024
Proposal
|
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Votes Required
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Voting Options
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Impact of
“Withhold” or “Abstain” Votes |
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Broker
Discretionary Voting Allowed |
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Proposal No. 1: Election of Directors | | | The plurality of the votes cast. This means that the two nominees receiving the highest number of affirmative “FOR” votes will be elected as Class I directors. | | |
“FOR ALL”
“WITHHOLD ALL” “FOR ALL EXCEPT” |
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None(1)
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No(3)
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Proposal No. 2: Ratification of Appointment of Independent Registered Public Accounting Firm | | | The affirmative vote of the holders of a majority in voting power of the votes cast affirmatively or negatively (excluding abstentions) at the Annual Meeting by the holders entitled to vote thereon. | | |
“FOR”
“AGAINST” “ABSTAIN” |
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None(2)
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Yes(4)
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Class I Directors −
Current Term Ending at 2024 Annual Meeting |
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Class II Directors −
Current Term Ending at 2025 Annual Meeting |
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Class III Directors −
Current Term Ending at 2026 Annual Meeting |
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Maybelle Jordan
W. Matthew Zuga |
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Brigid A. Makes
C. Randal Mills, Ph.D. |
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David Colpman
Kevin Rakin |
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Class I Directors
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Age
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Director Since
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Current Position at Elutia
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Maybelle Jordan | | |
58
|
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2020
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Director
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W. Matthew Zuga | | |
58
|
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2015
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Director
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Class II Directors
|
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Age
|
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Director Since
|
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Current Position at Elutia
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Brigid A. Makes | | |
68
|
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2020
|
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Director
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C. Randal Mills, Ph.D. | | |
52
|
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2015
|
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President, Chief Executive Officer, Director
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Class III Directors
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Age
|
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Director Since
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Current Position at Elutia
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David Colpman | | |
62
|
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2022
|
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Director
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Kevin Rakin | | |
63
|
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2015
|
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Executive Chairman
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REGISTERED PUBLIC ACCOUNTING FIRM
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Year Ended
December 31, |
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2023
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2022
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Audit Fees
|
| | | $ | 725,000 | | | | | $ | 827,000 | | |
Audit-Related Fees
|
| | | | — | | | | | | — | | |
Tax Fees
|
| | | | — | | | | | | — | | |
All Other Fees
|
| | | | — | | | | | | — | | |
Total
|
| | | $ | 725,000 | | | | | $ | 827,000 | | |
David Colpman
Maybelle Jordan
Executive Officer
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Age
|
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Position
|
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In Current
Position Since |
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C. Randal Mills, Ph.D. | | |
52
|
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President, Chief Executive Officer and Director
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2022
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Matthew Ferguson | | |
56
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| | Chief Financial Officer | | |
2020
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Michelle LeRoux Williams, Ph.D. | | |
50
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| | Chief Scientific Officer | | |
2022
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•
Board size, independence and qualifications
•
Executive sessions of independent directors
•
Board leadership structure
•
Selection of new directors
•
Director orientation and continuing education
•
Limits on board service
•
Change of principal occupation
•
Term limits
•
Director responsibilities
•
Director compensation
|
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•
Stock ownership
•
Board access to senior management
•
Board access to independent advisors
•
Board self-evaluations
•
Board meetings
•
Meeting attendance by directors and non-directors
•
Meeting materials
•
Board committees, responsibilities and independence
•
Succession planning
•
Risk management
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Director
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Audit
Committee |
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Compensation
Committee |
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Nominating and Corporate
Governance Committee |
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David Colpman
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X
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X
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—
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Maybelle Jordan
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X
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—
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Chair
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Brigid A. Makes
|
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Chair
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Chair
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X
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Kevin Rakin.
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—
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—
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—
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W. Matthew Zuga.
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—
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—
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—
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Total Number of Directors
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6
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Female
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Male
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Non-Binary
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Did not
Disclose Gender |
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|
Directors
|
| | | | 2 | | | | | | 4 | | | | | | — | | | | | | — | | |
| Demographic Background | | | | | | | | | | | | | | | | | | | | | | | | | |
|
African American or Black
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Alaskan Native or Native American
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Asian
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
|
Hispanic or Latinx
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Native Hawaiian or Pacific Islander
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
White
|
| | | | — | | | | | | 5 | | | | | | — | | | | | | — | | |
|
Two or More Races or Ethnicities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
LGBTQ+
|
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1
|
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|
Did Not Disclose Demographic Background
|
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—
|
|
Name and Principal Position
|
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Year
|
| |
Salary
($) |
| |
Bonus
($) |
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Stock
Awards ($)(1) |
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Option
Awards ($)(2) |
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Non-Equity
Incentive Plan Compensation ($) |
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All Other
Compensation ($)(3) |
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Total
($) |
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C. Randal Mills, Ph.D.
President and Chief Executive Officer |
| | | | 2023 | | | | | | 600,000 | | | | | | 149,111(5) | | | | | | 1,085,464 | | | | | | — | | | | | | 210,889 | | | | | | 5,423(7) | | | | | | 2,050,887 | | |
| | | 2022 | | | | | | 351,481(4) | | | | | | 210,889(5) | | | | | | — | | | | | | 1,492,714(6) | | | | | | — | | | | | | 4,597(8) | | | | | | 2,059,681 | | | ||
Matthew Ferguson
Chief Financial Officer |
| | | | 2023 | | | | | | 357,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 160,650 | | | | | | 3,427(9) | | | | | | 521,077 | | |
| | | 2022 | | | | | | 357,000 | | | | | | — | | | | | | 114,676 | | | | | | 93,953 | | | | | | — | | | | | | 3,655(10) | | | | | | 569,284 | | | ||
Michelle Williams, Ph.D.
Chief Scientific Officer |
| | | | 2023 | | | | | | 330,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 148,500 | | | | | | 7,470(11) | | | | | | 485,970 | | |
| | | | | | | | |
Option Awards(13)
|
| |
Stock Awards(13)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Name
|
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Grant Date
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Equity
incentive plan awards: number of securities underlying unexercised unearned options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock that have not vested (#) |
| |
Market
Value of Shares or Units of Stock that have not vested ($)(12) |
| |
Equity
incentive plan awards: market or payout value of unearned shares, units or other rights that have not vested (#) |
| |
Equity
incentive plan awards: market or payout value of unearned shares, units or other rights that have not vested ($)(12) |
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C. Randal Mills, Ph.D.
|
| | | | 12/9/2020(1) | | | | | | 14,307 | | | | | | — | | | | | | — | | | | | | 17.00 | | | | | | 12/9/2030 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 6/7/2021(2) | | | | | | 14,082 | | | | | | — | | | | | | — | | | | | | 10.41 | | | | | | 6/7/2031 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 6/7/2022(3) | | | | | | 22,090 | | | | | | — | | | | | | — | | | | | | 6.28 | | | | | | 6/7/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 6/21/2022(4) | | | | | | 91,256 | | | | | | — | | | | | | — | | | | | | 6.39 | | | | | | 6/21/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 6/21/2022(5) | | | | | | 68,442 | | | | | | 114,069 | | | | | | — | | | | | | 6.39 | | | | | | 6/21/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 6/21/2022(6) | | | | | | — | | | | | | — | | | | | | 182,511 | | | | | | 6.39 | | | | | | 6/21/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 4/27/2023(7) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 67,419 | | | | | | 145,625 | | | | | | | | | | | | | | | ||
| | | 4/27/2023(8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 89,894 | | | | | | 194,171 | | | | | | | | | | | | | | | ||
Matthew Ferguson
|
| | | | 10/8/2020(9) | | | | | | 61,350 | | | | | | 20,450 | | | | | | — | | | | | | 17.00 | | | | | | 10/8/2030 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 3/8/2021(5) | | | | | | 21,244 | | | | | | 9,656 | | | | | | — | | | | | | 14.53 | | | | | | 3/8/2031 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 3/8/2021(10) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,575 | | | | | | 5.562 | | | | | | — | | | | | | — | | | ||
| | | 3/8/2022(5) | | | | | | 13,563 | | | | | | 17,437 | | | | | | — | | | | | | 5.08 | | | | | | 3/8/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 3/8/2022(11) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,700 | | | | | | 18,792 | | | | | | — | | | | | | — | | | ||
Michelle Williams, Ph.D.
|
| | | | 10/20/2022(5) | | | | | | 22,500 | | | | | | 67,500 | | | | | | — | | | | | | 7.16 | | | | | | 10/19/2032 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Option
Awards ($)(1) |
| |
Total
($) |
| |||||||||
Kevin Rakin
|
| | | | 200,000 | | | | | | 54,610 | | | | | | 254,610 | | |
David Colpman
|
| | | | 57,500 | | | | | | 36,407 | | | | | | 93,907 | | |
Maybelle Jordan
|
| | | | 60,000 | | | | | | 36,407 | | | | | | 96,407 | | |
Brigid A. Makes
|
| | | | 80,000 | | | | | | 36,407 | | | | | | 116,407 | | |
W. Matthew Zuga
|
| | | | 44,583 | | | | | | 36,407 | | | | | | 80,990 | | |
Name
|
| |
Options
Outstanding at Fiscal Year End |
| |||
Kevin Rakin
|
| | | | 91,205 | | |
David Colpman
|
| | | | 53,513 | | |
Maybelle Jordan
|
| | | | 75,479 | | |
Brigid A. Makes
|
| | | | 75,479 | | |
W. Matthew Zuga
|
| | | | 61,172 | | |
Name of Beneficial Owner
|
| |
Number of Shares
of Class A Common Stock Beneficially Owned(1) |
| |
Percentage of
Class A Common Stock Beneficially Owned |
| |
Percentage of
Class A and Class B Common Stock Beneficially Owned |
| |||||||||
Holders of More than 5%: | | | | | | | | | | | | | | | | | | | |
HighCape Partners and affiliates(2)
|
| | | | 9,100,232 | | | | | | 41.1% | | | | | | 34.4% | | |
Nantahala Capital Management, LLC and affiliates (3)
|
| | | | 1,912,776 | | | | | | 9.5% | | | | | | 7.9% | | |
AIGH Capital Management, LLC and affiliates(4)
|
| | | | 1,886,556 | | | | | | 9.4% | | | | | | 7.7% | | |
Birchview Fund LLC and affiliates(5)
|
| | | | 1,655,184 | | | | | | 8.3% | | | | | | 6.8% | | |
Named executive officers and directors: | | | | | | | | | | | | | | | | | | | |
C. Randal Mills, Ph.D.(6)
|
| | | | 379,608 | | | | | | 1.9% | | | | | | 1.5% | | |
Matthew Ferguson(7)
|
| | | | 266,840 | | | | | | 1.3% | | | | | | 1.1% | | |
Michelle Williams, Ph.D.(8)
|
| | | | 75,417 | | | | | | * | | | | | | * | | |
Kevin Rakin(2)(9)
|
| | | | 9,282,244 | | | | | | 41.8% | | | | | | 38.1% | | |
David Colpman(10)
|
| | | | 37,603 | | | | | | * | | | | | | * | | |
Maybelle Jordan(11)
|
| | | | 75,479 | | | | | | * | | | | | | * | | |
Brigid A. Makes(12)
|
| | | | 77,479 | | | | | | * | | | | | | * | | |
W. Matthew Zuga(2)(13)
|
| | | | 9,161,404 | | | | | | 41.3% | | | | | | 37.6% | | |
All executive officers and directors as a group (8 persons)(14)
|
| | | | 10,255,842 | | | | | | 49.1% | | | | | | 40.8% | | |
Participants
|
| |
Shares of Class A
Common Stock Purchased |
| |
Prefunded
Warrant Purchased |
| |
Common
Warrant Purchased |
| |
Total
Purchase Price |
| ||||||||||||
Holders of More Than 5% of Our Voting Securities | | | | | | | | | | | | | | | | | | | | | | | | | |
HighCape Partners and affiliates
|
| | | | 1,401,051 | | | | | | — | | | | | | 2,101,577 | | | | | $ | 2,000,000 | | |
Nantahala Capital Management, LLC and affiliates
|
| | | | 1,650,000 | | | | | | 241,588 | | | | | | 2,837,382 | | | | | $ | 2,700,000 | | |
AIGH Capital Management, LLC and affiliates
|
| | | | 1,700,000 | | | | | | 261,470 | | | | | | 2,942,205 | | | | | $ | 2,799,737 | | |
Senior Vice President, Finance, Treasurer and Secretary
April 22, 2024