SEC Form SC 13D/A filed by Navidea Biopharmaceuticals Inc. (Amendment)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 16)
Navidea Biopharmaceuticals, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
63937X202
(CUSIP Number)
John K. Scott, Jr.
30 Blue Heron Drive
Greenwood Village, Colorado 80121
Tel: (303) 399-6177
With a Copy to:
Jeffrey M. McPhaul
Winstead PC
2728 N. Harwood Street
Suite 500
Dallas, Texas 75201
Tel: (214) 745-5394
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
November 27, 2023
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. x
| * | The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 63937X202
| 1 |
NAME OF REPORTING PERSONS
John K. Scott, Jr. | |||||
| 2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) ¨
| |||||
| 3 |
SEC USE ONLY
| |||||
| 4 |
SOURCE OF FUNDS
PF, OO | |||||
| 5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
¨ | |||||
| 6 |
CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA | |||||
|
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 |
SOLE VOTING POWER
110,321,886 (1) (2) (4) | ||||
| 8 |
SHARED VOTING POWER
10,139 (3) | |||||
| 9 |
SOLE DISPOSITIVE POWER
110,321,886 (1) (2) (4) | |||||
| 10 |
SHARED DISPOSITIVE POWER
10,139 (3) | |||||
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
110,321,886 (1) (2) (3) (4) | |||||
| 12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
¨ | |||||
| 13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
61.8% (5) | |||||
| 14 |
TYPE OF REPORTING PERSON
IN | |||||
| (1) | Includes 10,714,286 shares of Common Stock issuable to the Reporting Person upon exchange of $750,000 in principal amount under a Secured Convertible Promissory Note, held directly by the Reporting Person and 61,816,346 shares of Common Stock issuable to the Reporting Person upon conversion of shares of Series J Preferred Stock held directly by the Reporting Person. |
| (2) | Includes 31,755,832 shares of Common Stock directly held by the Reporting Person and 692,483 shares of Common Stock issuable under the Issuer’s Amended and Restated 2014 Stock Incentive Plan and 2023 Equity Incentive Plan in partial payment of monthly non-employee director fees, issuance of which has been deferred at the request of the Reporting Person. |
| (3) | Includes 2,639 shares of Common Stock owned by the Reporting Person’s spouse and 7,500 shares of Common Stock owned by the Reporting Person’s children. The Reporting Person may be deemed to have shared voting and/or dispositive power with respect to such shares. |
| (4) | Includes 5,332,800 shares of Common Stock issuable upon exercise of Warrants to Purchase Common Stock held directly by the Reporting Person. |
| (5) | Based on 178,640,300 shares of Common Stock of the Issuer, which consists of (i) 100,084,385 shares of Common Stock outstanding as of November 10, 2023, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2023, plus (ii) 692,483 shares of Common Stock issuable but deferred at the request of the Reporting Person, plus (iii) 10,714,286 shares of Common Stock issuable to the Reporting Person upon exchange of $750,000 in principal amount under a Secured Convertible Promissory Note, plus (iv) 61,816,346 shares of Common Stock issuable to the Reporting Person upon conversion of shares of Series J Preferred Stock held directly by the Reporting Person plus (v) 5,332,800 shares of Common Stock issuable upon exercise of Warrants to Purchase Common Stock held directly by the Reporting Person. |
Explanatory Note
This Amendment No. 16 hereby amends the Schedule 13D first filed by John K. Scott, Jr., a natural person (the “Reporting Person”), on June 24, 2019, as amended by Amendment No. 1 to the Schedule 13D filed on December 12, 2019, Amendment No. 2 to the Schedule 13D filed on February 26, 2020, Amendment No. 3 to the Schedule 13D filed on September 2, 2020, Amendment No. 4 to the Schedule 13D filed on December 29, 2020, Amendment No. 5 to the Schedule 13D filed on March 5, 2021, Amendment No. 6 to the Schedule 13D filed on March 11, 2021, Amendment No. 7 to the Schedule 13D filed on April 5, 2021, Amendment No. 8 to the Schedule 13D filed on June 15, 2021, Amendment No. 9 to the Schedule 13D filed on July 8, 2021, Amendment No. 10 to the Schedule 13D filed on April 22, 2022, Amendment No. 11 to the Schedule 13D filed on September 9, 2022, Amendment No. 12 to the Schedule 13D filed on September 14, 2022, Amendment No. 13 to the Schedule 13D filed on September 22, 2022, Amendment No. 14 to the Schedule 13D filed on June 16, 2022 and Amendment No. 15 to the Schedule 13D filed on July 5, 2023 (as amended, the “Schedule 13D”). This Amendment No. 16 is being filed in connection with the entry by the Reporting Person into a Loan and Securities Exchange Agreement (the “Loan and Securities Exchange Agreement”) with Navidea Biopharmaceuticals, Inc., a Delaware corporation (the “Issuer”) on November 27, 2023 and the exchange, pursuant thereto, of 2,270 shares of Series G Preferred Stock, 2,400 shares of Series I Preferred Stock of the Issuer and forgiveness of $100,000 of indebtedness owed by the Issuer to the Reporting Person for 64,289 newly-issued shares of Series J Preferred Stock of the Issuer and the purchase of secured convertible promissory note (the “Secured Convertible Note”) in the aggregate principal amount of $750,000 which is convertible into Issuer Common Stock at a conversion price of $0.07 per share. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged. Capitalized terms used herein but not defined in this Amendment No. 16 shall have the meaning ascribed to such term in the Schedule 13D.
| Item 1. | SECURITY AND ISSUER |
Item 1 of the Schedule 13D is hereby amended and supplemented to include the following:
The name of the Issuer is Navidea Biopharmaceuticals, Inc., a Delaware corporation. The address of the Issuer’s principal executive offices is 4995 Bradenton Avenue, Suite 240, Dublin, Ohio 43017-3552. This statement constitutes Amendment No. 16 to the Schedule 13D filed by the Reporting Person, a natural person, relating to the Issuer’s Common Stock, par value $0.001 per share (the “Common Stock”). This Amendment No. 16 is being filed in connection with the entry by the Reporting Person into a Loan and Securities Exchange Agreement with the Issuer on November 27, 2023, pursuant to which the Reporting Person exchanged 2,270 shares of Series G Preferred Stock, 2,400 shares of Series I Preferred Stock of the Issuer and forgiveness of $100,000 of indebtedness owed by the Issuer to the Reporting Person for 64,289 newly-issued shares of Series J Preferred Stock of the Issuer and purchased a Secured Convertible Note in the aggregate principal amount of $750,000, which is convertible into Issuer Common Stock at a conversion price of $0.07 per share.
| Item 3. | SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION |
Item 3 of the Schedule 13D is hereby amended and supplemented to include the following:
On November 27, 2023, the Reporting Person entered into a Loan and Securities Exchange Agreement with the Issuer pursuant to which the Reporting Person exchanged 2,270 shares of Series G Preferred Stock, 2,400 shares of Series I Preferred Stock of the Issuer and forgiveness of $100,000 of indebtedness owed by the Issuer to the Reporting Person for 64,289 newly-issued shares of Series J Preferred Stock of the Issuer and purchased a Secured Convertible Note in the aggregate principal amount of $750,000, which is convertible into Issuer Common Stock at a conversion price of $0.07 per share.
The shares of Series G Preferred Stock that were exchanged pursuant to the Loan and Securities Exchange Agreement were acquired by the Reporting Person from the Issuer in a private placement pursuant to a Securities Exchange and Loan Agreement, dated April 10, 2022, by and between the Issuer and the Reporting Person reported in a prior amendment to this Schedule 13D. The shares of Series I Preferred Stock of the Issuer that were exchanged pursuant to the Loan and Securities Exchange Agreement were acquired by the Reporting Person from the Issuer in a private placement pursuant to a Securities Exchange Agreement with the Issuer and related agreements on August 24, 2022, pursuant to which the Reporting Person exchanged 1,740 shares of Series F Redeemable Convertible Preferred Stock of the Issuer for 2,400 Units each consisting of one share of Series I Convertible Preferred Stock and a warrant to purchase 2,222 shares of Common Stock.
The funds used for the purchase of that certain Secured Term Note dated April 10, 2022 made by the Issuer in favor of the Reporting Person in the original principal amount of $2,500,000, of which $100,000 was forgiven as partial consideration for the exchange described above, were derived from personal funds of the Reporting Person.
The funds used for the purchase of the Secured Convertible Note were derived from personal funds of the Reporting Person.
| Item 4. | PURPOSE OF TRANSACTION |
Item 4 of the Schedule 13D is hereby amended and supplemented to include the following:
On November 27, 2023, the Reporting Person entered into a Loan and Securities Exchange Agreement with the Issuer pursuant to which the Reporting Person exchanged 2,270 shares of Series G Preferred Stock, 2,400 shares of Series I Preferred Stock of the Issuer and forgiveness of $100,000 of indebtedness owed by the Issuer to the Reporting Person for 64,289 newly-issued shares of Series J Preferred Stock of the Issuer and purchased a Secured Convertible Note in the aggregate principal amount of $750,000, which is convertible into Issuer Common Stock at a conversion price of $0.07 per share.
The Reporting Person continues to evaluate his investment in the Issuer, including seeking advice from investment advisors, and, while he has no present plan or proposal to do so, he reserves the right and is considering whether to propose other transactions that relate to or would result in one or more of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D.
The Reporting Person retains the right to, from time to time, acquire additional shares of Common Stock or other securities of the Issuer, or sell or otherwise dispose of (or enter into plans or arrangements to sell or otherwise dispose of), all or part of the shares of Common Stock, Series J Preferred Stock or other securities of the Issuer, if any, beneficially owned by him, in any manner permitted by law.
| Item 5. | INTEREST IN SECURITIES OF THE ISSUER |
Item 5 of the Schedule 13D is hereby amended and restated as follows:
(a) - (b)
The aggregate number and percentage of Common Stock beneficially owned by the Reporting Person are as follows:
| Aggregate amount beneficially owned: | 110,321,886 | (1) (2) (3) (4) |
| Percent of class: | 61.8% | (5) |
| Number of shares as to which the Reporting Person has: | ||
| Sole power to vote or direct the vote: | 110,311,747 | (1) (2) (4) |
| Shared power to vote or direct the vote: | 10,139 | (3) |
| Sole power to dispose or direct the disposition of: | 110,311,747 | (1) (2) (4) |
| Shared power to dispose or direct the disposition of: | 10,139 | (3) |
| (1) | Includes 10,714,286 shares of Common Stock issuable to the Reporting Person upon exchange of $750,000 in principal amount under a Secured Convertible Promissory Note, held directly by the Reporting Person and 61,816,346 shares of Common Stock issuable to the Reporting Person upon conversion of shares of Series J Preferred Stock held directly by the Reporting Person. | |
| (2) | Includes 31,755,832 shares of Common Stock directly held by the Reporting Person and 692,483 shares of Common Stock issuable under the Issuer’s Amended and Restated 2014 Stock Incentive Plan and 2023 Equity Incentive Plan in partial payment of monthly non-employee director fees, issuance of which has been deferred at the request of the Reporting Person. | |
| (3) | Includes 2,639 shares of Common Stock owned by the Reporting Person’s spouse and 7,500 shares of Common Stock owned by the Reporting Person’s children. The Reporting Person may be deemed to have shared voting and/or dispositive power with respect to such shares. | |
| (4) | Includes 5,332,800 shares of Common Stock issuable upon exercise of Warrants to Purchase Common Stock held directly by the Reporting Person. | |
| (5) | Based on 178,640,300 shares of Common Stock of the Issuer, which consists of (i) 100,084,385 shares of Common Stock outstanding as of November 10, 2023, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2023, plus (ii) 692,483 shares of Common Stock issuable but deferred at the request of the Reporting Person, plus (iii) 10,714,286 shares of Common Stock issuable to the Reporting Person upon exchange of $750,000 in principal amount under a Secured Convertible Promissory Note, plus (iv) 61,816,346 shares of Common Stock issuable to the Reporting Person upon conversion of shares of Series J Preferred Stock, plus (v) 5,332,800 shares of Common Stock issuable upon exercise of Warrants to Purchase Common Stock held directly by the Reporting Person. |
(c) Except as set forth herein, the Reporting Person has not acquired or disposed of any other securities of the Issuer since the most recent filing of this Schedule 13D.
(d) Except as set forth herein, no other person is known by the Reporting Person to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, Common Stock beneficially owned by the Reporting Person.
(e) Not applicable.
| Item 6. | CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER |
Item 6 of the Schedule 13D is hereby amended and supplemented to include the following:
On November 27, 2023, the Reporting Person entered into a Loan and Securities Exchange Agreement with the Issuer pursuant to which the Reporting Person exchanged 2,270 shares of Series G Preferred Stock, 2,400 shares of Series I Preferred Stock of the Issuer and forgiveness of $100,000 of indebtedness owed by the Issuer to the Reporting Person (described below) for 64,289 newly-issued shares of Series J Preferred Stock of the Issuer and purchased a Secured Convertible Note in the aggregate principal amount of $750,000, which is convertible into Issuer Common Stock at a conversion price of $0.07 per share.
As partial consideration for the share exchange, the Issuer and the Reporting Person entered into an amended and restated secured term note with an aggregate principal amount $1,326,400 (the “Amended and Restated Note”), which amends and restates that certain Secured Term Note dated April 10, 2022 made by the Issuer in favor of the Reporting Person in the original principal amount of $2,500,000. The Amended and Restated Note amends the original note to, among other things, extend the maturity date to April 10, 2025 and forgive $100,000 of the current outstanding principal amount (referenced above).
The Loan and Securities Exchange Agreement further provides that if the average closing price of the Issuer’s Common Stock equals or exceeds $1.00 per share (subject to adjustment) for 10 consecutive trading days. The Issuer has the right to provide written notice (the “Conversion Call Notice”) to the Reporting Person to convert the Secured Convertible Note into the Issuer’s Common Stock. If the Reporting Person fails to deliver a written notice of conversion to the Issuer within 10 days after receiving the Conversion Call Notice, the Reporting Person will forfeit any and all conversion rights under the Secured Convertible Note. The Issuer’s obligations under the Secured Convertible Note are secured by all of the Issuer’s assets pursuant to the second amendment to security agreement dated as of November 27, 2023 in favor of the Reporting Person.
The foregoing descriptions of the terms of the letter agreement do not purport to be complete and are qualified in their entirety by the contents of the letter agreement a copy of which is incorporated by reference as an Exhibit, and is incorporated herein by reference.
Except as described in this Item 6 of the Schedule 13D (as amended to date), there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Person and any other person with respect to any securities of the Issuer, including, but not limited to, transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.
| Item 7. | MATERIAL TO BE FILED AS EXHIBITS |
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: December 21, 2023
|
/s/ John K. Scott, Jr. | |
| John K. Scott, Jr. | |