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): January 29, 2014
CHAMPIONS ONCOLOGY, INC.
(Exact name of registrant as specified in its charter)
Delaware | 0-17263 | 52-1401755 | ||
(State or Other Jurisdiction | (Commission File Number) | (IRS Employer | ||
of Incorporation) | Identification No.) |
1 University Plaza, Suite 307, Hackensack, New Jersey 07601
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (201) 808-8400
Not applicable
(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)) |
INFORMATION TO BE INCLUDED IN THE REPORT
Item 1.01. | Entry into a Material Definitive Agreement. |
On January 29, 2014, Champions Oncology, Inc. (the “Company”) executed amendments to its Securities Purchase Agreement dated March 24, 2011 (the “2011 Securities Purchase Agreement”) and to its Securities Purchase Agreement dated January 28, 2013 (together with the 2011 Securities Purchase Agreement, the “Securities Purchase Agreements”) with certain of the parties thereto, in each case revising the definition of “Change of Control” as it appears on the Securities Purchase Agreements.
On January 29, 2014, the Company also entered into an agreement (the “Put Right Agreement”) with Joel Ackerman, its Chief Executive Officer and a Director, and Ronnie Morris, its President and a Director, both of whom bought securities from the Company pursuant to the Securities Purchase Agreements, that, if the Company’s Board of Directors votes on a transaction, event or approval that would constitute a Put Option Trigger Event (as defined in each of the Securities Purchase Agreements), each of Ackerman and Morris shall either (a) recuse themselves from voting as a member of the Board of Directors on such transaction, event or approval or (b) be entitled to vote but forego exercising or receiving the benefit of their Put Right (as defined in each of the Securities Purchase Agreements).
The foregoing description is a summary only and is qualified in its entirety by reference to the full text of the amendments to the Securities Purchase Agreements and the Put Rights Agreement, which are attached to this Form 8-K as Exhibits 10.1, 10.2 and 10.3, and incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits |
(d) | Exhibits: |
Exhibit No. |
Exhibit Description |
10.1 |
Amendment No. 1 to 2011 Securities Purchase Agreement dated January 29, 2014. |
10.2 |
Amendment No. 1 to 2013 Securities Purchase Agreement dated January 29, 2014. |
10.3 |
Put Right Agreement dated January 29, 2014. |
SIGNATURES
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.
CHAMPIONS ONCOLOGY, INC. | |||
(Registrant) | |||
Date: February 4, 2014 | By: | /s/ Joel Ackerman | |
Joel Ackerman | |||
Chief Executive Officer |
Exhibit 10.1
AMENDMENT NO. 1 TO
2011 SECURITIES PURCHASE AGREEMENT
This Amendment No. 1 (this “ Amendment ”), dated as of January 29, 2014, is by and among Champions Oncology, Inc. (the “ Company ”), Battery Ventures IX, L.P. (“ Ventures ”) and Battery Investment Partners IX, LLC (together with Ventures, “ Battery ”).
WHEREAS , the Company, Battery and certain other parties are parties to the Securities Purchase Agreement (the “ Securities Purchase Agreement ”) dated as of March 24, 2011; and
WHEREAS , the Company and Battery wish to amend certain provisions of the Securities Purchase Agreement;
NOW, THEREFORE , in consideration of the mutual promises made herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Battery hereby agree as follows.
1. The definition of “ Change of Control ” in Section 1.4 of the Securities Purchase Agreement is hereby replaced in its entirety with the following:
“ Change of Control ” means the occurrence of any one or more of the following events: (i) the sale or other disposition to an unrelated party of all or substantially all of the assets of the Company, in one transaction or a series of transactions (other than financing arrangements); or (ii) a merger, consolidation or share exchange involving the Company and any other person or entity (other than for the purposes of reincorporation), in which the Company or one of its subsidiaries is not the surviving entity, after approval of the Board of Directors.
2. All other provisions of the Securities Purchase Agreement shall remain intact. This Amendment shall be interpreted in accordance with the governing law and jurisdiction provisions of Section 7.7 of the Securities Purchase Agreement. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. This Amendment may be executed and delivered by facsimile transmission or email.
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.
CHAMPIONS ONCOLOGY, INC. | ||||
By: | /s/ Joel Ackerman | |||
Name: | Joel Ackerman | |||
Title: | Chief Executive Officer | |||
BATTERY VENTURES IX, L.P. | ||||
By: | Battery Partners IX, LLC | |||
General Partner | ||||
By: | /s/ Scott Tobin | |||
Name: | Scott Tobin | |||
Title: | Member Manager | |||
BATTERY INVESTMENT PARTNERS, IX, LLC | ||||
By: | Battery Partners IX, LLC | |||
Managing Member | ||||
By: | /s/ Scott Tobin | |||
Name: | Scott Tobin | |||
Title: | Member Manager |
Exhibit 10.2
AMENDMENT NO. 1 TO
2013 SECURITIES PURCHASE AGREEMENT
This Amendment No. 1 (this “ Amendment ”), dated as of January 29, 2014, is by and among Champions Oncology, Inc. (the “ Company ”), Battery Ventures IX, L.P. (“ Ventures ”), Battery Investment Partners IX, LLC (together with Ventures, “ Battery ”) and PAR Investment Partners, L.P. (“ PAR ”).
WHEREAS , the Company, Battery, PAR and certain other parties are parties to the Securities Purchase Agreement (the “ Securities Purchase Agreement ”) dated as of January 28, 2013; and
WHEREAS , the Company, Battery and PAR wish to amend certain provisions of the Securities Purchase Agreement;
NOW, THEREFORE , in consideration of the mutual promises made herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each of Battery and PAR hereby agree as follows.
1. The definition of “ Change of Control ” in Section 1.3 of the Securities Purchase Agreement is hereby replaced in its entirety with the following:
“ Change of Control ” means the occurrence of any one or more of the following events: (i) the sale or other disposition to an unrelated party of all or substantially all of the assets of the Company, in one transaction or a series of transactions (other than financing arrangements); or (ii) a merger, consolidation or share exchange involving the Company and any other person or entity (other than for the purposes of reincorporation), in which the Company or one of its subsidiaries is not the surviving entity, after approval of the Board of Directors.
2. All other provisions of the Securities Purchase Agreement shall remain intact. This Amendment shall be interpreted in accordance with the governing law and jurisdiction provisions of Section 6.7 of the Securities Purchase Agreement. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. This Amendment may be executed and delivered by facsimile transmission or email.
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.
CHAMPIONS ONCOLOGY, INC. | |||||
By: | /s/ Joel Ackerman | ||||
Name: Joel Ackerman | |||||
Title: Chief Executive Officer | |||||
BATTERY VENTURES IX, L.P. | |||||
By: | Battery Partners IX, LLC | ||||
General Partner | |||||
By: | /s/ Scott Tobin | ||||
Name: Scott Tobin | |||||
Title: Member Manager | |||||
BATTERY INVESTMENT PARTNERS, IX, LLC | |||||
By: | Battery Partners IX, LLC | ||||
Managing Member | |||||
By: | /s/ Scott Tobin | ||||
Name: Scott Tobin | |||||
Title: Member Manager | |||||
PAR INVESTMENT PARTNERS, L.P. | |||||
By: | PAR Group, L.P. | ||||
General Partner | |||||
By: | PAR Capital Management, Inc. | ||||
General Partner | |||||
By: | Steven Smith | ||||
Name: Steven M. Smith | |||||
Title: Chief Operating Officer | |||||
Exhibit 10.3
PUT RIGHT AGREEMENT
This Put Right Agreement (this “ Agreement ”), by and among Champions Oncology, Inc. (the “ Company ”), Joel Ackerman (“ Ackerman ”) and Ronnie Morris (“ Morris ”), is dated effective as of January 29, 2014.
WHEREAS , the Company, Ackerman, Morris and certain other persons and entities are party to a Securities Purchase Agreement dated as of March 24, 2011 (the “ 2011 Securities Purchase Agreement ”) and a Securities Purchase Agreement dated as of January 28, 2013 (together with the 2011 Securities Purchase Agreement, the “ Securities Purchase Agreements ”), pursuant to which Ackerman, Morris and the other persons and entities purchased shares of common stock from the Company and, in some cases, received warrants to purchase additional shares;
WHEREAS , the Securities Purchase Agreements both provide for the ability of the investors, under certain circumstances, to put their shares to the Company for the original purchase price in the event of a Put Option Trigger Event (as defined in each of the Securities Purchase Agreements);
WHEREAS , Ackerman and Morris are each a member of the Company’s Board of Directors;
WHEREAS , the Company and each of Ackerman and Morris want to clarify their roles both as potential beneficiaries of the Put Rights (as defined in each of the Securities Purchase Agreements) and members of the Company’s Board of Directors;
NOW, THEREFORE , in consideration of the mutual promises made herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each of Ackerman and Morris hereby agree as follows.
1. Each of Ackerman and Morris hereby agree that, if the Company’s Board of Directors is voting on a transaction, event or approval that would constitute a Put Option Trigger Event, each of Ackerman and Morris shall either (a) recuse themselves from voting as a member of the Board of Directors on such transaction, event or approval or (b) be entitled to vote but forego exercising or receiving the benefit of their Put Right (as defined in each of the Securities Purchase Agreements).
2. All other provisions of the Securities Purchase Agreements shall remain intact. This Agreement shall be interpreted in accordance with the governing law and jurisdiction provisions of the Securities Purchase Agreements. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. This Agreement may be executed and delivered by facsimile transmission or email.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
CHAMPIONS ONCOLOGY, INC. | |||||
By: | /s/ David Sidransky | ||||
Name: David Sidransky | |||||
Title: Chairman of the Board of Directors | |||||
/s/ Joel Ackerman | |||||
Joel Ackerman | |||||
/s/ Ronnie Morris | |||||
Ronnie Morris | |||||