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): September 30, 2014
MABVAX THERAPEUTICS HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware | 000-31265 | 93-0987903 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
11588 Sorrento Valley Rd., Suite 20
San Diego, CA 92121
(Address of Principal Executive Offices and Zip Code)
Registrants telephone number, including area code: (858) 259-9405
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)) |
Forward-Looking Statements
Statements contained in this Current Report on Form 8-K relating to MabVax Therapeutics Holdings, Inc., or MabVax Holdings, or managements intentions, hopes, beliefs, expectations or predictions of the future, including statements relating to the combined companys management and board of directors and any other statements about our management teams future expectations, beliefs, goals, plans or prospects are forward-looking statements. Our actual results could differ materially from those projected in these forward-looking statements. Additional factors that could cause actual results to differ materially from those described in the forward-looking statements are set forth in our proxy statement (File No. 000-31265), filed with the SEC on June 3, 2014, as supplemented and amended and in our reports on Forms 10-K, 10-Q and 8-K and other filings made with the SEC. We disclaim any intention or obligation to revise or update any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.
Item 1.01 | Entry into a Material Definitive Agreement |
The disclosures in Item 3.03 are hereby incorporated by reference to this Item 1.01.
Item 3.03 | Material Modification to Rights of Security Holders |
Temporary Waiver of Warrant Exercise Period
As reported on MabVax Holdings Current Report on Form 8-K filed with the SEC on May 12, 2014, MabVax Holdings entered into an Agreement and Plan of Merger, or the Merger Agreement, by and among MabVax Holdings, Tacoma Acquisition Corp., a Delaware corporation and wholly owned-subsidiary of MabVax Holdings, or Merger Sub, and MabVax Therapeutics, Inc., a Delaware corporation, or MabVax, pursuant to which Merger Sub merged with and into MabVax with MabVax surviving as a wholly-owned subsidiary of MabVax Holdings. This transaction is referred to as the Merger. As further disclosed on MabVax Holdings Current Report on Form 8-K filed on July 1, 2014, MabVax Holdings and MabVax, entered into an Amendment No. 1 to the Merger Agreement on June 30, 2014, or Amendment No. 1. As previously disclosed on MabVax Holdings Current Report on Form 8-K filed on July 9, 2014, the parties to the Merger Agreement entered into an Amendment No. 2 to the Merger Agreement on July 6, 2014, or Amendment No. 2, and on July 8, 2014, or the Closing Date, the parties completed the Merger. In connection with the Merger, MabVax Holdings issued its securities to MabVaxs security holders, as of the Closing Date and in exchange for securities owned by MabVaxs securityholders, as follows: (i) an aggregate of 9,349,841(1,168,730 post reverse split) shares of MabVax Holdings common stock, (ii) an aggregate of 2,762,841 shares of MabVax Holdings Series A-1 convertible preferred stock, par value $0.01 per share with such powers, designations, preferences and other rights as set forth in the Certificate of Designations, Preferences and Rights of Series A-1 Convertible Preferred Stock filed as Exhibit A to Amendment No. 2 included as Exhibit 2.1 of MabVax Holdings Current Report on Form 8-K filed with the SEC on July 9, 2014, (iii) warrants to purchase up to an aggregate of 16,442,087 (2,055,260 post reverse split) shares of MabVax Holdings common stock, with an exercise price of $0.4524974 per share and expiring on July 10, 2023, or the Merger Warrants, and (iv) options to purchase up to 1,552,694 (194,086 post reverse split) shares of common stock. The MabVax Holdings securities issued on May 12, 2014 in connection with the Merger were issued in a private placement transaction pursuant to Section 4(a)(2) and Rule 506(b) of Regulation D of the Securities Act. The Form of Merger Warrant was filed as Exhibit B to the Merger Agreement included as Exhibit 2.1 to MabVax Holdings Current Report on Form 8-K filed on July 9, 2014. As reported on its Current Report on Form 8-K filed with the SEC on September 9, 2014 and as noted above, MabVax Holdings effected a reverse stock split of its common stock at a ratio of 8 for 1 on September 8, 2014.
The preamble of the Merger Warrants contains limitations prohibiting the Merger Warrant holders from exercising the Merger Warrants prior to the one year anniversary of the Closing Date, or July 8, 2015. As reported on MabVax Holdings Current Report on Form 8-K filed with the SEC on September 3, 2014, MabVax Holdings sent a letter to the holders of the issued and outstanding Merger Warrants, or the Waiver Letter, waiving, on a limited basis, the provision set forth in the preamble of the Merger Warrants that the Merger Warrants not be exercised until July 8, 2015 and permitting the Merger Warrants to be exercised at any time during the period commencing on the date of the letter and ending on and including September 12, 2014, or the Waiver Period.
On or about September 30, 2014, MabVax Holdings plans to send a second letter to the holders of the issued and outstanding Merger Warrants, or the Waiver Extension Letter, waiving, on a limited basis, the provision set forth in the preamble of the Merger Warrants that the Merger Warrants may not be exercised until July 8, 2015 and permitting the Merger Warrants to be exercised, either through payment of the exercise price or on a net cashless basis, at any time during the period commencing on the date of the letter and ending on and including October 3, 2014, or the Waiver Extension Period. The Waiver Extension Letter also provides that, with respect to exercises pursuant to the Waiver Extension Letter during the Waiver Extension Period, the number of shares of MabVax Holdings common stock issuable upon cashless exercise shall be determined in accordance with the formula set forth in the Waiver Extension Letter rather than the formula set forth in Section 1(d) of the Merger Warrants.
MabVax Holdings management hopes that this second temporary waiver of the warrant exercise period limitation will gradually increase the number of its publicly held shares in furtherance of MabVax Holdings continued efforts to satisfy NASDAQs Initial Listing Standards and regain trading eligibility for shares of its common stock on the NASDAQ Capital Market as further described in MabVax Holdings Current Report on Form 8-K filed with the SEC on July 11, 2014. Shares of MabVax Holdings common stock issued upon exercise of the Merger Warrants will not be registered for resale during the Waiver Extension Period and will be subject to resale restrictions per Rule 144 as promulgated by the Securities Act.
The foregoing descriptions of the Merger Agreement, the Merger Warrants and the Waiver Letter and Waiver Extension Letter are not complete and are subject to, and qualified in their entirety by, the full text of the Merger Agreement, which was attached as Exhibit 2.1 to MabVax Holdings Current Report on Form 8-K filed with the SEC on May 12, 2014, the full text of the Amendment No. 1 attached as Exhibit 2.1 to MabVax Holdings Current Report on Form 8-K filed with the SEC on July 1, 2014, the full text of the proxy statement (File No. 000-31265), filed with the SEC on June 3, 2014 as supplemented and amended, the full text of Amendment No. 2 attached as Exhibit 2.1 on MabVax Holdings Current Report filed with the SEC on July 9, 2014, the full text of the Merger Warrant attached as Exhibit 4.1 on MabVax Holdings 8-K filed with the SEC on July 9, 2014, the full text of the Waiver Letter attached as Exhibit 10.2 to MabVax Holdings Current Report on Form 8-K filed with the SEC on September 3, 2014, and filed as Exhibit 10.2 to this Current Report and the full text of the Waiver Extension Letter attached as Exhibit 10.1 to this Current Report, the terms of which are each incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
Exhibit
|
Description |
|
2.1 | Amendment No. 2 to the Agreement and Plan of Merger, dated July 7, 2014, by and among MabVax Therapeutics Holdings, Inc., Tacoma Acquisition Corp. and MabVax Therapeutics, Inc. (incorporated by reference to Exhibit 2.1 of MabVax Therapeutics Holdings, Inc.s Current Report on Form 8-K filed with the SEC on July 9, 2014) | |
2.2 | Amendment No. 1 to the Agreement and Plan of Merger, dated June 30, 2014, by and among MabVax Therapeutics Holdings, Inc., Tacoma Acquisition Corp. and MabVax Therapeutics, Inc. (incorporated by reference to Exhibit 2.1 of MabVax Therapeutics Holdings, Inc.s Current Report on Form 8-K filed with the SEC on July 1, 2014) | |
2.3 | Agreement and Plan of Merger, dated May 12, 2014, between MabVax Therapeutics Holdings, Inc. Tacoma Acquisition Corp., Inc. and MabVax Therapeutics, Inc. (incorporated by reference to Exhibit 2.1 of MabVax Therapeutics Holdings, Inc.s Current Report on Form 8-K filed with the SEC on May 12, 2014) | |
4.1 | Form of Merger Warrant (incorporated by reference to Exhibit B to Amendment No. 2 attached as Exhibit 2.1 of MabVax Therapeutics Holdings, Inc.s Current Report on Form 8-K filed with the SEC on July 9, 2014) |
10.1 | Form of Waiver Extension Letter | |
10.2 | Form of Waiver Letter (incorporated by reference to Exhibit 10.2 of MabVax Therapeutics Holdings, Inc.s Current Report on Form 8-K filed with the SEC on September 3, 2014) |
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.
MABVAX THERAPEUTICS HOLDINGS, INC. | ||||
Dated: September 30, 2014 | By: |
/s/ J. David Hansen |
||
Name: J. David Hansen | ||||
Title: President and Chief Executive Officer |
Exhibit Number |
Description |
|
2.1 | Amendment No. 2 to the Agreement and Plan of Merger, dated July 7, 2014, by and among MabVax Therapeutics Holdings, Inc., Tacoma Acquisition Corp. and MabVax Therapeutics, Inc. (incorporated by reference to Exhibit 2.1 of MabVax Therapeutics Holdings, Inc.s Current Report on Form 8-K filed with the SEC on July 9, 2014) | |
2.2 | Amendment No. 1 to the Agreement and Plan of Merger, dated June 30, 2014, by and among MabVax Therapeutics Holdings, Inc., Tacoma Acquisition Corp. and MabVax Therapeutics, Inc. (incorporated by reference to Exhibit 2.1 of MabVax Therapeutics Holdings, Inc.s Current Report on Form 8-K filed with the SEC on July 1, 2014) | |
2.3 | Agreement and Plan of Merger, dated May 12, 2014, between MabVax Therapeutics Holdings, Inc. Tacoma Acquisition Corp., Inc. and MabVax Therapeutics, Inc. (incorporated by reference to Exhibit 2.1 of MabVax Therapeutics Holdings, Inc.s Current Report on Form 8-K filed with the SEC on May 12, 2014) | |
4.1 | Form of Merger Warrant (incorporated by reference to Exhibit B to Amendment No. 2 attached as Exhibit 2.1 of MabVax Therapeutics Holdings, Inc.s Current Report on Form 8-K filed with the SEC on July 9, 2014) | |
10.1 | Form of Waiver Extension Letter | |
10.2 | Form of Waiver Letter (incorporated by reference to Exhibit 10.2 of MabVax Therapeutics Holdings, Inc.s Current Report on Form 8-K filed with the SEC on September 3, 2014) |
Exhibit 10.1
FORM OF WAIVER EXTENSION LETTER
MABVAX THERAPEUTICS HOLDINGS, INC.
11588 Sorrento Valley Road, Suite 20
San Diego, CA 92121
September 30, 2014
Dear Sir or Madam:
You are receiving this correspondence in connection with your ownership of a Warrant to Purchase Common Stock, originally issued as of February 12, 2014 by MabVax Therapeutics, Inc., which was exchanged for a Warrant to Purchase Common Stock, effective as of July 8, 2014 (the Warrant ), and, as a result of such exchange, is exercisable for shares of common stock of MabVax Therapeutics Holdings, Inc. (formerly known as Telik, Inc.) (the Company ). Pursuant to the terms and conditions of the Warrant, no exercise may be made until the one (1) year anniversary of the date of the exchange, July 8, 2015. Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Warrant.
This letter is to provide you with notice that the Company hereby waives, on a limited basis and subject to the conditions as set forth below, the requirement set forth in the preamble of the Warrant that the Warrant may not be exercised until July 8, 2015, and, as a result, may be exercised, either through payment of the exercise price of $3.619976 per share (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction occurring after September 30, 2014) or on a net cashless basis, at any time during the Waiver Period; provided, however that for purposes of such net cashless exercise, the number of shares of Common Stock issuable upon such exercise shall be determined in accordance with the formula set forth in Exhibit A to this letter (the Adjusted Formula) rather than the formula set forth in Section 1(d) of the Warrant. The Waiver Period means the period starting on and including the date of this letter and ending on and including October 3, 2014.
For your convenience, a copy of the Warrant exercise form is enclosed with this letter. The executed Warrant exercise form and the payment of the Exercise Price (to the extent the Warrant is not exercised on a net cashless basis) must be received prior to the end of the Waiver Period to be effective.
Except as otherwise waived or amended by this letter, the terms of the Warrant shall remain unchanged.
Very truly yours, |
||||
MABVAX THERAPEUTICS HOLDINGS, INC. | ||||
By: |
|
|||
J. David Hansen, President and | ||||
Chief Executive Officer |
Exhibit A
Adjusted Formula
Net Number = (A x B) - (A x C)
D
For purposes of the foregoing formula:
A= | the total number of shares with respect to which this Warrant is then being exercised. |
B= | the greater of (x) the arithmetic average of the Closing Sale Prices of the Common Stock for the five (5) consecutive Trading Days ending on the date immediately preceding the date of the Exercise Notice and (y) $9.60 (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction occurring after September 30, 2014). |
C= | the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise. |
D= | the greater of (x) Closing Sale Price of the Common Stock on the date of the Exercise Notice and (y) $9.60 (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction occurring after September 30, 2014). |