UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K/A

(Amendment No. 1)

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 5, 2018

 

 

VIEWRAY, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-37725   42-1777485

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification Number)

2 Thermo Fisher Way

Oakwood Village, Ohio 44146

(Address of principal executive offices, including zip code)

(440) 703-3210

(Registrant’s telephone number, including area code)

 

 

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 (see General Instruction A.2. below):

 

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☒

 

 

 


Item 1.01 Entry into a Material Definitive Agreement.

On February 26, 2018, ViewRay, Inc. (the “Company”) filed a Current Report on Form 8-K (the “Prior 8-K”) to report that the Company, Fosun International Limited and its wholly-owned subsidiary (“Fosun”) had entered into a Securities Purchase Agreement dated as of February 25, 2018 (the “Prior Agreement”) pursuant to which the Company had agreed to issue and sell to Fosun 7,090,581 shares of the Company’s common stock and warrants to purchase 1,418,116 shares of the Company’s common stock.

This Form 8-K/A is being filed as an amendment to the Prior 8-K to report that, on March 5, 2018, the Company and Fosun agreed to amend and restate the Prior Agreement (as amended and restated, the “Amended Agreement”) to provide that the Company would issue and sell to Fosun 3,000,581 shares of newly designated Series A Convertible Preferred Stock of the Company in lieu of the same number of shares of the Company’s common stock. As a result, the total securities to be issued and sold under the Amended Agreement were 4,090,000 shares of the Company’s common stock, 3,000,581 shares of the Company’s Series A Convertible Preferred Stock and warrants to purchase 1,418,116 shares of the Company’s common stock. The purchase price for each share of the Series A Convertible Preferred Stock is $8.31, equal to the purchase price of a share of the Company’s common stock in the transaction. The other terms of the Prior Agreement remained substantially unchanged, including that there was no change in the gross proceeds to the Company, the purchase price of each share of common stock or the amount, purchase price, exercise price and other terms of the warrants. The closing of the transaction occurred on March 5, 2018. Immediately after the closing, Fosun held approximately 15.0% of the Company’s outstanding shares of common stock (without giving effect to any exercise of the warrants or conversion of the Series A Convertible Preferred Stock). If the warrants purchased in this transaction were fully exercised and the shares of Series A Convertible Preferred Stock were fully converted immediately following the closing of the offering, Fosun would own approximately 19.9% of the Company’s shares of common stock. The Company and Fosun intend to make filings pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in respect of the transaction.

Pursuant to the Amended Agreement and the Amended and Restated Certificate of Incorporation of the Company, the Board of the Directors approved, and on March 5, 2018, the Company filed, a Certificate of Designations setting forth the rights, powers and privileges of the Series A Convertible Preferred Stock. The Certificate of Designations provides that each share of the Series A Convertible Preferred Stock shall have the same rights, powers and privileges as a share of the Company’s common stock, including, without limitation, that they will vote together as a single class on an as-converted basis on all matters presented to the common stockholders (except as set forth below) and will rank equally with respect to any dividend, liquidation, winding-up or dissolution of the Company, except that (a) the holders of the Series A Convertible Preferred Stock shall not be entitled to vote their shares of Series A Convertible Preferred Stock in any election of directors of the Company, (b) the holders of the Series A Convertible Preferred Stock shall have the right to convert such shares at their option into an equal number of shares of the Company’s common stock (subject to customary anti-dilution adjustments for splits, combinations and similar events) and (c) each share of Series A Convertible Preferred Stock shall automatically be converted into one share of the Company’s common stock (subject to customary anti-dilution adjustments for splits, combinations and similar events) upon its transfer by the original holder to any person not affiliated with such holder.

The foregoing description of the transaction is a summary only and is qualified in its entirety by reference to the Amended Agreement, the form of the warrants and the Registration Rights Agreement entered into in connection with the transaction, each of which will be filed as exhibits to the Company’s next Annual Report on Form 10-K, and the Certificate of Designations for the Series A Convertible Preferred Stock, which is filed as Exhibit 3.1 hereto and is incorporated herein by reference.

Item 3.03 Material Modifications to Rights of Security Holders

The information contained in Item 1.01 is hereby incorporated by reference. The Certificate of Designations became effective on March 5, 2018 and is filed as Exhibit 3.1 to this report, and is incorporated herein by reference. The form of the Series A Convertible Preferred Stock Certificate is filed as Exhibit 3.2 to this report, and is incorporated herein by reference.


Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

The information contained in Item 1.01 is hereby incorporated by reference. The Certificate of Designations became effective on March 5, 2018 and is filed as Exhibit 3.1 to this report, and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

Number

  

Description

3.1    Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock of ViewRay, Inc.
3.2    Form of Series A Convertible Preferred Stock Certificate
5.1    Opinion of Davis Polk & Wardwell LLP
23.1    Consent of Davis Polk & Wardwell LLP (included in Exhibit 5.1)


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 hereunto duly authorized.

 

    VIEWRAY, INC.
Date: March 7, 2018     By:  

/s/ Ajay Bansal

    Name:   Ajay Bansal
    Title:   Chief Financial Officer

Exhibit 3.1

CERTIFICATE OF DESIGNATIONS, PREFERENCES

AND RIGHTS OF SERIES A CONVERTIBLE PREFERRED STOCK

of

ViewRay, Inc.

Pursuant to Section 151 of the General Corporation Law

of the State of Delaware

The undersigned, Chris A. Raanes, President and Chief Executive Officer of ViewRay, Inc., a Delaware corporation (the “ Corporation ”), hereby certifies that, pursuant to the authority expressly vested in the Board of Directors of the Corporation by its Amended and Restated Certificate of Incorporation, and in accordance with the provisions of Sections 103 and 151 of the General Corporation Law of the State of Delaware, the Board of Directors of the Corporation (the “ Board of Directors ”) has duly adopted the following resolutions:

RESOLVED, that, pursuant to Article IV of the Corporation’s Amended and Restated Certificate of Incorporation, which authorizes the issuance of Ten Million (10,000,000) shares of Preferred Stock, par value $0.01 per share of the Corporation (the “ Preferred Stock ), issuable from time to time in one or more series, the Board of Directors hereby fixes the powers, designations, preferences and relative, participating, optional and other special rights, and the qualifications, limitations and restrictions, of the Series A Convertible Preferred Stock (the “ Series A Convertible Preferred Stock ”).

RESOLVED, that each share of Series A Convertible Preferred Stock shall rank equally in all respects with and shall have all the same rights and privileges as a share of the Corporation’s Common Stock, par value $0.01 per share (the “ Common Stock ”), except as set forth in the following provisions:

1. Number and Designation . 3,000,581 shares of Preferred Stock shall be designated as Series A Convertible Preferred Stock. The number of shares of the Series A Preferred Stock may be increased or decreased by resolution of the Board of Directors; provided that no decrease shall reduce the number of shares of Series A Preferred Stock to a number less than the number of shares then outstanding.

 


2. Rights and Preferences Generally . Except as set forth in this Certificate of Designation or as otherwise required by applicable law, the Series A Convertible Preferred Stock shall have the same rights and privileges as the Common Stock, including, without limitation, that the Series A Convertible Preferred Stock shall rank equally with the Common Stock with respect to any dividend, liquidation, winding-up or dissolution of the Corporation.

3. Voting Rights . The holders of the Series A Convertible Preferred Stock shall have no voting rights with respect to the election or composition of the Corporation’s Board of Directors. Other than as set forth in the foregoing sentence or as required by applicable law, the holders of the Series A Preferred Stock shall be entitled to vote on all and only those matters with respect to which the holders of Common Stock are entitled to vote, and shall vote together with the holders of the Common Stock as a single class on an as-converted to Common Stock basis, and not as a separate class.

4. Conversion.

(a) Conversion by the Holder. Subject to the provisions of this Section 4, each holder of the Series A Convertible Preferred Stock shall have the right, at such holder’s option, to convert any or all outstanding shares of the Series A Convertible Preferred Stock held by such holder, in whole or in part, into fully paid and non-assessable shares of Common Stock on a one-for-one basis, subject to adjustment as provided herein (the “ Conversion Rate ”).

(i) In order to exercise the conversion privilege, the holder of the shares of Series A Convertible Preferred Stock to be converted shall surrender the certificates or book entry entitlements representing such shares at the office of the Corporation, with a written notice of election to convert completed and signed, specifying the number of shares to be converted. Unless the shares issuable on conversion are to be issued in the same name as the name in which such shares of Series A Convertible Preferred Stock are registered, each share surrendered for conversion shall be accompanied by instruments of transfer, in form satisfactory to the Corporation, duly executed by the holder or the holder’s duly authorized attorney and an amount sufficient to pay any transfer or similar tax.

(ii) As promptly as practicable after the surrender by the holder of the shares of the Series A Convertible Preferred Stock for conversion pursuant to this Section 4, the Corporation shall issue and deliver to such holder or on the holder’s written order to the holder’s transferee the whole number of shares of Common Stock issuable upon conversion.

 

2


(iii) Each conversion shall be deemed to have been effected immediately prior to the close of business on the date on which the shares of Series A Convertible Preferred Stock were surrendered and notice of conversion was received by the Corporation. The Person in whose name or names the shares of Common Stock are issuable upon such conversion shall be deemed to have become the holder of record of the shares of Common Stock represented thereby at such time on such date, and such conversion shall be into a number of shares of Common Stock equal to the product of the number of shares of Series A Convertible Preferred Stock surrendered times the Conversion Rate in effect at such time on such date. All shares of Common Stock delivered upon conversion of the Series A Convertible Preferred Stock will upon delivery be duly and validly issued and fully paid and non-assessable, free of all liens and charges and not subject to any preemptive rights. Upon the surrender of shares of Series A Preferred Stock, such shares shall no longer be deemed to be outstanding and all rights of a holder with respect to such shares surrendered for conversion shall immediately terminate except the right to receive Common Stock and other amounts payable pursuant to this Section 4.

(b) Automatic Conversion. Each share of the Series A Convertible Preferred Stock shall automatically be converted into non-assessable shares of Common Stock at the then effective Conversion Rate upon the Transfer of such share of the Series A Convertible Preferred Stock to a Person that is not an Affiliate of the holder (“ Automatic Conversion ”).

(i) In the event of an Automatic Conversion, each share of Series A Convertible Preferred Stock that is Transferred in accordance with Section 4(b) shall be converted automatically without any further action by the holder of such share.

(ii) For purposes of this Certificate of Designation,

(A) the term, “ Affiliate ” means, with respect to a Person, any other Person, that directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with such Person.

(B) the term, “ Transfer ” or “ Transferred ” means the direct or indirect sale (including open market sales), assignment, transfer or disposal of, by operation of law or otherwise, of any share of Series A Convertible Preferred Stock.

 

3


(c) Each conversion shall be deemed to have been effected immediately prior to the close of business on the date on which the shares of Series A Convertible Preferred Stock were surrendered and notice of conversion was received by the Corporation, or in the case of Automatic Conversion, on the date of closing or settlement of the Transfer. The Person in whose name or names the shares of Common Stock are issuable upon such conversion shall be deemed to have become the holder of record of the shares of Common Stock represented thereby at such time on such date, and such conversion shall be into a number of shares of Common Stock equal to the product of the number of shares of Series A Convertible Preferred Stock surrendered times the Conversion Rate in effect at such time on such date. All shares of Common Stock delivered upon conversion of the Series A Convertible Preferred Stock will upon delivery be duly and validly issued and fully paid and non-assessable, free of all liens and charges and not subject to any preemptive rights. Upon the surrender or Automatic Conversion of shares of Series A Preferred Stock, such shares shall no longer be deemed to be outstanding and all rights of a holder with respect to such shares surrendered for conversion shall immediately terminate except the right to receive Common Stock and other amounts payable pursuant to this Section 4.

(d) The Corporation shall at all times reserve and keep available, free from preemptive rights, such number of its authorized but unissued shares of Common Stock as may be required to effect conversions of the Series A Convertible Preferred Stock.

(e) In connection with the conversion of any shares of Series A Convertible Preferred Stock, no fractions of shares of Common Stock shall be issued. In lieu thereof the Corporation shall pay a cash adjustment in respect of such fractional interest in an amount equal to such fractional interest multiplied by the Current Market Price Per Common Share on the day on which such shares of Series A Convertible Preferred Stock are deemed to have been converted. “ Current Market Price Per Common Share ” means, on any determination date, the average of the Daily Prices (as defined below) per share of Common Stock for the 20 consecutive trading days immediately prior to such date. If, on any determination date, the shares of Common Stock are not traded on a national securities exchange or quoted by any regulated quotation service, the Current Market Price Per Common Share shall be the fair market value per share as determined in good faith by the Board of Directors. “ Daily Price ” means if the shares of Common Stock are then listed and traded on a national securities exchange, the closing price on the applicable day as reported by the principal national securities exchange on which such shares are listed and traded and if such shares are not then listed and traded on a national securities exchange, the closing price on such day as quoted by any regulated quotation service.

 

4


5. Anti-dilution Adjustments .

(a) Common Stock Dividends and Distributions . If the Corporation shall declare and pay a dividend or make a distribution on Common Stock payable in Common Stock, the Conversion Rate in effect immediately prior to the record date for such dividend or distribution shall be adjusted by multiplying such Conversion Rate by a fraction:

(i) the numerator of which shall be the sum of the number of shares of Common Stock outstanding immediately prior to the record date for such dividend or distribution and the total number of shares of Common Stock constituting such dividend or distribution; and

(ii) the denominator of which shall be the number of shares of Common Stock outstanding immediately prior to the record date for such dividend or distribution.

Any adjustment made pursuant to this Section 5(a) shall become effective immediately after the applicable record date.

(b) Subdivisions, Splits and Combinations of Common Stock . If the Corporation shall subdivide or split the outstanding shares of Common Stock into a greater number of shares or combine or reclassify the outstanding shares of Common Stock into a smaller number of shares, the Conversion Rate in effect immediately prior to the effective date of such subdivision, split, combination or reclassification shall be adjusted by multiplying such Conversion Rate by a fraction:

(i) the numerator of which shall be the number of shares of Common Stock outstanding immediately after such subdivision, split, combination or reclassification; and

(ii) the denominator of which shall be the number of shares of Common Stock outstanding immediately prior to such subdivision, split, combination or reclassification.

Any adjustment made pursuant to this Section 5(b) shall become effective immediately after the applicable effective date.

(c) Reorganization Events . In the event of:

(i) any consolidation or merger of the Corporation with or into another Person pursuant to which the Common Stock will be converted into cash, securities or other property of the Corporation or another Person;

(ii) any sale, transfer, lease or conveyance to another Person of all or substantially all of the Corporation’s property and assets;

 

5


(iii) any reclassification of the Common Stock into securities, including securities other than the Common Stock;

(iv) any statutory exchange of the outstanding shares of Common Stock for securities of another Person (other than in connection with a merger or acquisition) (any such event specified in clauses (i) through (iv), a “ Reorganization Event ”),

each share of Series A Convertible Preferred Stock outstanding immediately prior to such Reorganization Event will, without the consent of the holders thereof, become convertible into the kind and amount of securities, cash and other property receivable in such Reorganization Event that a holder of such share of Series A Convertible Preferred Stock would have been entitled to receive if such holder had converted its Series A Convertible Preferred Stock into Common Stock immediately prior to such Reorganization Event (such securities, cash and other property, the “ Exchange Property ”). For purposes of this Section 5(c), the kind and amount of Exchange Property that a holder of Common Stock would have been entitled to receive upon a Reorganization Event if there is right to elect to receive the type of consideration receivable shall be deemed to be the weighted average of the kind and amount of Exchange Property received by the holders of Common Stock that affirmatively make such an election or if no holders of Common Stock affirmatively make such an election, the weighted average of the kind and amount of Exchange Property actually received by such holders.

6. General Provisions .

(a) The term “ outstanding ”, when used with reference to shares of stock, shall mean issued shares, excluding shares held by the Corporation or any subsidiary of the Corporation.

(b) The term “ Person ” as used herein means any corporation, limited liability company, partnership, trust, organization, association, other entity or individual.

(c) The headings of the sections of this Certificate of Designations are for convenience of reference only and shall not define, limit or affect any of the provisions hereof.

 

6


IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designations to be signed and acknowledged by the undersigned this 5th day of March, 2018.

 

VIEWRAY, INC.
By:  

/s/ Chris A. Raanes

  Name:   Chris A. Raanes
  Title:   President and CEO

Exhibit 3.2

 

Number PA-    

See legends on reverse

  

VIEWRAY, INC.

A Delaware Corporation

Incorporated July 21, 2015

  

**                ** Shares

Series A Convertible

Preferred Stock

$0.01 par value

THIS CERTIFIES THAT **                                         ** is the record holder of              (#) fully paid and nonassessable shares of Series A Convertible Preferred Stock of ViewRay, Inc. (the “Corporation”), transferable only on the share register of the Corporation, in person or by duly authorized attorney, upon surrender of this certificate properly endorsed or assigned.

This certificate and the shares represented hereby are issued and shall be held subject to all the provisions of the Certificate of Incorporation and the Bylaws of the Corporation and any amendments thereto, to all of which the holder of this certificate, by acceptance hereof, assents. The shares represented by this certificate are subject to the legend(s) affixed to the back of this certificate.

A statement of all the rights, preferences, privileges and restrictions granted to or imposed upon the respective classes and/or series of shares of stock of the Corporation and upon the holders thereof may be obtained by any stockholder upon request and without charge, at the principal office of the Corporation, and the Corporation will furnish any stockholder, upon request and without charge, a copy of such statement.

WITNESS the signatures of its duly authorized officers this      day of             ,         .

 

 

   

 

Chris A. Raanes

President and Chief Executive Officer

   

Ajay Bansal

Chief Financial Officer


FOR VALUE RECEIVED                          HEREBY SELLS, ASSIGNS, AND TRANSFERS UNTO                                 SHARES REPRESENTED BY THE WITHIN CERTIFICATE AND DO HEREBY IRREVOCABLY CONSTITUTE AND APPOINT                                 , ATTORNEY TO TRANSFER THE SAID SHARES ON THE SHARES REGISTER OF THE WITHIN NAMED CORPORATION WITH FULL POWER OF SUBSTITUTION IN THE PREMISES.

DATED              , 20       

 

  

 

  

 

IN PRESENCE OF                (Witness)                (Shareholder)
     

 

                  (Shareholder)

NOTICE: THE SIGNATURE ON THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THIS CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATSOEVER.

THE SHARES ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS AFTER THE DATE OF ISSUANCE AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.

EXHIBITS 5.1 AND 23.1

 

       

New York

Northern California

Washington DC

São Paulo

London

  

Paris

Madrid

Tokyo

Beijing

Hong Kong

 

LOGO

 

Davis Polk & Wardwell L LP

1600 El Camino Real

Menlo Park, CA 94025

  

650 752 2000 tel

650 752 2111 fax

March 5, 2018

ViewRay, Inc.

2 Thermo Fisher Way

Oakwood Village, OH 44146

Ladies and Gentlemen:

ViewRay, Inc., a Delaware corporation (the “ Company ”), has filed with the Securities and Exchange Commission Registration Statements on Form S-3 (File Nos. 333-215815 and 333-217416) (the “ Registration Statements ”) for the purpose of registering under the Securities Act of 1933, as amended (the “ Securities Act ”), certain securities, including 4,090,000 shares of the Company’s common stock, par value $0.01 per share (the “ Common Shares ”), 3,000,581 shares of the Company’s Series A convertible preferred stock, par value $0.01 per share (the “ Preferred Shares ,” and with the Common Shares, the “ Shares ”) and warrants (the “ Warrants ”) to purchase 1,418,116 shares of the Company’s common stock (the “ Warrant Shares ”) to be sold pursuant to the Amended and Restated Securities Purchase Agreement dated March 5, 2018 (the “ Purchase Agreement ”) by and among the Company, Strong Influence Limited, a British Virgin Islands corporation, and Fosun International Limited, a company organized under the laws of Hong Kong.

We, as your counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion.

In rendering the opinion expressed herein, we have, without independent inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete originals, (iii) all signatures on all documents that we reviewed are genuine, (iv) all natural persons executing documents had and have the legal capacity to do so, (v) all statements in certificates of public officials and officers of the Company that we reviewed were and are accurate and (vi) all representations made by the Company as to matters of fact in the documents that we reviewed were and are accurate.

Based upon the foregoing, and subject to the additional assumptions and qualifications set forth hereto, we advise you that, in our opinion, (i) when the Shares have been issued and delivered against payment therefor in accordance with the terms of the Purchase Agreement, the Shares


will be validly issued, fully paid and non-assessable, and (ii) when the shares of the Company’s common stock issuable upon conversion of the Preferred Shares (the “Underlying Shares”) are issued and delivered in accordance with the terms of the Company’s Amended and Restated Certificate of Incorporation and the Company’s Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock, dated March 5, 2018, such Underlying Shares will be validly issued, fully paid and non-assessable and (iii) the Warrants, when the Warrants are executed and delivered against payment therefor pursuant to the Purchase Agreement, will be valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability, provided that we express no opinion as to the validity, legally binding effect or enforceability of any provision in the Warrants that requires or relates to adjustments to the exercise price at a price or in an amount that a court would determine in the circumstances under applicable law to be commercially unreasonable or a penalty or forfeiture. As of the date hereof, the Warrant Shares have been duly authorized and reserved for issuance pursuant to the terms of the Warrants and, when issued and delivered upon exercise of the Warrants in accordance with the terms of the Warrants, will be validly issued, fully paid and non-assessable. The issuance of the Warrants and the Warrant Shares upon exercise of the Warrants is not subject to any preemptive or, to our knowledge, other similar rights.

We are members of the Bars of the States of New York and California and the foregoing opinion is limited to the General Corporation Law of the State of Delaware.

[ Signature Page Follows ]


We hereby consent to the filing of this opinion as an exhibit to a report on Form 8-K to be filed by the Company and its incorporation by reference into the Registration Statements and further consent to the reference to our name under the caption “Legal Matters” in the prospectus supplement relating to the offering of the Shares and the Warrants, which is a part of the Registration Statements. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,

/s/ Davis Polk & Wardwell LLP