Form 8-K - Current report
May 21 2024 - 4:13PM
Edgar (US Regulatory)
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0001533743
0001533743
2024-05-21
2024-05-21
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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): May 21, 2024
Processa
Pharmaceuticals, Inc.
(Exact
Name of Registrant as Specified in Charter)
Delaware |
|
001-39531 |
|
45-1539785 |
(State
or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification No.) |
7380
Coca Cola Drive, Suite 106,
Hanover,
Maryland |
|
21076 |
(Address
of Principal Executive Office) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (443) 776-3133
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)) |
Securities
Registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol |
|
Name
of Exchange on Which Registered |
Common
Stock, $0.0001 par value per share |
|
PCSA |
|
The
Nasdaq Stock Market LLC |
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
May 21, 2024, Processa Pharmaceuticals, Inc. (the “Company” or “us” or “we”) entered into a sales
agreement (the “Sales Agreement”) with A.G.P./Alliance Global Partners (the “Sales Agent”) under which we may
issue and sell in a registered “at the market offering” shares of our common stock (the “Shares”) having an aggregate
offering price of up to $2.4 million from time to time through or to our Sales Agent (the “ATM Offering”). We expect to use
net proceeds, if any, from the ATM Offering over time for continued research and development for our portfolio of drug candidates, especially
our oncology products, and working capital and general corporate purposes.
Sales
of the Shares through the Sales Agent, if any, will be made by any method that is deemed an “at-the-market offering”
as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Sales Agent will offer the Shares at prevailing
market prices and will use its commercially reasonable efforts to make such offerings consistent with its normal trading and sales practices.
We will pay the Sales Agent an aggregate of up to 3.0% of the gross proceeds of the sales price per share of common stock sold
through the Sales Agent under the Sales Agreement. We also may sell some or all of the Shares to the Sales Agent as principal for their
own account at a price agreed upon at the time of sale.
We
are not obligated to make any sales of our common stock under the Sales Agreement and no assurance can be given that we will sell any
shares under the Sales Agreement, or, if we do, as to the price or amount of shares that we will sell, or the dates on which any such
sales will take place. The Sales Agreement will terminate upon the earlier of (i) the sale of all of our common stock subject to the
Sales Agreement, or (ii) termination of the Sales Agreement as provided therein.
This
description of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the Sales Agreement,
which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
The
issuance and sale of Shares, if any, by the Company under the Sales Agreement will be made pursuant to the Company’s registration
statement on Form S-3, once effective, which was filed with the Securities and Exchange Commission (the “SEC”) on May 21,
2024 (the “Registration Statement”), and the Company’s prospectus supplement relating to the offering filed therewith
that forms part of the Registration Statement. The Registration Statement and prospectus supplement have been filed with the SEC but
are not yet effective. This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy any
shares of common stock nor shall there be any sale of shares of common stock in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Item
9.01 (d) Financial Statements and Exhibits.
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.
|
PROCESSA
PHARMACEUTICALS, INC. |
|
|
|
/s/
George Ng |
Date:
May 21, 2024 |
George
Ng |
|
Chief
Executive Officer |
v3.24.1.1.u2
Cover
|
May 21, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
May 21, 2024
|
Entity File Number |
001-39531
|
Entity Registrant Name |
Processa
Pharmaceuticals, Inc.
|
Entity Central Index Key |
0001533743
|
Entity Tax Identification Number |
45-1539785
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
7380
Coca Cola Drive
|
Entity Address, Address Line Two |
Suite 106
|
Entity Address, City or Town |
Hanover
|
Entity Address, State or Province |
MD
|
Entity Address, Postal Zip Code |
21076
|
City Area Code |
(443)
|
Local Phone Number |
776-3133
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common
Stock, $0.0001 par value per share
|
Trading Symbol |
PCSA
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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