March 28, 2016 9:53am
Most sector company seems to be initiating At-The-Market “vehicles” – to extend runways and balance share pricing!
OPXA has entered into an ATM greement with IFS Securities, Inc. (Brinson Patrick, a division of IFS Securities, Inc.) under which OPXA may sell shares of its common stock from time to time depending upon market demand, with the Sales Agent acting as an agent for sales.
The agreement was announced through an 8-K filing; OPXA may offer and sell the shares in transactions deemed to be an "at-the-market" offering as defined in Rule 415 of the Securities Act of 1933.
The Bottom Line: The agreement replaces the sales agreement dated 9/6/12, as amended on 3/5/14 between OPXA and Meyers Associates, L.P. (doing business as Brinson Patrick, a division of Meyers Associates, L.P.) which was terminated.
OPXA will pay the Sales Agent a commission equal to 3% of the gross proceeds from the sale of shares of common stock. The usual language - OPXA has no obligation to sell any shares of common stock pursuant to the agreement and may at any time suspend sales and either party may terminate the agreement at any time without liability of any party.
The shares of common stock will be sold pursuant to a new shelf registration statement on Form S-3 (Registration No. 333-208314), declared effective by the SEC on March 25, 2016. A prospectus supplement relating to the offer and sale of up to 1 M shares of common stock pursuant to the agreement will be filed with the SEC as part of the new shelf registration statement.
