Form 8-K - Current report
13 September 2024 - 10:33PM
Edgar (US Regulatory)
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0001933567
0001933567
2024-09-09
2024-09-09
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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): September
9, 2024
Neuraxis,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-41775 |
|
45-5079684 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
11550
N. Meridian Street, Suite
325
Carmel,
IN 46032
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (812)
689-0791
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)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.001 par value |
|
NRXS |
|
NYSE
American |
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
3.02 Unregistered Sales of Equity Securities
As
previously disclosed, on November 9, 2023, Neuraxis, Inc. (the “Company”) entered into a securities purchase agreement, as
amended, with Flagstaff International, LLC (“Flagstaff International”) for the issuance and purchase of the Company’s
Series B Convertible Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”), at a price per
share of $2.38. As previously disclosed, the aggregate purchase price, as amended on March 22, 2024, is $5 million, to be paid in monthly
installments of $200,000 each. The creation of the Series B Preferred Stock was subject to approval by the Company’s stockholders
of an amendment to the Company’s Certificate of Incorporation to authorize the creation of the Series B Preferred Stock (the “Stockholder
Approval”). The Series B Preferred Stock is convertible at any time into shares of common stock of the Company, $0.001 par value
per share (the “Common Stock”) without any further consideration. Following the issuance of the Series B Preferred Stock,
it will rank senior to the Common Stock with respect to payments upon the liquidation, dissolution and winding up of the Company.
As
previously disclosed, in February and March 2024, the Company entered into securities purchase agreements with a total of nine accredited
investors for the issuance and purchase of convertible promissory notes (the “First Series B Preferred Stock Notes”) for
an aggregate purchase price of $1,135,000. The notes were to be automatically converted into shares of Series B Preferred Stock (at a
conversion price of $2.38 per share) following the date of the Stockholder Approval and the filing of the Certificate of Designation
for the Series B Preferred Stock with the State of Delaware (the “Certificate of Designation”).
As
previously disclosed, the Company issued convertible promissory notes (the “Second Series B Preferred Stock Notes”) to Flagstaff
in February 2024 and March 2024, in the amounts of $3 million and $2 million, respectively, with substantially similar terms as the First
Series B Preferred Stock Notes. Through September 9, 2024, Flagstaff has lent $800,000 to the Company.
As
previously disclosed, on May 21, 2024, the Company entered into a securities purchase agreement with three related institutional accredited
investors for the issuance and purchase of convertible promissory notes with substantially similar terms as the First and Second Series
B Preferred Stock Notes (the “Third Series B Preferred Stock Notes”, and, together with the First Series B Preferred Stock
Notes and the Second Series B Preferred Stock Notes, the “Preferred Stock Notes”) for an aggregate purchase price of approximately
$3 million. The Third Series B Preferred Stock Notes were to be automatically converted into shares of Series B Preferred Stock (at a
conversion price of $2.38 per share) following the date of the Stockholder Approval and the filing of the Certificate of Designation.
As
previously disclosed, the Stockholder Approval was obtained on August 15, 2024.
Following
the Company obtaining the Stockholder Approval, the Company filed a certificate of amendment to the Company’s Certificate of Incorporation
and filed the Certificate of Designation with the Secretary of State of Delaware. Following the filing of the Certificate of Designation,
pursuant to Section 4(a) of the Preferred Stock Notes, the $4,935,001.90 of principal owed pursuant to the Preferred Stock Notes was
automatically converted into a total of 2,073,524 shares of Preferred Stock (the “Note Conversion Preferred Shares”). The
Note Conversion Preferred Shares were issued on September 9, 2024.
The issuance of the Note Conversion Preferred
Shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”),
since the foregoing issuance did not involve a public offering, the recipients took the securities for investment and not resale, we
took appropriate measures to restrict transfer, and the recipients are accredited investors. The securities were not registered
under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from
registration under the Securities Act and any applicable state securities laws.
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.
Date:
September 13, 2024 |
NEURAXIS,
INC. |
|
|
|
By: |
/s/
Brian Carrico |
|
Name: |
Brian
Carrico |
|
Title: |
President
and Chief Executive Officer |
v3.24.2.u1
Cover
|
Sep. 09, 2024 |
Cover [Abstract] |
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Document Type |
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Amendment Flag |
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|
Document Period End Date |
Sep. 09, 2024
|
Entity File Number |
001-41775
|
Entity Registrant Name |
Neuraxis,
Inc.
|
Entity Central Index Key |
0001933567
|
Entity Tax Identification Number |
45-5079684
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
11550
N. Meridian Street
|
Entity Address, Address Line Two |
Suite
325
|
Entity Address, City or Town |
Carmel
|
Entity Address, State or Province |
IN
|
Entity Address, Postal Zip Code |
46032
|
City Area Code |
(812)
|
Local Phone Number |
689-0791
|
Written Communications |
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Title of 12(b) Security |
Common
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|
Trading Symbol |
NRXS
|
Security Exchange Name |
NYSEAMER
|
Entity Emerging Growth Company |
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