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 28, 2015
ARCH THERAPEUTICS, INC.
(Exact name of registrant as specified in
its charter)
Nevada |
|
000-54986 |
|
46-0524102 |
(State or other jurisdiction |
|
(Commission |
|
(I.R.S. Employer |
of incorporation) |
|
File Number) |
|
Identification No.) |
235 Walnut Street, Suite 6 |
|
Framingham, Massachusetts |
01702 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: (617) 431-2313
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)) |
Item 1.01 Entry Into a Material
Definitive Agreement
A. CÚRAM Collaboration Agreement.
As previously disclosed in October
2014, Arch Therapeutics, Inc. (the “Company”) began negotiating a potential collaboration agreement with the
CÚRAM Centre for Research in Medical Devices (“CÚRAM”), a new major national research center headquartered
at the National University of Ireland Galway (“NUIG”) in Galway, Ireland, that was in the process of being established
as part of a six-year grant from the Irish government. The Company and certain leaders of CÚRAM have previously worked closely
together on other initiatives, including preclinical bench-top and animal studies that had been performed in Dublin and Cork in
connection with the development of the Company’s AC5 Surgical Hemostatic Device ™ (“AC5”).
On May 28, 2015, the Company and NUIG
entered into a Project Agreement (the “Project Agreement”) pursuant to which NUIG will provide personnel, infrastructure
support and grant funding in connection with a research program intended to facilitate the continued development of AC5 (the “Project”).
Under the terms of the Project Agreement, which has a term that will end upon the earlier of the completion of the Project or the
sixth anniversary of the execution date of the Project Agreement, the Company may contribute up to a maximum of two hundred and
fifty thousand euro (€250,000) to the Project per year, and NUIG will match such funds at a 2:1 ratio using funds allocated
to NUIG by Science Foundation Ireland’s (“SFI”) Research Centres Programme. In addition, while NUIG will
initially retain ownership of all intellectual property developed in connection with the Project (collectively, “Project
IP”), any such Project IP that was either based on or derived from the Company’s existing intellectual property
(“Derivative IP”) will be assigned back to the Company for a nominal fee. For any Project IP that does not constitute
Derivative IP (“Non-Derivative IP”), the Company will have a right of first negotiation to negotiate an exclusive
license to such Non-Derivative IP on customary terms for agreements of that nature, subject to a grant-back to NUIG for research
and academic purposes.
The foregoing description does not
purport to be complete and is qualified in its entirety by reference to the Project Agreement, a copy of which the Company expects
to file with the Company’s applicable Quarterly Report on Form 10-Q.
B. Series C Warrant Amendment.
On May 30, 2015 (the “Amendment
Execution Date”), the Company entered into that certain Amendment to Series C Warrants to Purchase Common Stock, dated
as of the Amendment Execution Date, with Cranshire Capital Master Fund, Ltd. (“Cranshire”), to amend the expiration
date of the Series C Warrants (the “Amendment”). Under the terms and conditions of the Amendment, the expiration
date of the Series C Warrants was extended from 5:00 p.m., New York time, on June 2, 2015 to 5:00 p.m., New York time, on July
2, 2015.
The preceding description of the Amendment
is qualified in its entirety by reference to the copy of the Amendment filed herewith as Exhibit 10.1 to this
Current Report on Form 8-K, which is incorporated herein by reference.
| Item 5.02 | Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b)
On May 28, 2015, Dr. Arthur Rosenthal,
a member of the Board of Directors of the Company (the “Board”) advised Dr. Terrence W. Norchi, President, Chief
Executive Officer and a member of the Board, in writing of his decision to resign from the Board, effective immediately. Dr. Rosenthal’s
decision to resign did not involve any disagreements with the Company on any matter relating to the Company’s operations,
policies or practices. Dr. Rosenthal had served as a director of the Company since June 2013, and as Chairman of the Board of its
predecessor, Arch Biosurgery, Inc., since April 2011.
Item 8.01 Other Events.
A. CÚRAM Collaboration Agreement
Press Release
On June 1, 2015, the Company issued
a press release announcing its entry into the Project Agreement. The text of the press release is attached hereto as Exhibit
99.1 and is incorporated by reference herein.
B. Notice of Amendment
In accordance with Section 8 of the Series
C Warrants, on June 1, 2015, the Company distributed the notice attached hereto as Exhibit 99.2 to this Current
Report on Form 8-K to the Holders of the Series C Warrants.
Item 9.01 Financial Statements
and Exhibit
(d) Exhibits
Exhibit |
|
Description |
10.1 |
|
Amendment to Series C Warrants to Purchase Common Stock |
99.1 |
|
Press Release issued by Arch Therapeutics, Inc. on June 1, 2015 |
99.2 |
|
Notice of Amendment Distributed by the Company on June 1, 2015 |
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.
|
ARCH THERAPEUTICS, INC. |
|
|
Dated: June 1, 2015 |
By: |
/s/ Terrence W. Norchi, M.D. |
|
Name: Terrence W. Norchi, M.D. |
|
Title: President, Chief Executive Officer |
EXHIBIT INDEX
Exhibit |
|
Description |
10.1 |
|
Amendment to Series C Warrants to Purchase Common Stock |
99.1 |
|
Press Release issued by Arch Therapeutics, Inc. on June 1, 2015 |
99.2 |
|
Notice of Amendment Distributed by the Company on June 1, 2015 |
Exhibit 10.1
AMENDMENT TO SERIES C WARRANTS TO PURCHASE
COMMON STOCK
This Amendment to Series
C Warrants to Purchase Common Stock (the “Amendment”) by and between Arch Therapeutics, Inc., a Nevada corporation
(the “Company”), and Cranshire Capital Master Fund, Ltd. (“Cranshire”) is made as of May
30, 2015 (the “Execution Date”).
RECITALS
WHEREAS, on
January 30, 2014, the Company entered into that certain Securities Purchase Agreement (the “Securities Purchase Agreement”)
with the investors named on the Schedule of Buyers attached thereto (collectively, the “Holders”) pursuant to
which, among other things, the Company issued to the Holders shares of Common Stock (as defined in the Series C Warrants (as defined
in the Securities Purchase Agreement)) and the Series C Warrants;
WHEREAS, the
Expiration Date (as defined in the Series C Warrants) is 5:00 p.m., New York time, on June 2, 2015;
WHEREAS, Section
9 of the Series C Warrants provides that the provisions of the Series C Warrants may be amended only with the written consent
of the Company and the Significant Buyers (as defined in the Securities Purchase Agreement);
WHEREAS, Cranshire
is the only Significant Buyer;
WHEREAS, the
Company and Cranshire, in its capacity as the only Significant Buyer, now wish to amend the Series C Warrants to extend the Expiration
Date on the terms and conditions set forth herein.
NOW, THEREFORE,
in consideration of the foregoing and for good and valuable consideration, the receipt and sufficiency which are hereby acknowledged,
the Parties hereby agree as follows:
| 1. | Definitions. Capitalized terms not otherwise defined in this Amendment shall have the meaning given to them in the Series
C Warrants. |
| 2. | Amendment to Series C Warrants. Section 16(h) of the Series C Warrants is hereby deleted in its entirety and
replaced with the following: |
“(h) “Expiration
Date” means 5:00 p.m., New York time, on July 2, 2015.”
| 3. | Representations and Warranties of the Company. The Company represents and warrants to Cranshire
that, after giving effect to the Amendment, the Warrant Shares shall remain eligible for resale under the Company’s resale
registration statement on Form S-1 (File Number 333-194745) that became effective July 2, 2014. |
| 4. | Miscellaneous. To the extent that there are any inconsistencies between the terms of any
Series C Warrant and the terms of this Amendment, the terms of this Amendment shall prevail in effect. This Amendment may be executed
by the Parties in counterparts and may be executed and delivered by facsimile or other means of electronic communication and all
such counterparts, taken together, shall constitute one and the same agreement. A signed copy of this Amendment delivered by facsimile,
e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed
copy of this Amendment. It is expressly understood and agreed that (i) this Amendment shall be a Transaction Document and (ii)
the Transaction Documents are hereby amended to give full force and effect to the transactions contemplated by this Amendment.
Except as otherwise expressly provided herein, (1) the Series C Warrants and each other Transaction Document is, and shall continue
to be, in full force and effect and is hereby ratified and confirmed in all respects, except that on and after the Execution Date
(A) all references in the Series C Warrants to “this Warrant,” “hereto,” “hereof,” “hereunder”
or words of like import referring to the Series C Warrants shall mean the Series C Warrants as amended by this Amendment, (B) all
references in the other Transaction Documents to the “Warrants,” “thereto,” “thereof,” “thereunder”
or words of like import referring to the Series C Warrants shall mean the Series C Warrants as amended by this Amendment and (C)
all references in Transaction Documents to the “Transaction Documents,” “thereto,” “thereof,”
“thereunder” or words of like import referring to the Transaction Documents shall mean the Transaction Documents as
amended by this Amendment and (2) the execution, delivery and effectiveness of this Amendment shall not operate as an amendment
or waiver of any right, power, benefit or remedy of any Holder under any Transaction Document, nor constitute an amendment of any
provision of any Transaction Document and all of them shall continue in full force and effect, as amended or modified by this Amendment.
The Company shall, on or before 8:30 a.m., New York time, on the first (1st) Business
Day after the date of this Agreement, file a Current Report on Form 8-K describing all the material terms of the
transactions contemplated by this Amendment in the form required by the 1934 Act and attaching this Amendment. |
[signature page
follows]
IN WITNESS WHEREOF, Cranshire
and the Company have caused their respective signature page to this Amendment to be duly executed as of the date first written
above.
|
ARCH THERAPEUTICS, INC. |
|
|
|
By: |
/s/
Terrence W. Norchi |
|
Name: Terrence W. Norchi, M.D. |
|
Title: President, Chief Executive Officer |
|
|
|
SIGNIFICANT BUYER: |
|
|
|
CRANSHIRE CAPITAL MASTER FUND, LTD. |
|
|
|
By: |
Cranshire Capital Advisors, LLC |
|
Its: |
Investment Manager |
|
|
|
/s/ Keith Goodman |
|
By: Keith Goodman |
|
Its: Authorized Signatory |
Exhibit 99.1
Arch Therapeutics Initiates Research
and Development Collaboration with CÚRAM Centre for Research in Medical Devices
Grant Funding from Science Foundation Ireland to CÚRAM
to Support Development of AC5TM and Pipeline
FRAMINGHAM, MA – June 1, 2015
– Arch Therapeutics, Inc. (OTCQB: ARTH) ("Arch" or the "Company"), developer of the AC5 Surgical
Hemostatic Device™ (AC5™) for use in controlling bleeding and fluid loss in order to provide faster and safer surgical
and interventional care, executed a collaboration agreement with CÚRAM Centre for Research in Medical Devices, a new center
of excellence for research based in Galway, Ireland that aims to radically improve health outcomes for patients by developing and
collaborating on the development of “smart” medical devices.
As part of the collaboration agreement,
Arch and CÚRAM intend to deploy resources in Ireland to advance Arch’s technology, ranging from early stage research
to late stage development. Under Arch oversight and guidance, personnel from Arch and CÚRAM will work closely together on
diverse pipeline projects, including new potential indications and products as well as human clinical trial planning. In addition
to receiving infrastructure support, for each €1 up to an annual maximum of €250,000 that Arch contributes to its own
R&D activities within CÚRAM, CÚRAM will contribute €2 up to an annual maximum of €500,000 to those
same activities, made possible by its grant funding from Science Foundation Ireland (SFI).
Arch Therapeutics’ Chief Executive
Officer, Terrence W. Norchi, MD, noted, “This collaboration encompasses a direct, forward-looking approach to the changing
global dynamics of both industry and academic R&D, representing a unique and mutually beneficial opportunity for both Arch
Therapeutics and CÚRAM. Arch benefits by obtaining access to financial, infrastructural, and expert human resources for
our planned work; CÚRAM benefits by being provided access to collaborate on our technology; and Ireland benefits from the
shift of some of Arch’s financial and labor resources to Ireland as well as the growing footprint of a non-Irish company
into the country. The planned research and development support to Arch, as well as the partnership with a seasoned and renowned
team should enhance our efforts to execute on the goal of AC5 commercialization in Europe next year.”
Prof. Abhay Pandit, Director of CÚRAM,
said, “CÚRAM has come along at a pivotal point in the medical device industry in Ireland and Europe, as there are
large markets with unmet clinical needs. CÚRAM plans to invigorate the landscape by enhancing technology that exists and
introducing technology that does not yet exist. Our significant collaboration with Arch Therapeutics and other industry partners
is very exciting. Leaders within CÚRAM have a successful history working with Arch, and we are delighted to support their
drive to commercialization for what should be very important products for the healthcare industry.”
An announcement by Science Foundation
Ireland announcing the establishment of CÚRAM may be found at the following link: http://www.sfi.ie/news-resources/press-releases/245-million-to-be-invested-in-five-new-world-class-sfi-research-centres-in-ireland.html
For more information on the agreement,
please refer to the company’s 8-K filing.
About Arch Therapeutics, Inc.
Arch Therapeutics, Inc. is a medical device
company developing a novel approach to stop bleeding (hemostasis) and control leaking (sealant) during surgery and trauma care.
Arch is developing products based on an innovative self-assembling peptide technology platform to make surgery and interventional
care faster and safer for patients. Arch's flagship development stage product candidate, known as the AC5 Surgical Hemostatic Device™,
is being designed to achieve hemostasis in minimally invasive and open surgical procedures.
Website: www.archtherapeutics.com
About CÚRAM
The Centre for Research in Medical Devices
(CÚRAM) is a national research centre linking leading Irish scientists, engineers and clinicians with companies from the
medical device, pharmaceutical and biotechnology sectors to form a cohesive partnership focused on identifying and developing innovative
solutions to the needs of the current and emerging medical device industry. CÚRAM integrates researchers from four SFI
strategic research clusters (SRCs) whose research focuses on key medical device markets, along with complementary researchers from
seven higher education institutions across Ireland with specific medical device, manufacturing and clinical expertise. CÚRAM
will deliver its research programme in collaboration with 35+ industries and in partnership with complementary Irish centres/associations,
together forming a high-caliber multi-disciplinary integrated team.
Website: www.curamdevices.ie
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking
statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the
Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking
statements include, among other things, references to novel technologies and methods, our business and product development plans
and projections, or market information. Actual results could differ from those projected in any forward-looking statements due
to numerous factors. Such factors include, among others, the inherent uncertainties associated with developing new products or
technologies and operating as a development stage company, our ability to retain important members of our management team and
attract other qualified personnel, our ability to raise the additional funding we will need to continue to pursue our business
and product development plans, our ability to develop and commercialize products based on our technology platform, and market
conditions. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update
the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking
statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable,
there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should
consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and
other documents we file with the SEC, available at www.sec.gov.
On Behalf of the Board,
Terrence W. Norchi, MD
Arch Therapeutics, Inc.
Contact:
ARTH Investor Relations
Toll Free: +1-855-340-ARTH (2784) (US and Canada)
Email: investors@archtherapeutics.com
Website: www.archtherapeutics.com
Or
Richard Davis
Chief Financial Officer
Arch Therapeutics, Inc.
Phone: 617-431-2308
Email: rdavis@archtherapeutics.com
Website: www.archtherapeutics.com
EXHIBIT 99.2
Arch Therapeutics, Inc.
235 Walnut Street, Suite 6
Framingham, Massachusetts
June 1, 2015
VIA E-MAIL
| To: | Addressees on Schedule I |
| Re: | Amendment to Series C Warrants to Purchase Common Stock |
To whom it may concern:
You are receiving this
notice (this “Notice”) in your capacity as the registered Holder of the Series C Warrants (as defined in the
SPA (as defined below)) of Arch Therapeutics, Inc., a Nevada corporation (the “Company”), that were issued in
connection with that certain Securities Purchase Agreement, dated as of January 30, 2014, among the Company and the investors listed
on the Schedule of Buyers thereto (the “SPA”). Capitalized terms not otherwise defined in this Notice shall
have the meaning given to them in the Series C Warrants.
Pursuant to Section
8 of the Series C Warrants, the Company hereby provides notice that on May 30, 2015 (the “Amendment Execution Date”),
the Company entered into that certain Amendment to Series C Warrants to Purchase Common Stock, dated as of the Amendment Execution
Date, with Cranshire Capital Master Fund, Ltd., to amend the expiration date of the Series C Warrants (the “Amendment”).
Under the terms and conditions of the Amendment, the expiration date of the Series C Warrants was extended from 5:00 p.m., New
York time, on June 2, 2015 to 5:00 p.m., New York time, on July 2, 2015.
A copy of the Amendment
is attached hereto as Exhibits A.
[Signature Page Follows]
|
Very truly yours, |
|
|
|
ARCH THERAPEUTICS, INC. |
|
|
|
By: |
/s/ Terrence W. Norchi |
|
Name: Terrence W. Norchi, M.D. |
|
Title: President, Chief Executive Officer |
[Signature Page
to Notice of Amendment]
SCHEDULE I
Holders
Cranshire Capital Master Fund, Ltd.
c/o Cranshire Capital Advisors, LLC
3100 Dundee Road, Suite 703
Northbrook, IL 60062
Attn: Mitchell P. Kopin
Facsimile: (847) 562-9031
E-mail: notices@cranshirecapital.com
Equitec Specialists, LLC
c/o Cranshire Capital Advisors, LLC
3100 Dundee Road, Suite 703
Northbrook, IL 60062
Attn: Mitchell P. Kopin
Facsimile: (847) 562-9031
E-mail: notices@cranshirecapital.com
Anson Investments Master Fund, Ltd.
111 Peter Street, Suite 904
Toronto, Ontario M5V 2H1
Canada
Attn: Amin Nathoo, Moez Kassam
E-mail: anathoo@ansonfunds.com
Capital Ventures International
c/o Heights Capital Management
101 California Street, Suite 3250
San Francisco, CA 94111,
Attn: Sam Winer, Martin Kobinger
E-mail: sam.winer@sig.com
Heng Hong Ltd.
Rams Office Complex
Stoney Grove, Box 822
Charlestown, Nevis
St. Kitts & Nevis, West Indies
Attn: Dan McAllister, Daniel MacMullin
E-mail: dmacmullin@ifgnevis.com
Punit Dhillon
11220 Corte Belleza
San Diego, CA 92130
Attn: Punit Dhillon
E-mail: pdhillon@idhillon.com
Ocean Creation Investments Ltd.
65 Chulia Street, #41-02
Singapore 049513
Attn: Norman Winata
E-mail: norman@lucrumcapital.com.sg
Ong Kim Kiat
4 Sunrise Drive
Singapore 806507
Attn: Ong Kim Kiat
E-mail: drkkong@yahoo.com
Karmdeep and Harpreet Bains
925 Woodridge Court
Yuba City, CA 95993
Attn: Karmdeep Bains
E-mail: karmbains1@comcast.net
Greenberg Traurig, LLP
77 W. Wacker Drive, Suite 3100
Chicago, Illinois 60601
Facsimile: (312) 456-8435
E-mail addresses: liebermanp@gtlaw.com
mazurt@gtlaw.com
| Attention: | Peter H. Lieberman, Esq. |
Todd A. Mazur, Esq.
EXHIBIT A
Amendment
AMENDMENT TO SERIES C WARRANTS TO PURCHASE
COMMON STOCK
This Amendment to Series
C Warrants to Purchase Common Stock (the “Amendment”) by and between Arch Therapeutics, Inc., a Nevada corporation
(the “Company”), and Cranshire Capital Master Fund, Ltd. (“Cranshire”) is made as of May
30, 2015 (the “Execution Date”).
RECITALS
WHEREAS, on
January 30, 2014, the Company entered into that certain Securities Purchase Agreement (the “Securities Purchase Agreement”)
with the investors named on the Schedule of Buyers attached thereto (collectively, the “Holders”) pursuant to
which, among other things, the Company issued to the Holders shares of Common Stock (as defined in the Series C Warrants (as defined
in the Securities Purchase Agreement)) and the Series C Warrants;
WHEREAS, the
Expiration Date (as defined in the Series C Warrants) is 5:00 p.m., New York time, on June 2, 2015;
WHEREAS, Section
9 of the Series C Warrants provides that the provisions of the Series C Warrants may be amended only with the written consent
of the Company and the Significant Buyers (as defined in the Securities Purchase Agreement);
WHEREAS, Cranshire
is the only Significant Buyer;
WHEREAS, the
Company and Cranshire, in its capacity as the only Significant Buyer, now wish to amend the Series C Warrants to extend the Expiration
Date on the terms and conditions set forth herein.
NOW, THEREFORE,
in consideration of the foregoing and for good and valuable consideration, the receipt and sufficiency which are hereby acknowledged,
the Parties hereby agree as follows:
| 1. | Definitions. Capitalized terms not otherwise defined in this Amendment shall have the meaning given to them in the Series
C Warrants. |
| 2. | Amendment to Series C Warrants. Section 16(h) of the Series C Warrants is hereby deleted in its entirety and
replaced with the following: |
“(h) “Expiration
Date” means 5:00 p.m., New York time, on July 2, 2015.”
| 3. | Representations and Warranties of the Company. The Company represents and warrants to Cranshire
that, after giving effect to the Amendment, the Warrant Shares shall remain eligible for resale under the Company’s resale
registration statement on Form S-1 (File Number 333-194745) that became effective July 2, 2014. |
| 4. | Miscellaneous. To the extent that there are any inconsistencies between the terms of any
Series C Warrant and the terms of this Amendment, the terms of this Amendment shall prevail in effect. This Amendment may be executed
by the Parties in counterparts and may be executed and delivered by facsimile or other means of electronic communication and all
such counterparts, taken together, shall constitute one and the same agreement. A signed copy of this Amendment delivered by facsimile,
e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed
copy of this Amendment. It is expressly understood and agreed that (i) this Amendment shall be a Transaction Document and (ii)
the Transaction Documents are hereby amended to give full force and effect to the transactions contemplated by this Amendment.
Except as otherwise expressly provided herein, (1) the Series C Warrants and each other Transaction Document is, and shall continue
to be, in full force and effect and is hereby ratified and confirmed in all respects, except that on and after the Execution Date
(A) all references in the Series C Warrants to “this Warrant,” “hereto,” “hereof,” “hereunder”
or words of like import referring to the Series C Warrants shall mean the Series C Warrants as amended by this Amendment, (B) all
references in the other Transaction Documents to the “Warrants,” “thereto,” “thereof,” “thereunder”
or words of like import referring to the Series C Warrants shall mean the Series C Warrants as amended by this Amendment and (C)
all references in Transaction Documents to the “Transaction Documents,” “thereto,” “thereof,”
“thereunder” or words of like import referring to the Transaction Documents shall mean the Transaction Documents as
amended by this Amendment and (2) the execution, delivery and effectiveness of this Amendment shall not operate as an amendment
or waiver of any right, power, benefit or remedy of any Holder under any Transaction Document, nor constitute an amendment of any
provision of any Transaction Document and all of them shall continue in full force and effect, as amended or modified by this Amendment.
The Company shall, on or before 8:30 a.m., New York time, on the first (1st) Business Day after
the date of this Agreement, file a Current Report on Form 8-K describing all the material terms of the transactions contemplated
by this Amendment in the form required by the 1934 Act and attaching this Amendment. |
[signature page
follows]
IN WITNESS WHEREOF, Cranshire
and the Company have caused their respective signature page to this Amendment to be duly executed as of the date first written
above.
|
ARCH THERAPEUTICS, INC. |
|
|
|
By: |
/s/ Terrence W. Norchi |
|
Name: Terrence W. Norchi, M.D |
|
Title: President, Chief Executive Officer |
|
|
|
SIGNIFICANT BUYER: |
|
|
|
CRANSHIRE CAPITAL MASTER FUND, LTD. |
|
|
|
By: Cranshire Capital Advisors, LLC |
|
Its: Investment Manager |
|
|
|
/s/ Keith Goodman |
|
By: Keith Goodman |
|
Its: Authorized Signatory |
Arch Therapeutics (QB) (USOTC:ARTH)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Arch Therapeutics (QB) (USOTC:ARTH)
Historical Stock Chart
Von Jul 2023 bis Jul 2024