Calyxt Inc.
09/21/2021 | Press release | Distributed by Public on 09/21/2021 14:38
Open Market Sale Agreement (Form 8-K)
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Entry into a Material Definitive Agreement |
On September 21, 2021, Calyxt, Inc. (the "Company") entered into an Open Market Sale AgreementSM (the "Agreement") with Jefferies LLC ("Jefferies"). Pursuant to the terms of the Sales Agreement, the Company may offer and sell through Jefferies, from time to time and at its sole discretion, shares of the Company's common stock, par value of $0.0001 per share (the "Common Stock"), having an aggregate offering price of up to $50,000,000 (the "Offering").
Subject to the terms and conditions of the Agreement, Jefferies has agreed to use its commercially reasonable efforts, consistent with its normal sales and trading practices and applicable law and regulations, to sell from time to time the Common Stock so designated by the Company as sales agent in accordance with the Company's instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company cannot provide any assurances that it will issue any Common Stock pursuant to the Agreement. The sales, if any, of the Common Stock under the Agreement will be made by any method permitted that is deemed an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the "Securities Act"). The Agreement provides that the commission payable to Jefferies for sales of Common Stock with respect to which Jefferies acts as sales agent shall be 3.0% of the gross proceeds from the sale of such Common Stock sold pursuant to the Agreement. The Agreement contains customary representations and warranties of the parties and indemnification and contribution provisions under which the Company has agreed to indemnify Jefferies against certain liabilities, including liabilities under the Securities Act and the Securities Exchange Act of 1934, as amended. The Company will also reimburse Jefferies for certain expenses incurred in connection with the Agreement. The Offering will terminate upon the earlier of (i) the sale of all shares of Common Stock subject to the Agreement and (ii) the termination of the Agreement as permitted therein. The Company and Jefferies may each terminate the Agreement at any time upon ten days' prior notice.
The Company currently intends to use any net proceeds from the Offering for working capital and general corporate purposes, including investments in its technology platform, lab capabilities and personnel, and to support the execution of its business model.
The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed as Exhibit 1.1 to this Current Report on Form 8-Kand is incorporated herein by reference.
The Common Stock will be offered and sold pursuant to the Company's effective shelf registration statement on Form S-3(File No. 333-233231)filed by the Company with the U.S. Securities and Exchange Commission (the "SEC") on August 13, 2019 and declared effective on September 27, 2019. On September 17, 2021, the Company filed a prospectus supplement with the SEC in connection with the Offering pursuant to the Agreement.
The legal opinion of Jones Day relating to the legality of the issuance and sale of the Common Stock in the Offering is attached as Exhibit 5.1 to this Current Report on Form 8-K.This Current Report on Form 8-Kshall not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein, nor shall there be any offer, solicitation, or sale of the securities in any state or country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or country.
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Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit |
Description |
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| 1.1 | Open Market Sale AgreementSM dated September 21, 2021, by and between Calyxt, Inc. and Jefferies LLC. | |
| 5.1 | Opinion of Jones Day | |
| 23.1 | Consent of Jones Day (included in Exhibit 5.1) | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |