08/23/2024 | Press release | Distributed by Public on 08/23/2024 14:06
Item 1.02 |
Termination of a Material Definitive Agreement |
On August 19, 2024, Veru Inc. (the "Company") delivered notice to Jefferies LLC (the "Agent") to terminate its Open Market Sales Agreement, dated May 12, 2023 (the "Sales Agreement"). Termination of the Sales Agreement is effective September 3, 2024, pursuant to Section 7(b) of the Sales Agreement. The Company is not subject to any termination penalties related to the termination of the Sales Agreement.
Pursuant to the terms of the Sales Agreement, the Company could issue and sell, from time to time through or to the Agent, shares of its common stock as set forth in the Sales Agreement with an aggregate value of up to $75 million. As a result of the termination of the Sales Agreement, the Company will not issue or sell any additional shares of common stock under the Sales Agreement. Since inception of the Sales Agreement, the Company sold 1,367,415 shares of common stock resulting in net proceeds to the Company of $1.1 million.
The foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to the full text of the Sales Agreement, a copy of which was filed as Exhibit 1.1 to the Company's Current Report on Form 8-Kfiled with the Securities and Exchange Commission on May 12, 2023, and incorporated herein by reference.
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