UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry Into a Material Definitive Agreement
On November 13, 2024, Humacyte, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”), pursuant to which the Company agreed to issue and sell to an investor in a registered direct offering (the “Offering”) (i) 2,808,988 shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and (ii) warrants to purchase up to 2,808,988 shares of Common Stock (the “Warrants”). The offering price per Share and accompanying Warrant is $5.34. The Offering is expected to close on November 15, 2024, subject to the satisfaction of customary closing conditions.
The Shares and Warrants will be issued separately. A holder of the Warrants will not have the right to exercise any portion of the Warrants if the holder, together with its affiliates and certain related parties, would beneficially own in excess of 4.99% (or, at the election of the holder, up to 9.99%) of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. The exercise price of each Warrant will be $5.34. Each Warrant will be immediately exercisable and will expire (i) with respect to Warrants to purchase 1,404,494 shares of Common Stock, 180 days following the date of issuance and (ii) with respect to Warrants to purchase 1,404,494 shares of Common Stock, 1,640 days following the date of issuance.
The Purchase Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company, including for liabilities under the Securities Act of 1933, as amended (the “Securities Act”), other obligations of the parties and termination provisions. In the Purchase Agreement, the Company has agreed, subject to certain exceptions, not to (i) issue or enter into an agreement to issue any shares of Common Stock and/or Common Stock equivalents or (ii) effect or enter into an agreement to effect a variable rate transaction, in each case until the earlier of (a) 30 days from the date of the Purchase Agreement or (b) the date of the approval of the Company’s acellular tissue engineered vessel by the U.S. Food and Drug Administration for an indication in extremity vascular trauma.
The Offering is being made pursuant to the Company’s effective shelf registration statement on Form S-3 (File No. 333-267225), which was previously filed with the U.S. Securities and Exchange Commission on September 1, 2022 and declared effective by the Securities and Exchange Commission on September 9, 2022.
The Purchase Agreement contains customary representations and warranties, covenants and indemnification provisions that the parties made to, and solely for the benefit of, each other in the context of all of the terms and conditions of such agreements and in the context of the specific relationship between the parties thereto. The provisions of the Purchase Agreement, including any representations and warranties contained therein, are not for the benefit of any party other than the parties thereto and are not intended as documents for investors and the public to obtain factual information about the current state of affairs of the parties thereto. Rather, investors and the public should look to other disclosures contained in the Company’s annual, quarterly and current reports the Company may file with the U.S. Securities and Exchange Commission.
The foregoing is a summary description of certain terms of the Purchase Agreement and the Warrants and, by its nature, is incomplete. Copies of the Purchase Agreement and the form of Warrant are attached hereto as Exhibit 10.1 and Exhibit 4.1, respectively, and are incorporated herein by reference. The foregoing descriptions of the Purchase Agreement, and the form Warrant are qualified in their entirety by reference to such exhibits. A copy of the opinion of Covington & Burling LLP relating to the validity of the Shares and the Warrants sold in the Offering and the shares of Common Stock issuable upon exercise of the Warrants is attached as Exhibit 5.1 hereto.
The information contained in this Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy the shares of Common Stock discussed herein, nor shall there be any offer, solicitation or sale of the shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Item 7.01. Regulation FD Disclosure.
On November 14, 2024, the Company issued a press release announcing the pricing of the Offering. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information contained in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
|
Exhibit Number |
Description | |
| 4.1 | Form of Warrant. | |
| 5.1 | Opinion of Covington & Burling LLP. | |
| 10.1 | Securities Purchase Agreement, dated as of November 13, 2024, by and between Humacyte, Inc. and the investor | |
| 23.1 | Consent of Covington & Burling LLP (contained in Exhibit 5.1). | |
| 99.1 | Press Release, dated November 14, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
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.
| HUMACYTE, INC. | |||
| Date: November 14, 2024 | By: | /s/ Dale A. Sander | |
| Name: | Dale A. Sander | ||
| Title: | Chief Financial Officer, Chief Corporate Development Officer and Treasurer | ||