-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L4kAC10XgL4LMb7lWCCPfxP2qVB0x+tBDX+mWh8+VTkaVnO2ZLMm34f3sq5yLrTX Nxa1U5kzwuqIH5xvrVnR6g== 0001193125-07-157901.txt : 20070719 0001193125-07-157901.hdr.sgml : 20070719 20070719115838 ACCESSION NUMBER: 0001193125-07-157901 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070615 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070719 DATE AS OF CHANGE: 20070719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SONTRA MEDICAL CORP CENTRAL INDEX KEY: 0001031927 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 411649949 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-23017 FILM NUMBER: 07988452 BUSINESS ADDRESS: STREET 1: 10 FORGE PARKWAY CITY: FRANKLIN STATE: MA ZIP: 02038 BUSINESS PHONE: 508 553-8850 MAIL ADDRESS: STREET 1: 10 FORGE PARKWAY CITY: FRANKLIN STATE: MA ZIP: 02038 FORMER COMPANY: FORMER CONFORMED NAME: CHOICETEL COMMUNICATIONS INC/MN/ DATE OF NAME CHANGE: 20020701 FORMER COMPANY: FORMER CONFORMED NAME: SONTRA MEDICAL CORP DATE OF NAME CHANGE: 20020701 FORMER COMPANY: FORMER CONFORMED NAME: CHOICETEL COMMUNICATIONS INC /MN/ DATE OF NAME CHANGE: 19970625 8-K/A 1 d8ka.htm FORM 8-K AMENDMENT NO. 1 Form 8-K Amendment No. 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


FORM 8-K/A

 


AMENDMENT NO. 1 TO

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 15, 2007

 


SONTRA MEDICAL CORPORATION

(Exact name of registrant as specified in its charter)

 


 

Minnesota   000-23017   41-1649949

(State or other jurisdiction

of incorporation)

  (Commission File No.)  

(IRS Employer

Identification No.)

 

10 Forge Parkway

Franklin, Massachusetts

  02038
(Address of principal executive offices)   (Zip Code)

(508) 553-8850

(Registrant’s telephone number, including area code)

Not Applicable

(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))

 



Explanatory Note

Sontra Medical Corporation (the “Company”) is filing this Amend No. 1 on Form 8-K/A to its Current Report on Form 8-K dated June 15, 2007 (the “Current Report”), as filed with the SEC on June 18, 2007 for the purpose of including various supplemental details. The Current Report is hereby amended and restated in its entirety as follows:

 

Item 1.01 Entry into a Material Definitive Agreement.

On June 15, 2007, the Company completed a first closing of an equity financing (the “Financing”) that provided the Company with gross proceeds of $1.0 million. (The Company’s net proceeds from the first closing were approximately $979,350.) Investors executed a Subscription Agreement and a warrant agreement with the Company. The forms of Subscription Agreement and warrant agreement are incorporated herein by reference to Exhibits 10.1 and 10.2 of the Registrant’s Current Report on Form 8-K dated June 15, 2007, and filed with the SEC on June 18, 2007 (File No. 000-23017). Under the terms of the Financing, investors purchased 1,000,000 shares of the Company’s Common Stock in a private placement at a per share purchase price of $1.00. In the first closing, the investors also received warrants to purchase an amount of shares of Common Stock that equals 30% of the number of shares of Common Stock purchased by such investor in the Financing, for an aggregate of 300,000 shares of Common Stock (together with the warrants issued to the Placement Agent as described below, the “Warrants”). The Warrants are exercisable at a per share price of $1.40 and will expire on the fifth anniversary of the issue date. In addition, the Company shall have the right to terminate the Warrants, upon thirty days notice, in the event (i) the closing bid price of the Company’s Common Stock for twenty-two consecutive trading days is equal or greater than $3.00 per share and (ii) the Company has registered for resale the shares underlying the Warrants. The Warrants contain customary provisions for adjustment to the exercise price in the event of stock splits, combinations and dividends. The Warrants also contain weighted average anti-dilution provisions that provide for an adjustment to the then effective exercise price if the Company issues equity securities without consideration or for consideration per share less than $1.00.

The Company intends to use the net proceeds of the Financing for product development, funding of clinical trials, possible acquisitions or licensing of technologies or businesses, working capital and general corporate purposes. The Company may hold, through July 16, 2007, additional closings of the Financing at which the Company may issue up to 2,000,000 additional shares of Common Stock and additional warrants to purchase up to 600,000 shares of Common Stock on the same terms as the initial closing.

In connection with this Financing, the Company retained Legend Merchant Group, Inc. (the “Placement Agent”) as placement agent. The Company agreed to pay to the Placement Agent for its services (a) a cash fee equal to 7% of the aggregate capital raised by the Company in the Financing from investors introduced to the Company by the Placement Agent, excluding the proceeds from any Warrant exercises, (b) shares of unregistered Common Stock of the Company equal to 5% of the number of shares issued to investors in the Financing and (c) warrants to acquire a number of shares of Common Stock of the Company equal to 5% of the number of shares issued to investors in the Financing at a per share exercise price equal to $1.40. The Placement Agent received fees and compensation only on funds raised by the Placement Agent from new investors in the Company (i.e., only those parties, and affiliates, who have not previously participated in a financing transaction with the Company and who were not introduced by Sherbrooke Partners (and its affiliates), management or members of the Board of Directors of the Company). The Company also agreed to pay the reasonable counsel fees of the Placement Agent in the Financing in an amount not to exceed $15,000.

In consideration for its work as placement agent in the first closing of the Financing, the Placement Agent received $20,650 in a cash fee, and received 14,750 shares of Common Stock in the Company and warrants for the purchase of 14,750 shares of Common Stock in the Company with an exercise price of $1.40 and an expiration date of June 15, 2012.

The investors in the first closing are both accredited individuals and institutions, including, Michael R. Wigley, Chairman of the Board of the Company, who purchased 100,000 shares of Common Stock and


Warrants for the purchase of 30,000 shares of Common Stock, for an aggregate purchase price of $100,000.00 and Harry G. Mitchell, the Interim Chief Executive Officer, the Chief Financial Officer and the Treasurer of the Company, who purchased 5,000 shares of Common Stock and Warrants for the purchase of 1,500 shares of Common Stock, for an aggregate purchase price of $5,000.

The offer, sale and issuance to the investors of the shares of Common Stock, the Warrants and the shares of Common Stock issuable upon the exercise of the Warrants have been made in reliance on the statutory exemption from registration in Section 4(2) of the Securities Act of 1933, as amended, and/or Rule 506 of Regulation D promulgated thereunder, have not been and will not be registered under the Securities Act of 1933, as amended, and, unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws. The Company is not required to register for resale under the Securities Act the shares of Common Stock issued to the investors or the Placement Agent and the shares issuable upon the exercise of the Warrants, however, the Company did agree with the Placement Agent that it would provide piggyback registration rights to the investors and the Placement Agent with respect to the securities purchased in the Financing, subject to customary exceptions.

The foregoing descriptions of the Subscription Agreement, the Warrants and the transactions contemplated therein and thereby, do not purport to be complete and are qualified in their entirety by reference to the full text of such agreements and instruments, which are incorporated by reference as exhibits hereto and are incorporated herein by reference.

A copy of the press release issued by the Company is incorporated herein by reference to Exhibit 99.1 to Registrant’s Current Report on Form 8-K dated June 15, 2007, and filed with the SEC on June 18, 2007 (File No. 000-23017).

 

Item 3.02 Unregistered Sales of Equity Securities.

The information disclosed under Item 1.01 above 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.

On June 18, 2007, Gerard E. Puorro informed the Company that he was resigning as a director of the Company and resigning from the Company’s Audit Committee. Mr. Puorro’s resignation was effective upon his notice to the Company.

 

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

 

10.1   Form of Subscription Agreement is incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated June 15, 2007, and filed with the SEC on June 18, 2007 (File No. 000-23017).
10.2   Form of Warrant to Purchase Shares of Common Stock is incorporated herein by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K dated June 15, 2007, and filed with the SEC on June 18, 2007 (File No. 000-23017).
99.1   Press Release of the Company is incorporated herein by reference to Exhibit 99.1 to Registrant’s Current Report on Form 8-K dated June 15, 2007, and filed with the SEC on June 18, 2007 (File No. 000-23017).


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 thereunto duly authorized.

 

    Sontra Medical Corporation
Date: July 19, 2007     By:  

/s/ Harry G. Mitchell

      Harry G. Mitchell
     

Interim Chief Executive Officer,

Chief Financial Officer and

Treasurer


EXHIBIT INDEX

 

Exhibit No.  

Description

10.1   Form of Subscription Agreement is incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated June 15, 2007, and filed with the SEC on June 18, 2007 (File No. 000-23017).
10.2   Form of Warrant to Purchase Shares of Common Stock is incorporated herein by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K dated June 15, 2007, and filed with the SEC on June 18, 2007 (File No. 000-23017).
99.1   Press Release of the Company is incorporated herein by reference to Exhibit 99.1 to Registrant’s Current Report on Form 8-K dated June 15, 2007, and filed with the SEC on June 18, 2007 (File No. 000-23017).
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