Delaware
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001-37568
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26-4231384
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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300 Connell Drive, Suite 4000
Berkeley Heights, NJ
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07922
|
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(Address of principal executive offices)
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(Zip Code)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading symbol(s)
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Name of each exchange on which
registered
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Common Stock, par value $0.00033 per share
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PDSB
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Nasdaq Capital Market
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Item 9.01.
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Financial Statements and Exhibits.
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Exhibit
Number
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Description of Document
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Incorporated by Reference
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||||
Schedule/
Form
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File
Number
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Exhibits
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Filing Date
|
|||
2.1
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Form 8-K
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001-37568
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Exhibit 2.1
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November 26, 2018
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||
2.2
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Form 8-K
|
001-37568
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Exhibit 2.1
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January 30, 2019
|
||
3.1
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Form 8-K
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001-37568
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Exhibit 3.1
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March 18, 2019
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||
3.2
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Form 8-K
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001-37568
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Exhibit 3.2
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March 18, 2019
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||
23.1
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Form 8-K
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001-37568
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Exhibit 23.1
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April 30, 2019
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||
99.1
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Form 8-K
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001-37568
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Exhibit 99.1
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March 18, 2019
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||
99.2
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Form 8-K
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001-37568
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Exhibit 99.2
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April 30, 2019
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||
99.3*
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PDS Biotechnology Corporation
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||
Dated: May 24, 2019
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||
By:
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/s/ Frank Bedu-Addo
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|
Name:
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Frank Bedu-Addo
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|
Title:
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President and Chief Executive Officer
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PAGE
|
|
Overview of Unaudited Pro Forma Condensed Combined Financial Information as of December 31, 2018
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1
|
Unaudited Pro Forma Condensed Combined Balance Sheet as of December 31, 2018
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3
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Unaudited Pro Forma Condensed Combined Statements of Operations for the year ended December 31, 2018
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4
|
Notes to the Unaudited Pro Forma Condensed Combined Financial Statements
|
5
|
PDS
As Reported
|
Edge
As Reported
|
Pro Forma
Adjustments
|
Note
|
Pro Forma
Combined
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Current assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
103.7
|
$
|
34,645.5
|
$
|
(1,625.9
|
)
|
g |
$
|
33,123.3
|
||||||||||
Prepaid expenses and other receivables
|
156.6
|
1,005.6
|
-
|
1,162.2
|
||||||||||||||||
Total current assets
|
260.3
|
35,651.1
|
(1,626.9
|
)
|
34,285.5
|
|||||||||||||||
Equipment, net
|
29.5
|
427.0
|
-
|
456.5
|
||||||||||||||||
Intangible assets, net
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41.7
|
-
|
1,223.0
|
a |
1,264.7
|
|||||||||||||||
Other assets
|
12.8
|
142.9
|
-
|
155.7
|
||||||||||||||||
84.0
|
569.9
|
1,223.0
|
1,876.9
|
|||||||||||||||||
Total assets
|
$
|
344.3
|
$
|
36,221.0
|
$
|
(402.9
|
)
|
$
|
36,162.4
|
|||||||||||
|
||||||||||||||||||||
Liabilities and Stockholders' Equity (Deficit)
|
||||||||||||||||||||
Current Liabilities:
|
||||||||||||||||||||
Accounts payable
|
$
|
1,413.0
|
$
|
399.4
|
$
|
-
|
$
|
1,812.4
|
||||||||||||
Accrued expenses
|
601.9
|
419.1
|
3,937.3
|
b |
4,958.3
|
|||||||||||||||
-
|
-
|
2,057.3
|
c |
2,057.3
|
||||||||||||||||
Restructuring reserve
|
-
|
5,563.2
|
(5,563.2
|
)
|
b
|
|
-
|
|||||||||||||
Payroll taxes
|
-
|
-
|
-
|
-
|
||||||||||||||||
Total current liabilities
|
2,014.9
|
6,381.7
|
431.4
|
8,828.0
|
||||||||||||||||
Convertible Promissory Note Payable
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30.0
|
-
|
(30.0
|
)
|
h
|
-
|
||||||||||||||
30.0
|
-
|
(30.0
|
)
|
-
|
||||||||||||||||
Total liabilities
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2,044.9
|
6,381.7
|
401.4
|
8,828.0
|
||||||||||||||||
Stockholders' equity (deficit):
|
||||||||||||||||||||
Preferred stock
|
-
|
-
|
-
|
-
|
||||||||||||||||
Common stock
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0.1
|
10.6
|
(10.3
|
)
|
d
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1.1
|
||||||||||||||
-
|
-
|
0.7
|
d |
|||||||||||||||||
Additional paid-in capital
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19,312.5
|
222,645.0
|
(222,646.1
|
)
|
d
|
29,600.5
|
||||||||||||||
-
|
-
|
10,259.1
|
e | |||||||||||||||||
-
|
-
|
30.0
|
h | |||||||||||||||||
Accumulated deficit
|
(21,013.2
|
)
|
(192,816.3
|
)
|
192,816.4
|
d |
(2,267.2
|
)
|
||||||||||||
18,745.9
|
f
|
|||||||||||||||||||
Total stockholders' equity (deficit)
|
(1,700.6
|
)
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29,839.3
|
(804.3
|
)
|
27,334.4
|
||||||||||||||
Total liabilities and stockholders' equity
|
$
|
344.3
|
$
|
36,221.0
|
$
|
(402.9
|
)
|
$
|
36,162.4
|
PDS
As Reported
|
Edge
As Reported
|
Pro Forma
Adjustments
|
Notes
|
Pro Forma
Combined
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
$
|
816.5
|
$
|
16,068.8
|
$
|
-
|
$
|
16,885.3
|
||||||||||||
General and administrative
|
2,089.6
|
14,291.0
|
4,286.1
|
i
|
20,666.7
|
|||||||||||||||
Restructuring Expenses
|
-
|
9,914.2
|
(9,914.2
|
)
|
i
|
-
|
||||||||||||||
Impairment charges
|
-
|
2,822.6
|
-
|
2,822.6
|
||||||||||||||||
Total operating expenses
|
2,906.1
|
43,096.6
|
(5,628.1
|
)
|
40,374.6
|
|||||||||||||||
Loss from operations
|
(2,906.1
|
)
|
(43,096.6
|
)
|
5,628.1
|
(40,374.6
|
)
|
|||||||||||||
|
||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest expense, net
|
(3.6
|
)
|
(553.4
|
)
|
-
|
(557.0
|
)
|
|||||||||||||
Other
|
(0.9
|
)
|
-
|
-
|
(0.9
|
)
|
||||||||||||||
Benefit for income taxes
|
-
|
2,871.9
|
-
|
2,871.9
|
||||||||||||||||
(4.5
|
)
|
2,318.5
|
-
|
2,314.0
|
||||||||||||||||
Net loss
|
$
|
(2,910.6
|
)
|
$
|
(40,778.1
|
)
|
$
|
5,628.1
|
$
|
(38,060.6
|
)
|
|||||||||
Net (loss) per common share:
|
||||||||||||||||||||
Basic and diluted
|
$
|
(26.10
|
)
|
$
|
(7.19
|
)
|
||||||||||||||
Weighted average number of shares outstanding basic and diluted
|
N/A
|
1,562,109
|
3,733,365
|
j
|
5,295,474
|
(1)
|
Description of the Transaction and Basis of Presentation
|
(2)
|
Preliminary Purchase Price Allocation
|
Number of shares of the Combined Company to be owned by Edge security holders
|
1,597,998
|
|||
Multiplied by the price per share of Edge's common stock as of December 31, 2018
|
$
|
6.42
|
||
Purchase price (in thousands)
|
$
|
10,259.1
|
Cash, cash equivalents and marketable securities
|
$
|
33,019.6
|
||
Prepaid expense and other assets
|
1,575.5
|
|||
Intangible assets-IPR&D
|
1,223.0
|
|||
Accounts payable, accrued expenses, other liabilities
|
(6,813.1
|
)
|
||
Net assets acquired
|
29,005.0
|
|||
Less: estimated purchase price
|
10,259.1
|
|||
Bargain purchase gain
|
$
|
18,745.9
|
(3)
|
Unaudited Pro Forma Adjustments
|
a
|
To reflect the estimated fair value of Edge's intangible assets acquired for in-process research and development related to EG-1962.
|
b
|
To reflect accrued liabilities that are assumed by PDS for severance and change in control obligations as of December 31, 2018.
|
c
|
To reflect additional liabilities for severance and change in control obligations through transaction closing.
|
d |
Represents the elimination of the historical equity of Edge and recording the preliminary estimated purchase price and the bargain purchase gain.
|
e |
To record the preliminary estimated purchase price as at December 31, 2018.
|
f |
To record the preliminary bargain purchase gain as at December 31, 2018.
|
g |
Represents the payments of severance and change in control obligations through closing of the transaction.
|
h |
Represents conversion of promissory note upon closing of transaction.
|
i |
To reclassify applicable ongoing restructuring expenses into general and administrative expense going forward and to eliminate costs previously incurred by
the Company relating to the transaction.
|
j |
Reflects the increase in the weighted average shares in connections with the issuance of common shares to finance the transaction. The table presents these
pro forma share adjustments as follows:
|
For the Year Ended
December 30, 2018 |
||||
Weighted average shares outstanding
|
1,562,109
|
|||
Issuance of additional shares to finance the transaction
|
3,733,365
|
|||
Pro forma combined weighted average shares outstanding
|
5,295,474
|