UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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:
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Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.02. Unregistered Sales of Equity Securities.
As previously disclosed, on August 1, 2022, Nocopi Technologies, Inc. (the “Company”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with two investors for the sale of 2.5 million shares of the Company’s post-reverse-split common stock for gross proceeds of $3.5 million. On September 13, 2022, the sale pursuant to the Purchase Agreement closed. No placement fees or commissions were paid in connection with this transaction.
The shares of common stock issued pursuant to the Purchase Agreement were issued in reliance on the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended, and by Rule 506 of Regulation D promulgated thereunder as a transaction by an issuer not involving any public offering.
Item. 8.01. Other Events.
On September 14, 2022, the Company issued a press release announcing that it closed on the sale pursuant to the Purchase Agreement. A copy of such press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description of Exhibit | |
4.1* | Registration Rights Agreement – Dated August 1, 2022 | |
10.1* | Stock Purchase Agreement - Dated August 1, 2022 | |
99.1 | Press Release – Dated September 14, 2022 | |
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) |
*Incorporated by reference to the Company’s Form 8-K filed on August 5, 2022
SIGNATURES
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.
NOCOPI TECHNOLOGIES, INC. | ||
Dated: September 14, 2022 | By: | /s/ Rudolph A. Lutterschmidt |
Rudolph A. Lutterschmidt | ||
Vice-President and Chief Financial Officer |
EXHIBIT 99.1
Nocopi Closes Private Placement, Increases Cash Position
King of Prussia, PA, September 14, 2022 - Nocopi Technologies, Inc. (OTC Pink: “NNUP” or “NNUPD”), a developer of specialty reactive inks, announced today that it closed its previously announced purchase agreement with two investors for the sale of 2.5 million shares of post-reverse-split common stock for gross proceeds of $3.5 million to be used as working capital and for growth opportunities and general corporate purposes.
The purchase agreement was entered into on August 1, 2022, and Nocopi did not incur any placement fees or commissions in connection with this transaction. Following this transaction and the one-for-ten (1:10) reverse stock split of the Company’s common stock effective September 2, 2022, Nocopi now has approximately 9,249,505 common shares outstanding. Nocopi’s common stock currently trades with a "D" added to the symbol or “NNUPD” to designate that it is trading on a post reverse stock split basis. Nocopi common stock will resume trading under its regular symbol "NNUP" on October 3, 2022.
Chairman and CEO Michael Feinstein, commented, “We look forward to this next phase of growth at Nocopi. With an increased cash position, our debt free balance sheet, and our recently enhanced Board of Directors, Nocopi is in a strong position to pursue both organic and strategic growth opportunities. We continue to be grateful to our shareholders for their support.”
Nocopi filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission on September 14, 2022, which contains additional information relating to the purchase agreement and other related matters. The Current Report on Form 8-K is available at www.sec.gov.
About Nocopi Technologies (www.nocopi.com)
Nocopi develops and markets specialty reactive inks for unique, mess-free applications in the entertainment, toy and educational product markets. Nocopi also develops and markets document and product authentication technologies designed to combat fraudulent document reproduction, product counterfeiting and/or unauthorized product diversion. Nocopi derives revenue from technology licensing agreements as well as from the sale of its proprietary inks and other products to licensees and/or their licensed printers. Nocopi’s products and systems include trade secrets as well as patented technologies.
Safe Harbor for Forward-Looking Statements
This release may contain projections and other "forward-looking statements" relating to Nocopi’s business, that are often identified by the use of "believes," "expects" or similar expressions. Forward-looking statements involve a number of estimates, assumptions, risks and uncertainties that may cause actual results to differ materially from those anticipated. Forward-looking statements may address uncertainties regarding customer preferences or demand for products incorporating Nocopi technology that underlie the company’s revenue expectations, the company’s ability to develop new products and new product applications, the financial condition of customers and the timeliness of their payments, the impact of fluctuations in currencies, global trade and shipping markets, etc. Actual results could differ from those projected due to numerous factors and uncertainties, and Nocopi can give no assurance that such statements will prove to be correct nor that Nocopi’s actual results of operations, financial condition and performance will not differ materially from those reflected or implied by its forward-looking statements. Investors should refer to the risk factors outlined in Nocopi’s Form 10-K and other SEC reports available at www.sec.gov. Forward-looking statements are made as of the date of this news release; Nocopi assumes no obligation to update these statements.
Twitter – Investors: @NNUP_IR
Investor & Media Contacts
Chris Eddy or David Collins
Catalyst IR
212-924-9800
Cover |
Sep. 13, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Sep. 13, 2022 |
Entity File Number | 000-20333 |
Entity Registrant Name | NOCOPI TECHNOLOGIES, INC. |
Entity Central Index Key | 0000888981 |
Entity Tax Identification Number | 87-0406496 |
Entity Incorporation, State or Country Code | MD |
Entity Address, Address Line One | 480 Shoemaker Road |
Entity Address, Address Line Two | Suite 104 |
Entity Address, City or Town | King of Prussia |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 19406 |
City Area Code | (610) |
Local Phone Number | 834-9600 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
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