Evoke Pharma Inc. (NASDAQ:EVOK), a pharmaceutical company, has entered into a material definitive agreement amending the terms of its outstanding warrants, according to a recent 8-K filing with the SEC. The amendment affects Series A, B, and C Warrants to purchase shares of common stock.
Under the terms of the amendment, if a holder exercises their Series B Warrants before 5:00 p.m. Eastern time on June 21, 2024, their corresponding Series C Warrants will become exercisable for a number of shares of common stock. This number will be the lesser of three times the number of shares exercised under the Series B Warrants or the total number remaining under the Series C Warrants. Post the amendment exercise deadline, any remaining Series B Warrants exercised will result in Series C Warrants vesting on a one-for-one basis.
Additionally, holders may now choose to receive pre-funded warrants instead of common stock upon exercising Series A, B, or C Warrants. These pre-funded warrants come with an exercise price of $0.6799 per warrant share, and a nominal exercise price of $0.0001 per share for each pre-funded warrant.
The amendment does not alter the number of shares underlying each series of warrants. The form of the pre-funded warrant and its terms were detailed in a previous SEC filing on February 9, 2024.
Evoke Pharma has made the same amendment available to all other warrant holders. The information is based on a press release statement filed with the SEC.
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