Common Stock issuable upon exercise of outstanding warrants, with a weighted average exercise price of $9.74$3.10 per share;
712,519share, (vi) 718,495 shares of Common Stock issuable upon conversion of 662.25631.337 shares of Series B Convertible Preferred Stock (the “Series B Preferred Stock”), including in respect of accrued and unpaid dividends of approximately $387,000$0.671 million through November 5, 2021July 15, 2022 at a conversion price of $7.70 per share;share, and
either (x) if the holders of Series B Preferred Stock elect to exchange into our registered direct and private placement offering from January 2021, (vii) up to 731,5161,396,614 additional shares of Common Stock issuable upon conversionissued pursuant to an exchange right in excess of amounts currently underlying Series C ConvertibleB Preferred Stock (the “Series C Preferred Stock”) and up to 731,516 shares of Common Stock issuable upon exercise of warrants or (y) if the holders of Series B Preferred Stock elect to exchange into our sale of shares of Common Stock at $3.40$2.6157 per share under our At The Market Offering Agreement, dated May 26, 2021 (the “ATM Agreement”), (such(viii) 1,000,000 shares of Common Stock issuable upon conversion of Series D Preferred Stock, and (ix) 1,000,000 shares of Common Stock issuable upon conversion of Series E Preferred Stock.
(3)
| The price per share indicated reflects solely the application of the applicable reverse split ratio to the closing price of the Common Stock on July 15, 2022. |
After the effective date of the Reverse Split, our Common Stock would have a new committee on uniform securities identification procedures (CUSIP) number, a number used to identify our Common Stock.
Our Common Stock is currently registered under Section 12(b) of the Exchange Act, and we are subject to the periodic reporting and other requirements of the Exchange Act. The proposed Reverse Split will not affect the registration of our Common Stock under the Exchange Act. Our Common Stock would continue to be reported on Nasdaq under the symbol “FWBI”, assuming that we are able to regain compliance with the minimum bid price beingrequirement, although it is likely that Nasdaq would add the lowest priceletter “D” to the end of the trading symbol for a period of twenty trading days after the effective date of the Reverse Split to indicate that the Reverse Split had occurred.
Effect on Outstanding Derivative Securities
The Reverse Split will require that proportionate adjustments be made to the conversion rate, the per share soldexercise price and the number of shares issuable upon the exercise or conversion of the following outstanding derivative securities issued by us, in accordance with the Approved Split Ratio (all figures are as of July 15, 2022 and are on a pre-Reverse Split basis), including:
160,311 shares of Common Stock issuable upon the exercise of stock options, at a weighted average exercise price of $13.42 per share under our 2014 Plan;
38,700 shares of granted, but unissued restricted stock and restricted stock units under our 2014 Plan;
14,717,767 shares of Common Stock issuable upon exercise of outstanding warrants, with a weighted average exercise price of $3.10 per share;
708,824 shares of Common Stock issuable upon the ATM Agreement to date, exercise of stock options, at a weighted average exercise price of $2.83 per share under our 2020 Plan;
1,405,536 shares of Common Stock that are available for future issuance under our 2020 Plan;
718,495 shares of Common Stock issuable upon conversion of Series B Preferred Stock, including in respect of accrued and unpaid dividends of approximately $0.671 million through July 15, 2022;
up to 1,613,6901,396,614 additional shares of Common Stock in each case that may be issued pursuant to an exchange right in excess of amounts currently underlying Series B Preferred Stock.
Until we have obtained approvalStock if the holders of this Proposal No. 2, the limited numberSeries B Preferred Stock elect to exchange into our sale of remaining available shares of Common Stock at $2.6157 per share under the ATM Agreement.
1,000,000 shares of Common Stock issuable upon conversion of Series D Preferred Stock; and
1,000,000 shares of Common Stock issuable upon conversion of Series E Preferred Stock.
The adjustments to the above securities, as required by the Reverse Split and in accordance with the Approved Split Ratio, would result in approximately the same aggregate price being required to be paid under such securities upon exercise, and approximately the same value of shares of Common Stock being delivered upon such exercise or conversion, immediately following the Reverse Split as was the case immediately preceding the Reverse Split.
Effect on Equity Incentive Plans
As of July 15, 2022, we had 160,311 shares of Common Stock reserved for issuance pursuant to the exercise of outstanding options issued under our 2014 Plan. Further, as of July 15, 2022, we had 708,824 shares of Common Stock reserved for issuance pursuant to the exercise of outstanding options issued under our 2020 Plan, as well as 1,405,536 shares of Common Stock available for issuance under the 2020 Plan. Pursuant to the terms of the 2014 Plan and the 2020 Plan, the Board, or a designated committee thereof, as applicable, will make it difficult or impossible for us to raiseadjust the necessary capital needed to accomplish our goals,number of shares of Common Stock underlying outstanding awards, the exercise price per share of outstanding stock options and suggest and/or respond to capital financing proposals with potential investors. We will require substantial additionalother