Item 1.01 Entry into a Material Definitive Agreement.
On December 12, 2018, Regulus Therapeutics Inc. (the “Company”) entered into a Common Stock Sales Agreement (the “Agreement”) with H.C. Wainwright & Co., LLC (“HCW”), pursuant to which the Company may sell and issue shares of its common stock (the “Shares”) from time to time through HCW, as the Company’s sales agent (the “ATM Offering”). The Company has no obligation to sell any of the Shares, and may at any time suspend offers under the Agreement or terminate the Agreement.
Sales of the Shares, if any, under the Agreement may be made in transactions that are deemed to be“at-the-market” equity offerings as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made by means of ordinary brokers’ transactions, including on The Nasdaq Stock Market. Subject to the terms and conditions of the Agreement, HCW will use its commercially reasonable efforts to sell the Shares from time to time based upon the Company’s instructions (including any price, time or size limits or other parameters or conditions the Company may impose). The Company will pay HCW a commission of 3.0% of the gross sales price of any Shares sold under the Agreement. The Company has also provided HCW with customary indemnification rights and has agreed to reimburse HCW for certain specified expenses.
The Shares will be offered and sold pursuant to the Company’s shelf registration statement on FormS-3 (File No. 333-222745). The Company filed a prospectus supplement, dated December 12, 2018, with the Securities and Exchange Commission relating to the offer by the Company of up to $20,000,000 of Shares in the ATM Offering.
Under the terms of the Agreement, the Company may also sell Shares to HCW as principal for its own account at a price agreed upon at the time of the sale.
The description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form8-K.
The legal opinion of Cooley LLP relating to the shares of common stock being offered pursuant to the Agreement is filed as Exhibit 5.1 to this Current Report on Form8-K.
This Current Report on Form8-K shall not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein, nor shall there be any offer, solicitation, or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Item 9.01 Financial Statements and Exhibits.
