Citius Pharma Enters Material Definitive Agreement
Ticker: CTXR · Form: 8-K · Filed: Sep 27, 2024 · CIK: 1506251
Sentiment: neutral
Topics: material-agreement
TL;DR
Citius Pharma just signed a big deal, details TBD.
AI Summary
Citius Pharmaceuticals, Inc. announced on September 25, 2024, that it entered into a material definitive agreement. The filing does not disclose specific details of the agreement, such as the counterparty or financial terms, but indicates it is a significant event for the company.
Why It Matters
This filing signals a significant development for Citius Pharmaceuticals, potentially impacting its future operations, partnerships, or financial standing.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing creates uncertainty about the nature and implications of the agreement.
Key Players & Entities
- Citius Pharmaceuticals, Inc. (company) — Registrant
- September 25, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Citius Pharmaceuticals?
The filing does not specify the nature of the agreement, only that a material definitive agreement was entered into on September 25, 2024.
Who is the counterparty to this material definitive agreement?
The filing does not disclose the identity of the other party involved in the agreement.
Are there any financial terms associated with this agreement disclosed in the filing?
No specific financial terms or amounts related to the agreement are mentioned in this 8-K filing.
What is the significance of this agreement for Citius Pharmaceuticals?
The filing states it is a 'material definitive agreement,' implying it is significant, but the specific impact is not detailed.
When was this material definitive agreement officially entered into?
The agreement was entered into on September 25, 2024, which is the date of the earliest event reported.
Filing Stats: 816 words · 3 min read · ~3 pages · Grade level 11.3 · Accepted 2024-09-27 17:25:08
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value CTXR Nasdaq Capital Marke
- $0.77 — ue per share, with an exercise price of $0.77 per share of common stock (the "Investo
- $1.11875 — ,358 warrants with an exercise price of $1.11875 per share (the "Underwriter Warrants" a
- $2.4 million — the Company would receive approximately $2.4 million in cash proceeds. Except as set forth
Filing Documents
- ea0215927-8k_citiuspharma.htm (8-K) — 26KB
- 0001213900-24-082809.txt ( ) — 196KB
- ctxr-20240925.xsd (EX-101.SCH) — 3KB
- ctxr-20240925_lab.xml (EX-101.LAB) — 33KB
- ctxr-20240925_pre.xml (EX-101.PRE) — 22KB
- ea0215927-8k_citiuspharma_htm.xml (XML) — 4KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. Employment Agreement Extension As previously reported, effective May 1, 2022, the Board of Directors of the Citius Pharmaceuticals, Inc. (the "Company") appointed Myron Holubiak as Executive Vice Chairman with responsibility for building the Company's commercial team and guiding the anticipated product launches of the Company's first commercial products. In connection with Mr. Holubiak's appointment, the Company entered into an amended and restated employment agreement with Mr. Holubiak (the "Employment Agreement"). The term of the Employment Agreement was set to expire on October 31, 2024. On September 25, 2024, the Company extended the term of the Employment Agreement by another year to October 31, 2025. Other than the extension of the term of Employment Agreement, all other terms of the Employment Agreement remain the same and are summarized in the Company's Current Report on Form 8-K that was filed on April 13, 2022, and the full text of the Employment Agreement can be found as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed on May 12, 2022. Warrant Extension On September 25, 2024, the Board of Directors of the Company approved an extension by one year to September 27, 2025, for warrants to purchase an aggregate of 2,793,297 shares of common stock, $0.001 par value per share, with an exercise price of $0.77 per share of common stock (the "Investor Warrants"). The Investor Warrants are held by Leonard Mazur, the Company's Chief Executive Officer and Chairman of the Board of Directors, and Myron Holubiak, the Company's Executive Vice President and a member of the Board of Directors, and were originally issued in September 2019 in an underwritten at-the-market offering conducted by H. C. Wainwright & Co., LLC ("Wainwright"). Mr. Mazur and Mr. Holubiak participated in the offering on the same basis as all other investors. Additionally, 194,358 warra