Company: PTPI
Filing Date: 2025-02-13
Form Type: S-1/A
Source: 0001410578-25-000122
Chunk: 109

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-02-13
Form: S-1/A
Chunk 109
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, including any voting rights, dividends or other rights as a stockholder of us, until the holder exercises the Pre-Funded Warrant.

Waivers and Amendments

The Pre-Funded Warrants may be modified or amended, or the provisions thereof waived with the written consent of us and the respective holder.

Series B Convertible Preferred Stock

General

Our Board of Directors is authorized to issue up to 50,000,000 shares of preferred stock in one or more series without stockholder approval. Our Board of Directors may determine the designations, powers, preferences and the relative, participating, optional or other special rights, and any qualification, limitations and restrictions, of each series of preferred stock. As of February 6, 2025, 15,000 shares of preferred stock as Series A Convertible Preferred Stock and 567.85 shares of Series A Preferred Stock are outstanding.

Our Board of Directors has designated 1,000,000 shares of preferred stock as Series B Convertible Preferred Stock, which we refer to herein as the Series B Preferred Stock.

Rank

The Series B Preferred Stock ranks (1) on parity with common stock on an “as converted” basis, (2) senior to any series of our capital stock hereafter created specifically ranking by its terms junior to the Series C Preferred Stock, (3) on parity with any series of our capital stock hereafter created specifically ranking by its terms on parity with the Series B Preferred Stock, and (4) junior to any series of our capital stock hereafter created specifically ranking by its terms senior to the Series B Preferred Stock in each case, as to dividends or distributions of assets upon our liquidation, dissolution or winding up whether voluntary or involuntary.

Conversion

We do not currently have a sufficient number of authorized shares of Common Stock to cover the shares issuable upon the conversion of Series B Preferred Stock. As a result, before any shares of Series B Preferred Stock can become convertible, we need to receive stockholder approval of the Charter Amendment to sufficiently increase our authorized shares of Common Stock to cover the conversion of all outstanding shares of Series B Preferred Stock into Common Stock. We have agreed in the securities purchase agreement in connection with this offering to use our reasonable best efforts to obtain such approval within 60 days from the closing of this offering, and the Company agreed to cause an additional stockholder meeting to be held every ninety days thereafter until (i) such Stockholder Approval is obtained, or (ii) December 31, 2025, whichever is sooner. We cannot