Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 2031

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 7A
Chunk 2031
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, an aggregate of (i) 9,638,556
shares of common stock and (ii) 9,638,556 common stock purchase warrants to purchase up to 9,638,556 shares of common stock for gross
proceeds of $16 million (which includes $1.2 million from related parties). Members of the Board of Directors and certain executives of
the Company are considered related parties to this offering. These warrants contain a call provision which can be exercised if the Company
reports $4.5 million of net sales in the quarter ending March 31, 2025. The combined offering price per share and accompanying common
stock warrant is $1.66. Subject to certain ownership limitations, each common stock warrant is immediately exercisable upon issuance at
an exercise price of $2.25 per share and expires three years from the date of issuance. The offering closed on March 22, 2024. The Company
received net proceeds of $14.6 million after deductions for placement agent commissions and other offering costs of $1.1 million and $0.3
million, respectively.

On March 20, 2024, the Company also entered into a
placement agency agreement (the “Placement Agency Agreement”) with Roth Capital Partners, LLC and Laidlaw & Company (UK)
Ltd. (the “Co-Placement Agents”) as the co-placement agents in connection with the March 20, 2024 offering. Pursuant to the
terms of the Placement Agency Agreement, the Co-Placement Agents agreed to use their reasonable best efforts to arrange for the sale of
the securities in the offering. As compensation to the Co-Placement Agents, the Company paid the Co-Placement Agents a cash fee of 7%
of the aggregate gross proceeds raised in the offering and the reimbursement of certain expenses and legal fees.

On November 22, 2024, the stockholders of the Company
voted to, among other things, approve the Company’s Second Amendment to the Amended and Restated Certificate of Incorporation to
increase the number of authorized shares of the Company’s common stock from 100,000,000 to 500,000,000 (the “Certificate of
Amendment”). The additional common stock authorized by the Certificate of Amendment has rights identical to the Company’s
currently outstanding common stock. The Company filed the Certificate of Amendment, which was effective upon filing, with the Secretary
of State of the State of Delaware on November 25, 202