Company: XAIR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001493152-25-021561
Chunk: 21

Company: Beyond Air, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 the Company entered into an At-The-Market Equity Offering Sales Agreement with BTIG, Inc. (the “2025 ATM”).
Under the 2025 ATM, the Company may sell shares of its common stock having aggregate sales proceeds of up to $35.0 million, from time
to time and at various prices. If shares of the Company’s common stock are sold, there is a 2.5% fee paid to the sales agent. Pursuant
to the “baby shelf rules” promulgated by the SEC, if the Company’s public float is less than $75.0 million as of specified
measurement periods, the number of shares of common stock that may be offered and sold by the Company under a Form S-3 registration statement,
including pursuant to the 2025 ATM, in any twelve-month period is limited to an aggregate amount that does not exceed one-third of the
Company’s public float. As of September 30, 2025, due to the SEC’s “baby shelf rules,” the Company is permitted
to sell up to $0 million of shares of common stock pursuant to the 2025 ATM. The Company will remain subject to the “baby shelf
rules” under the Form S-3 registration statement until such time as its public float exceeds $75.0 million.

During
the six months ended September 30, 2025, the Company received net proceeds of $8.1 million from the sale of 2,441,775 shares of common
stock through the 2025 ATM. During the six months ended September 30, 2024, the Company received net proceeds of $0.6 million from the
sale of 64,341 shares of common stock through the 2022 ATM.

Stock
Option Plans

The
Company’s Seventh Amended and Restated 2013 Beyond Air Equity Incentive Plan (the “2013 BA Plan”) allows for awards
to officers, directors, employees, and consultants of stock options, restricted stock units and restricted shares of the Company’s
common stock. On October 11, 2024, the Company’s Board of Directors (the “Board”) approved an amendment to the 2013
BA Plan to increase the number of shares in the 2013 BA Plan by 150,000 and to provide the Board the requested authority to (i) modify
the exercise or grant price of an option or stock appreciation right after it is granted, (ii) cancel an option or stock