Company: SPRB
Filing Date: 2025-10-29
Form Type: S-3
Source: 0001193125-25-256668
Chunk: 6

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-10-29
Form: S-3
Chunk 6
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 its affiliates, would beneficially own in excess of a specified initial percentage (4.99% or at such holder’s election, 9.99%) of the number of shares of common stock outstanding immediately after giving effect to such exercise, or the Beneficial Ownership Limitation;provided, however, that each holder may increase or decrease the Beneficial Ownership Limitation by giving 60 days’ notice to us, but not to any percentage in excess of 19.99%.

The Shares were not initially registered under the Securities Act of 1933, as amended, or the Securities Act. Based in part upon the representations of the Purchasers in the Purchase Agreement, we relied on the exemption afforded by Regulation D promulgated under the Securities Act, and corresponding provisions of state securities or “blue sky” laws. Each of the Purchasers represented in the Purchase Agreement that it was an “accredited investor” as that term is defined in Rule 501(a) of Regulation D or a “qualified institutional buyer” as that term is defined in Rule 144(a)(1) under the Securities Act and for its own account and not with a present view toward the public sale or distribution thereof, and appropriate legends were affixed to the securities. The sale of the securities did not involve a public offering and was made without general solicitation or general advertising.

Under the terms of the Purchase Agreement, we agreed to prepare and file, within 20 days after the Closing Date, or the Filing Deadline, a registration statement with the SEC to register for resale the Shares, and to cause the applicable registration statement to become effective within a specified period after the Filing Deadline, or the Effectiveness Deadline. We also agreed to use our best efforts to keep such registration statement effective until the

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earlier of (i) the third anniversary of the Closing Date or (ii) the date all Shares held by or issuable to a Holder, as defined in the Purchase Agreement, may be sold under Rule 144 without being subject to any volume, manner of sale or publicly available information requirements.

In the event the registration statement (i) has not been filed by the Filing Deadline, (ii) has not been declared effective by the SEC by the Effectiveness Deadline or (iii) after such registration statement has been declared effective, is suspended by us or ceases to remain continuously effective as to all securities for which it is required to be effective, with each such event in clauses (i), (ii) and