Company: XAIR
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001493152-25-005678
Chunk: 30

Company: Beyond Air, Inc.
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 rules” promulgated by the SEC, if our 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 us under a Form S-3 registration statement, including pursuant to the 2022 ATM, in any twelve-month period is limited to an aggregate
amount that does not exceed one-third of our public float. As of December 31, 2024, due to the SEC’s “baby shelf rules,”
we were permitted to sell up to $9.6 million of shares of common stock pursuant to the 2022 ATM. We will remain subject to the “baby
shelf rules” under the Form S-3 registration statement until such time as our public float exceeds $75.0 million.

During
the nine months ended December 31, 2024, the Company received net proceeds of $0.6 million from the sale of 1,286,816 shares of common
stock through the 2022 ATM. During the nine months ended December 31, 2023, the Company received net proceeds of $12.0 million from the
sale of 4,350,138 shares of common stock.

On
September 26, 2024, the Company entered into the Securities Purchase Agreement II with certain institutional and accredited investors,
which included certain directors and officers of the Company, pursuant to which the Company sold, in a private placement offering, an
aggregate of (i) 24,999,999 shares of common stock (ii) 15,848,712 pre-funded stock purchase warrants, (the “Pre-funded Warrants”)
to purchase up to 15,848,712 shares of common stock and (iii) 40,848,711 stock purchase warrants (the “Common Warrants” and
together with the Pre-funded Warrants, the “Warrants”) to purchase up to 40,848,711 shares of common stock. Each common share
and accompanying Common Warrant were sold together at a combined offering price of $0.5043, and each Pre-Funded Warrant and accompanying
Common Warrant were sold together at a combined offering price of $0.5042 for gross proceeds of $20.6 million (which includes $2.0 million
from related parties). Members of the Board of Directors and certain executives of the Company are considered related parties to this
offering. The Pre-Funded Warrants have an exercise price