Company: XAIR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001493152-25-021561
Chunk: 66

Company: Beyond Air, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 66
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 the parties entered into a
waiver agreement pursuant to which the Lender consented to the Company’s issuance of the Note in exchange for reducing the exercise
price of the 2024 Debt Warrants from $7.59 per share to $1.95 per share. 

On
February 10, 2025, we entered into the At-The Market Offering Sales Agreement with BTIG, Inc. (the “2025 ATM”). Under the
2025 ATM, we may sell shares of our common stock having aggregate sales proceeds of up to $35.0 million, from time to time and at various
prices. Pursuant to the “baby shelf 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 2025 ATM, in any twelve-month period is limited to an aggregate amount that does not exceed one-third of our
public float. As of September 30, 2025, due to the SEC’s “baby shelf rules,” we are permitted to sell up to $0 million
of shares of common stock pursuant to the 2025 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. If shares of our common stock are sold, there is a 2.5% fee paid
to the sales agent.

On September
8, 2025, we entered into an inducement offer letter agreement (“Inducement Letter”) with certain holders of our existing
common stock purchase warrants (“Existing Warrants”). Pursuant to the Inducement Letter, such holders immediately exercised
some or all of their respective outstanding Existing Warrants to purchase up to an aggregate of 1,439,128 shares of common stock at a
reduced exercise price of $2.21. The proceeds to the Company from the exercise of the Existing Warrants were approximately $2.9 million,
net of placement agent fees and other offering expenses of $0.2 million and $0.1 million,
respectively. In consideration of the inducement offer, the Company issued new common stock warrants to purchase up to 719,562 shares
of common stock for a purchase price of $0.125 per share of common stock underlying the new warrant.