Company: INDP
Filing Date: 2025-02-12
Form Type: S-1
Source: 0001493152-25-006068
Chunk: 163

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-02-12
Form: S-1
Chunk 163
---
 Lincoln Park 142,450 shares of common stock, as the   
 initial commitment shares, and (ii) will issue additional commitment shares, of common stock equal to $125,000 divided by the        
 arithmetic average of the ten (10) Nasdaq Official Closing Prices (as defined in the Purchase Agreement) for the common stock        
 immediately preceding the date that the Company has sold over $10,000,000 of shares to Lincoln Park, (to be appropriately adjusted   
 for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction) provided 
 that the additional commitment shares number shall be no greater than 76,220. On December 23, 2022, the Company filed a Form S-1     
 covering the resale of up to 4,000,000 shares of common stock comprised of (i) 142,450 initial commitment shares, (ii) up to a       
 maximum of 76,220 additional commitment shares, and (iii) up to 3,781,330 shares of common stock reserved for issuance and sale to   
 Lincoln Park under the Purchase Agreement. The Form S-1 was declared effective on December 30, 2022.                                 |

NOTE 8: COMMITMENTS AND CONTINGENCIES

Litigation

On July 13, 2022, LTS Lohmann Therapie Systeme AG (“LTS”) filed a Request for Arbitration with the International Chamber of Commerce (“Request”), naming as respondent the Company’s subsidiary, Intec Pharma. The Request alleges that LTS is entitled to payment of Euro 2million under a process development agreement (“PDA”) following discontinuation of the former Accordion Pill business. Intec Israel had previously accrued this amount along with other related costs. In 2022, Intec Israel paid approximately Euro 1million (approximately $ 1million USD) towards the alleged obligation.

On February 7, 2023, Intec Israel settled the dispute with LTS by paying Euro 800,000(approximately $ 860,000). As the settlement amount was less than the amount accrued, the Company also recognized other income of approximately Euro 345,000(approximately $ 365,000) during the year ended December 31, 2022.

From time to time, the Company could become involved in additional disputes and various litigation matters that arise in the normal course of business. These may include disputes and lawsuits related to intellectual property, licensing, contract law and employee relations