EXHIBIT
4.6


 


SOLIGENIX,
INC.


DESCRIPTION
OF SECURITIES


 


The
following description of the terms of our securities is not complete and is qualified in its entirety by reference to our Certificate
of Incorporation, as amended (the “Certificate of Incorporation”), and our Bylaws, as amended (the “Bylaws”),
both of which are filed as exhibits to our Annual Reports on Form 10-K.


 


Under
our Certificate of Incorporation and Bylaws, we are authorized capital to issue 75,350,000 shares of capital stock, consisting
of 75,000,000 shares of common stock, par value $0.001 per share, 230,000 shares of undesignated preferred stock (none of which
are currently outstanding), 10,000 shares of Series B Convertible Preferred Stock, par value $0.05 per share (none of which are
currently outstanding), 10,000 shares of Series C Convertible Preferred Stock, par value $0.05 per share (none of which are currently
outstanding), and 100,000 shares of Series A Junior Participating Preferred Stock, par value $0.001 per share.


 


Our
common stock is listed on The Nasdaq Capital Market under the symbol “SNGX.” Our common stock warrants issued in December
2016 are listed on The Nasdaq Capital Market under the symbol “SNGXW”. All outstanding shares of common stock are
validly issued, fully paid, and nonassessable.


 


Common
Stock


 


Voting
Rights


 


Holders
of our common stock are entitled to one vote for each share held in the election of directors and in all other matters to be voted
on by the stockholders. There is no cumulative voting in the election of directors. The affirmative vote of the holders of a plurality
of the shares of common stock represented at an annual meeting is required to elect each director.


 


Dividends
and Liquidation Rights


 


Holders
of common stock are entitled to receive dividends as may be declared from time to time by our board of directors out of funds
legally available therefor. In the event of liquidation, dissolution or winding up of the corporation, holders of common stock
are to share in all assets remaining after the payment of liabilities.


 


Conversion,
Redemption and Other Rights


 


Holders
of common stock have no pre-emptive or conversion rights and are not subject to further calls or assessments. There are no redemption
or sinking fund provisions applicable to the common stock. The rights of the holders of the common stock are subject to any rights
that may be fixed for holders of preferred stock.


 


Preferred
Stock


 


Our
Certificate of Incorporation authorizes the issuance of 230,000 shares of undesignated preferred stock, 10,000 shares of Series
B Convertible Preferred Stock, par value $0.05 per share (“Series B Preferred Stock”), 10,000 shares of Series C Convertible
Preferred Stock, par value $0.05 per share (“Series C Preferred Stock”), and 100,000 shares of Series A Junior Participating
Preferred Stock, par value $0.001 per share (“Junior Preferred Stock”). Our board of directors is empowered, without
stockholder approval, to designate and issue additional series of preferred stock with dividend, liquidation, conversion, voting
or other rights, including the right to issue convertible securities with no limitations on conversion, which could adversely
affect the voting power or other rights of the holders of our common stock, substantially dilute a common stockholder’s
interest and depress the price of our common stock.


 


No
shares of the Series B Preferred Stock, the Series C Preferred Stock or the Junior Preferred Stock are outstanding. Due to the
terms of the Series C Preferred Stock, no additional shares of Series C Preferred Stock can be issued.


 




     


     


    


  


Series
B Preferred Stock


 


Our
Certificate of Incorporation authorizes the issuance of 10,000 shares of Series B Preferred Stock, none of which are outstanding
and 6,411 of which have been converted to common stock and therefore are not reissuable.


 


Voting
Rights


 


Each
holder of Series B Preferred Stock is entitled to the number of votes equal to the number of whole shares of common stock into
which the shares of Series Preferred Stock held by such holder is then convertible (as adjusted from time to time pursuant to
our Certificate of Incorporation) with respect to any and all matters presented to the stockholders for their action or consideration.
Except as provided by law, holders of Series B Preferred Stock vote together with the holders of common stock as a single class.


 


Dividends
and Liquidation Rights


 


The
holders of the Series B Preferred Stock are entitled to a dividend of 8% per annum, payable annually in shares of Series B Preferred
Stock. In addition, when and if our board of directors shall declare a dividend payable with respect to the then outstanding shares
of common stock, the holders of the Series B Preferred Stock are entitled to the amount of dividends per share as would be payable
on the largest number of whole shares of common stock into which each share of Series B Preferred Stock could then be converted.


 


In
the event of liquidation, dissolution or winding up of the company, the holders of Series B Preferred Stock then outstanding will
be entitled to be paid an amount equal to $1,000 per share (subject to adjustment in the event of any stock dividend, stock split,
combination or other similar recapitalization affecting such shares pursuant to our Certificate of Incorporation), plus any dividends
declared but unpaid thereon before any payment is made to the holders of common stock, Junior Preferred Stock or any other class
or series of stock ranking on liquidation junior to the Series B Preferred Stock. After the holders of the Series B Preferred
Stock have been paid in full, the remaining assets of the company will be distributed to the holders of Junior Preferred Stock
and common stock, subject to the preferences of the Junior Preferred Stock.


 


Conversion,
Redemption and Other Rights 


 


Each
share of Series B Preferred Stock is convertible into 1.333 shares of common stock. The conversion ratio is subject to an adjustment
upon the issuance of additional shares of common stock for a price below the closing price of the common stock and equitable adjustment
for stock splits, dividends, combinations, reorganizations and similar events.


 


Subject
to certain conditions, after the second anniversary of the issuance of the Series B Preferred Stock, the Company will have the
right, but not the obligation, to redeem the then-outstanding shares of Series B Preferred Stock for cash in an amount calculated
pursuant to the terms of our Certificate of Incorporation.


 


Junior
Preferred Stock


 


Voting
Rights


 


The
holders of the Junior Preferred Stock will have 10,000 votes per share of Junior Preferred Stock on all matters submitted to a
vote of our stockholders, including the election of directors.


 






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Dividends
and Liquidation Rights


 


If
our board of directors declares or pays dividends on common stock, the holders of the Junior Preferred Stock would be entitled
to receive a per share dividend payment of 10,000 times the dividend declared per share of common stock. In the event we make
a distribution on the common stock, the holders of the Junior Preferred Stock will be entitled to a per share distribution, in
like kind, of 10,000 times such distribution made per share of common stock. In the event of any merger, consolidation or other
transaction in which shares of common stock are exchanged, each share of Junior Preferred Stock will be entitled to receive 10,000
times the amount received per share of common stock. These rights are protected by customary anti-dilution provisions.


 


Upon
any liquidation, dissolution or winding up, no distribution may be made to the holders of shares of stock ranking junior to the
Junior Preferred Stock unless the holders of the Junior Preferred Stock have received the greater of (i) $37.00 per one one-thousandth
share plus an amount equal to accrued and unpaid dividends and distributions thereon, and (ii) an amount equal to 10,000 times
the aggregate amount to be distributed per share to holders of common stock. Further, no distribution may be made to the holders
of stock ranking on a parity upon liquidation, dissolution or winding up with the Junior Preferred Stock, unless distributions
are made ratably on the Junior Preferred Stock and all other shares of such parity stock in proportion to the total amounts to
which the holders of the Junior Preferred Stock are entitled above and to which the holders of such parity shares are entitled.


 


Outstanding
Warrants


 


2016
Warrants


 


On
December 16, 2016, we consummated a public offering of an aggregate of 1,670,000 shares of common stock, together with warrants
to purchase up to 2,370,005 shares of common stock. In connection with the offering, we also issued the underwriter a warrant
to purchase up to 33,400 shares of common stock. We refer to the warrants issued to the investors and the underwriter in connection
with the offering as the “2016 Warrants.” The 2016 Warrants are listed on The Nasdaq Capital Market under the symbol
“SNGXW”.


 


As
of March 23, 2021, 2,403,392 shares of common stock remained issuable upon the exercise of the 2016 Warrants. The 2016 Warrants
expire in 2021.


 


As
of March 23, 2021, the exercise price of the 2016 Warrants was $3.95 per share. The exercise price and the number of shares of
common stock purchasable upon the exercise of each 2016 Warrant are subject to adjustment upon the happening of certain events,
such as stock dividends, distributions, and splits.


 


Other
Warrants


 


As
of March 23, 2021, 3,328,072 shares of common stock were issuable upon the exercise of warrants other than the 2016 Warrants.
Such warrants expire between 2022 and 2023. As of March 23, 2021, the weighted average exercise price of such warrants was $2.25
per share. The exercise price and the number of shares of common stock purchasable upon the exercise of each such warrant are
subject to adjustment upon the happening of certain events, such as stock dividends, distributions, and splits.


 


Anti-Takeover
Provisions


 


Provisions
in our Certificate of Incorporation and Bylaws may discourage certain types of transactions involving an actual or potential change
of control of our company which might be beneficial to us or our security holders.


 


As
noted above, our Certificate of Incorporation permits our board of directors to issue shares of any class or series of preferred
stock in the future without stockholder approval and upon such terms as our board of directors may determine. The rights of the
holders of common stock will be subject to, and may be adversely affected by, the rights of the holders of any class or series
of preferred stock that may be issued in the future.


 


Our
Bylaws generally provide that any board vacancy, including a vacancy resulting from an increase in the authorized number of directors,
may be filled by a majority of the directors, even if less than a quorum.


 






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Additionally,
our Bylaws provide that stockholders must provide timely notice in writing to bring business before an annual meeting of shareholders
or to nominate candidates for election as directors at an annual meeting of shareholders. Notice for an annual meeting is timely
if our Secretary receives the written notice not less than 45 days and no more than 75 days prior to the anniversary of the date
that we mailed proxy materials for the preceding year’s annual meeting. However, if the date of the annual meeting is advanced
more than thirty (30) days prior to, or delayed by more than thirty (30) days after, the anniversary of the preceding year’s
annual meeting, notice by the stockholder to be timely must be delivered not later than the close of business on the later of
(i) the 90th day prior to such annual meeting or (ii) the 10th day following the day on which public announcement
of the date of such annual meeting is first made. Our Bylaws also specify the form and content of a shareholder’s notice.
These provisions may prevent shareholders from bringing matters before an annual meeting of shareholders or from making nominations
for directors at an annual meeting of shareholders.


  


Delaware
Anti-Takeover Statute


 


We
are subject to the provisions of Section 203 of the Delaware General Corporation Law (the “DGCL”) regulating corporate
takeovers. In general, Section 203 prohibits a publicly held Delaware corporation from engaging, under certain circumstances,
in a business combination with an interested stockholder for a period of three years following the date the person became an interested
stockholder unless:


 


		●	prior
to the date of the transaction, our board of directors approved either the business combination or the transaction which resulted
in the stockholder becoming an interested stockholder;


 


		●	upon
completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, calculated as provided
under Section 203; or


 


		●	at
or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at
an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the
outstanding voting stock which is not owned by the interested stockholder.


 


Generally,
a business combination includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested
stockholder. An interested stockholder is a person who, together with affiliates and associates, owns or, within three years prior
to the determination of interested stockholder status, did own 15% or more of a corporation’s outstanding voting stock.
We expect the existence of this provision to have an anti-takeover effect with respect to transactions our board of directors
does not approve in advance. We also anticipate that Section 203 may also discourage attempts that might result in a premium over
the market price for the shares of common stock held by stockholders.


 


Forum
Selection Provisions 


 


As
permitted by the DGCL, our Bylaws require, to the fullest extent permitted by law, unless we consent in writing to the selection
of an alternative forum, that the Court of Chancery of the State of Delaware, shall be the sole and exclusive forum for (i) any
derivative action or proceeding brought on behalf of the company, (ii) any action asserting a claim for breach of a fiduciary
duty owed by any director, officer, other employee or stockholder of the company to the company or the our stockholders, (iii)
any action asserting a claim arising pursuant to any provision of the DGCL, our Certificate of Incorporation or our By-laws or
(iv) any action asserting a claim governed by the internal affairs doctrine.


 


Further,
our Bylaws provided that, unless we consent in writing to the selection of an alternative forum, the federal district courts of
the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution
of any complaint asserting a cause of action arising under the Securities Act.


 


Exclusions
or Limitations to Forum Selection Provisions


 


Section
27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created
by the Exchange Act or the rules and regulations thereunder. Accordingly, the exclusive forum provisions in our Bylaws do not
apply to claims arising under the Exchange Act. The forum selection provisions, however, are intended to apply to the fullest
extent permitted by law, including to actions or claims arising under the Securities Act. However, it is possible that a court
could find our forum selection provisions to be inapplicable or unenforceable with respect to actions or claims arising under
the Securities Act. Even if a court accepts that our forum selection provisions apply to actions or claims arising under the Securities
Act, our stockholders shall not be deemed to have waived compliance with the federal securities laws and the rules and regulations
thereunder.


 


Transfer
Agent


 


The
transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC. Its address is 6201 15th
Avenue, Brooklyn, NY 11219 and its telephone number is (718) 921-8200.


 


 


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