# EDGAR Filing Document

**Accession Number:** 0001604191
**File Stem:** 0001104659-23-004102
**Filing Date:** 2023-1
**Character Count:** 21269
**Document Hash:** 5b60fab369c043a1027fa6c98b983a4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-004102.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001104659-23-004102

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230113

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Wave BioPharma, Inc.
- **CENTRAL INDEX KEY:** 0001604191
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 464993860
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37853
- **FILM NUMBER:** 23530457

**BUSINESS ADDRESS:**
- **STREET 1:** 777 YAMATO ROAD
- **STREET 2:** SUITE 502
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33431
- **BUSINESS PHONE:** 561-589-7020

**MAIL ADDRESS:**
- **STREET 1:** 777 YAMATO ROAD
- **STREET 2:** SUITE 502
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33431

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AzurRx BioPharma, Inc.
- **DATE OF NAME CHANGE:** 20141103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BioPharma d'Azur, Inc.
- **DATE OF NAME CHANGE:** 20140331

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): January 13, 2023**

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| |
|:---|
| **First Wave BioPharma, Inc.** |
| **(Exact name of registrant as specified in its charter)** |

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| | | |
|:---|:---|:---|
| **Delaware** | **001-37853** | **46-4993860** |
| (State or other jurisdiction of<br> incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

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| | |
|:---|:---|
| **777 Yamato Road, Suite 502**<br> **Boca Raton, Florida** | **33431** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (561) 589-7020**

**<u>Not Applicable</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which<br> registered |
| Common Stock, par value $0.0001 per share | FWBI | Nasdaq Capital Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 3.03** | **Material Modification to Rights of Security Holders.** |

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To the extent required by Item 3.03 of Form 8-K, the information regarding the Reverse Stock Split (as defined below) contained in Item 5.03 of this Current Report on Form 8-K is incorporated by reference herein.

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| | |
|:---|:---|
| **Item 5.03** | **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.** |

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On January 13, 2023, First Wave BioPharma, Inc. (the "Company") held a special meeting of stockholders (the "Special Meeting"). At the Special Meeting, the Company's stockholders approved the Reverse Stock Split Proposal, as defined below, thereby granting the Company's Board of Directors (the "Board") the discretion to effect a reverse stock split of the Company's issued and outstanding common stock, par value $0.0001 (the "Common Stock"), through an amendment (the "Amendment") to its Amended and Restated Certificate of Incorporation, as amended to date (the "Charter"), at a ratio of not less than 1-for-3 and not more than 1-for-40, with such ratio to be determined by the Board.

On January 13, 2023, the Company filed the Amendment to its Charter with the Secretary of State of the State of Delaware to effect a reverse stock split of its Common Stock at a ratio of 1-to-7 (the "Reverse Stock Split"). The Reverse Stock Split will become effective in accordance with the terms of the Amendment at 12:01 AM Eastern Time on January 18, 2023 (the "Effective Time"). First Wave's Common Stock will continue to be traded on The Nasdaq Capital Market under the symbol FWBI and will begin trading on a split-adjusted basis when the market opens on Wednesday, January 18, 2023, under a new CUSIP number, 33749P309.

At the Effective Time, every 7 shares of the Company's issued and outstanding Common Stock will be converted automatically into one issued and outstanding share of Common Stock, with no corresponding reduction in the number of authorized shares of Common Stock, and without any change in the par value per share. Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-7 Reverse Stock Split. It is not necessary for stockholders holding shares of the Common Stock in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the Reverse Stock Split, although stockholders may do so if they wish.

The Reverse Stock Split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity, except to the extent that the Reverse Stock Split would result in a stockholder owning a fractional share. No fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment (without interest) equal to such fraction multiplied by the average of the closing sales prices of Common Stock on The Nasdaq Capital Market for the five consecutive trading days immediately preceding the effective date of the Reverse Stock Split (with such average closing sales prices being adjusted to give effect to the Reverse Stock Split). The Reverse Stock Split will reduce the number of shares of Common Stock outstanding from approximately 6,965,024 shares to approximately 995,003 shares. Proportional adjustments will be made to the number of shares of Common Stock issuable upon exercise or conversion of the Company's equity awards, convertible preferred stock and warrants, as well as the applicable exercise price. Stockholders with shares in brokerage accounts should direct any questions concerning the Reverse Stock Split to their broker; all other stockholders may direct questions to the Company's transfer agent, Colonial Stock Transfer, at 801-355-5740.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 3.1 to this Current Report on Form 8-K and incorporated by reference herein.

**Item 5.07 Submission of Matters to a Vote of Security Holders.**

On January 13, 2023, the Company held the Special Meeting. The matters voted on at the Special Meeting were: (1) the approval of the issuance of more than 20% of our Common Stock pursuant to the private placement and warrant amendment for purposes of Nasdaq Listing Rule 5635(d) (the "Private Placement Proposal"), (2) the adoption and approval of the Amendment to the Company's Charter to effect a reverse stock split of the Company's issued and outstanding shares of Common Stock, at a specific ratio, ranging from one-for-three (1:3) to one-for-forty (1:40), at any time prior to the one-year anniversary date of the Special Meeting with the exact ratio to be determined by the Board without further approval or authorization of the Company's stockholders (the "Reverse Stock Split Proposal") and (3) the approval of the adjournment of the Special Meeting to the extent there are insufficient votes at the Special Meeting to approve any one or more of the foregoing proposals (the "Adjournment Proposal").

At the Special Meeting, all of the matters voted on were approved, based upon an aggregate of 5,804,671 shares of Common Stock and 5,804.671 shares of the Company's Series F Preferred Stock outstanding as of December 8, 2022, which was the record date for the Special Meeting. The final voting results were as follows:

1. The Private Placement Proposal.

The votes were cast for this matter as follows:

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| | | | |
|:---|:---|:---|:---|
| **Votes For** | **Votes Against** | **Abstentions** | &nbsp;&nbsp;**Broker Non-Votes** |
| 528701 | 496698 | 52341 | &nbsp;&nbsp;1,262,765 |

---

2. The Reverse Stock Split Proposal.

The votes were cast for this matter as follows:

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| | | |
|:---|:---|:---|
| **Votes For** | **Votes Against** | **Abstentions** |
| 1625633905 | 574231665 | 142979935 |

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3. The Adjournment Proposal.

The votes were cast for this matter as follows:

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| | | |
|:---|:---|:---|
| **Votes For** | **Votes Against** | **Abstentions** |
| 1584130826 | 592147779 | 166566900 |

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

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On January 13, 2023, the Company issued a press release announcing the results of the Special Meeting, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) *Exhibits*.

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| | |
|:---|:---|
| Exhibit No. | Description |
| [3.1](tm233436d1_ex3-1.htm) | [Certificate of Amendment to the Amended and Restated Certificate of Incorporation, as amended, of First Wave BioPharma, Inc., dated January 13, 2023.](tm233436d1_ex3-1.htm) |
| [99.1](tm233436d1_ex99-1.htm) | [Press Release, dated January 13, 2023.](tm233436d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **First Wave BioPharma, Inc.** | **First Wave BioPharma, Inc.** |
| January 17, 2023 | By: | */s/ James Sapirstein* |
|  | Name: | James Sapirstein |
|  | Title: | Chief Executive Officer |

---

## Exhibit 3.1

**Exhibit 3.1**

**CERTIFICATE OF AMENDMENT TO THE**

**AMENDED AND RESTATED**

**CERTIFICATE OF INCORPORATION**

**OF**

**FIRST WAVE BIOPHARMA, INC.**

First Wave BioPharma, Inc. (the "Corporation"), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, does hereby certify as follows:

**FIRST**: That a resolution was duly adopted on November 25, 2022, by the Board of Directors of the Corporation pursuant to Section 242 of the General Corporation Law of the State of Delaware setting forth an amendment to the Certificate of Incorporation of the Corporation and declaring said amendment to be advisable. The stockholders of the Corporation duly approved said proposed amendment at a special meeting of stockholders held on January 13, 2023, in accordance with Section 242 of the General Corporation Law of the State of Delaware. The proposed amendment set forth as follows:

Article **FOURTH** of the Amended and Restated Certificate of Incorporation of the Corporation, as amended to date, be and hereby is further amended by replacing the second, third and fourth paragraphs of Article FOURTH with the following:

Upon effectiveness ("*Effective Time*") of this amendment to the Amended and Restated Certificate of Incorporation of the Corporation, a one-for-seven reverse stock split (the "*Reverse Split*") of the Corporation's Common Stock shall become effective, pursuant to which each seven (7) shares of Common Stock outstanding and held of record by each stockholder of the Corporation (including treasury shares) immediately prior to the Effective Time ("*Old Common Stock*") shall automatically, and without any action by the holder thereof, be reclassified and combined into one (1) validly issued, fully paid and non-assessable share of Common Stock ("*New Common Stock*"), subject to the treatment of fractional interests as described below and with no corresponding reduction in the number of authorized shares of our Common Stock. The Reverse Split shall also apply to any outstanding securities or rights convertible into, or exchangeable or exercisable for, Old Common Stock and all references to such Old Common Stock in agreements, arrangements, documents and plans relating thereto or any option or right to purchase or acquire shares of Old Common Stock shall be deemed to be references to the New Common Stock or options or rights to purchase or acquire shares of New Common Stock, as the case may be, after giving effect to the Reverse Split.

No fractional shares of Common Stock will be issued in connection with the reverse stock split. Stockholders of record who otherwise would be entitled to receive fractional shares, will be entitled to receive cash (without interest) in lieu of fractional shares, equal to such fraction multiplied by the average of the closing sales prices of our Common Stock on the exchange the Corporation is currently trading during regular trading hours for the five consecutive trading days immediately preceding the effective date of the Reverse Split (with such average closing sales prices being adjusted to give effect to the Reverse Split).

Each holder of record of a certificate or certificates for one or more shares of the Old Common Stock shall be entitled to receive as soon as practicable, upon surrender of such certificate, a certificate or certificates representing the largest whole number of shares of New Common Stock to which such holder shall be entitled pursuant to the provisions of the immediately preceding paragraphs. Each stock certificate that, immediately prior to the Effective Time, represented shares of Old Common Stock that were issued and outstanding immediately prior to the Effective Time shall, from and after the Effective Time, automatically and without the necessity of presenting the same for exchange, represent that number of whole shares of New Common Stock after the Effective Time into which the shares formerly represented by such certificate have been reclassified (as well as the right to receive cash in lieu of fractional shares of New Common Stock after the Effective Time).

**SECOND**: That said amendment will have an Effective Time of 12:01 A.M., Eastern Time, on January 18, 2023.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed by its President and Chief Executive Officer this 13<sup>th</sup> day of January, 2023.

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| |
|:---|
| */s/ James Sapirstein* |
| James Sapirstein<br>*President and Chief Executive Officer* |

---

**\**

## Exhibit 99.1

**Exhibit 99.1**

**First Wave BioPharma Announces Results of Special Meeting of Stockholders**

 

**BOCA RATON, Fla. Jan. 13, 2023** -- First Wave BioPharma, Inc. (NASDAQ:FWBI) ("First Wave BioPharma" or the "Company"), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, today announced that the Company's stockholders have approved all proposals voted on at the Company's special meeting of stockholders (the "Special Meeting") held on January 13, 2023.

The first proposal was the approval the issuance of more than 20% of the Company's common stock pursuant to the private placement and warrant amendment agreement entered into by the Company on November 20, 2022. The second proposal was the adoption and approval of an amendment to the Company's Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock split of the Company's issued and outstanding shares of common stock, at a specific ratio, ranging from one-for-three (1:3) to one-for-forty (1:40), at any time prior to the one-year anniversary date of the Special Meeting, with the exact ratio to be determined by the Company's board of directors without further approval or authorization of the stockholders. The third proposal was the approval of the adjournment of the Special Meeting to the extent there were insufficient proxies at the Special Meeting to approve any one or more of the foregoing proposals.

Final voting results from the Special Meeting will be included in a Form 8-K filed with the Securities and Exchange Commission.

**About First Wave BioPharma, Inc.**

First Wave BioPharma is a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases. The Company is currently advancing a therapeutic development pipeline with multiple clinical stage programs built around its two proprietary technologies – the biologic adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients, and niclosamide, an oral small molecule with anti-inflammatory properties. First Wave is advancing two Phase 2 clinical programs built around adrulipase for the treatment of exocrine pancreatic insufficiency (FW-EPI) in patients with cystic fibrosis (CF) and chronic pancreatitis (CP). In developing adrulipase, First Wave is seeking to provide CF and CP patients with a safe and effective therapy to control EPI that is non-animal derived and offers the potential to dramatically reduce their daily pill burden. The company is also advancing multiple programs involving niclosamide, including FW-UP for ulcerative proctitis and ulcerative proctosigmoiditis, FW-UC for ulcerative colitis, and FW-CD for Crohn's disease. First Wave BioPharma is headquartered in Boca Raton, Florida. For more information visit www.firstwavebio.com.

**Forward-Looking Statement**

*This press release may contain certain statements relating to future results which are forward-looking statements. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements, depending on factors including whether results obtained in preclinical and nonclinical studies and clinical trials will be indicative of results obtained in future clinical trials; whether preliminary or interim results from a clinical trial will be indicative of the final results of the trial; whether the contemplated offering will be successful and whether the Company will be able to regain and maintain compliance with Nasdaq's continued listing criteria; the size of the potential markets for the Company's drug candidates and its ability to service those markets; the effects of the First Wave Bio, Inc. acquisition, the related settlement and their effect on the Company's business, operating results and financial prospects; and the Company's current and future capital requirements and its ability to raise additional funds to satisfy its capital needs. Additional information concerning the Company and its business, including a discussion of factors that could materially affect the Company's financial results are contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, under the heading "Risk Factors," as well as the Company's subsequent filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.*

**For more information:**

First Wave BioPharma, Inc.

777 Yamato Road, Suite 502

Boca Raton, FL 33431

Phone: (561) 589-7020

info@firstwavebio.com

**Media contact:**

<u>Tiberend Strategic Advisors, Inc.</u>

David Schemelia

(609) 468-9325

<u>dschemelia@tiberend.com</u>

Bill Borden

(732) 910-1620

<u>bborden@tiberend.com</u>

**\**