# EDGAR Filing Document

**Accession Number:** 0001541157
**File Stem:** 0001641172-25-025104
**Filing Date:** 2025-8
**Character Count:** 18797
**Document Hash:** 482705a66b97a8b784ed83f2a5d80180
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-025104.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001641172-25-025104

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250815

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Akari Therapeutics Plc
- **CENTRAL INDEX KEY:** 0001541157
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 981034922
- **STATE OF INCORPORATION:** X0

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36288
- **FILM NUMBER:** 251241500

**BUSINESS ADDRESS:**
- **STREET 1:** 22 BOSTON WHARF ROAD
- **STREET 2:** FL 7
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** (646) 350-0702

**MAIL ADDRESS:**
- **STREET 1:** 22 BOSTON WHARF ROAD
- **STREET 2:** FL 7
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Celsus Therapeutics Plc.
- **DATE OF NAME CHANGE:** 20130621

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Morria Biopharmaceuticals PLC
- **DATE OF NAME CHANGE:** 20120201

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 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): August 15, 2025**

**Akari Therapeutics, Plc**

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| **England and Wales** | **001-36288** | **98-1034922** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

**22 Boston Wharf Road FL 7**

**Boston, MA 02210**

(Address, including zip code, of Principal Executive Offices)

**Registrant's telephone number, including area code: (929) 274-7510**

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 registered** |
| American Depositary Shares, each representing 2,000 Ordinary Shares | AKTX | The Nasdaq Capital Market |
| Ordinary Shares, par value $0.0001 per share\* |  |  |

---

\*Trading, but only in connection with the American Depositary Shares.

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. ☐

**Item 1.01. Entry into Material Definitive Agreement.**

*Unsecured Promissory Notes Offering*

 

As previously reported in the Company's Quarterly Report on Form 10-Q filed with the SEC on August 13, 2025, Akari Therapeutics, Plc. (the "Company") and certain investors, including the Company's directors (the "Note Investors") entered into note purchase agreements (the "Note Purchase Agreements") in a private placement offering (the "Offering"). Pursuant to the Note Purchase Agreement, the Note Investors agreed to purchase, and the Company agreed to issue unsecured promissory notes with a 20% original issuance discount (each a "Note" and together, the "Notes"). In connection with the issuance and sale of the Notes, the Company agreed to extend the expiration date of warrants held by certain Note Investors, previously issued in a private placement disclosed on the Company's Current Report on Form 8-K filed with the SEC on March 3, 2025 (the "Series A Warrants"), by 48 months from the original date of expiration (the "Warrant Amendment Agreements").

On August 15, 2025 and August 18, 2025 (the "Closing Dates"), the Company completed its first tranche of closings of the Offering and issued Notes with an aggregate purchase price of $2,261,000 and an aggregate principal amount of $2,826,250, inclusive of a note exchange with the Company's Chairman, Dr. Hoyoung Huh, as outlined below. The Notes have a maturity date occurring on the 12-month anniversary date of the respective Closing Dates at which time the principal amount is due and payable. On the Closing Dates, the Company also entered into the Warrant Amendment Agreements with certain Note Investors pursuant to which the Company agreed to extend the expiration date of Series A Warrants held by such Note Investors to purchase an aggregate of 1,973,211 American Depositary Shares, each representing 2,000 Ordinary Shares, of the Company.

Included in the first tranche of closings of the Offering and issued Notes with an aggregate purchase price of $2,261,000 and an aggregate principal amount of $2,826,250, as outlined above, Dr. Hoyoung Huh, the Company's Chairman, purchased a Note with a principal amount of $1,250,000 for a purchase price of $1,000,000, with the purchase price thereof to be satisfied through the payment of $162,567 in cash and the cancellation of $837,433 of outstanding principal and accrued interest under a senior secured promissory note previously issued to him by the Company's wholly owned subsidiary, Peak Bio Inc., in January 2024 (the "Peak Bio Note"). On August 7, 2025, the Company and Dr. Huh entered into a loan cancellation and exchange agreement (the "Loan Cancellation Agreement"), whereby the Company cancelled and extinguished the Peak Bio Note in satisfaction in part of the purchase price of the Note purchased by Dr. Huh on such date. The foregoing description of the Loan Cancellation Agreement is only a summary and is qualified in its entirety by reference to the full text of the Loan Cancellation Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

The Company agreed to pay a 5% advisory fee in cash on the total gross cash proceeds of approximately $1.4 million to Paulson Investment Company ("Paulson") in connection with the Notes issued and sold on the Closing Dates.

**Item 1.02 Termination of a Material Definitive Agreement.**

The description of the Peak Bio Note and Loan Cancellation Agreement described in Item 1.01 is hereby incorporated by reference in this Item 1.02.

**Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off Balance Sheet Arrangement of a Registrant.**

The description of the Notes issued and sold on the Closing Dates described in Item 1.01 is hereby incorporated by reference in this Item 2.03.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Loan Cancellation and Exchange Agreement, dated August 7, 2025, by and among Hoyoung Huh, Akari Therapeutics, Plc and Peak Bio Inc.](ex10-1.htm) |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Akari Therapeutics, Plc** | **Akari Therapeutics, Plc** |
| Date: August 21, 2025 | By: | */s/ Torsten Hombeck* |
|  |  | Torsten Hombeck |
|  |  | *Chief Financial Officer* |

---

## Exhibit 10.1

**Exhibit 10.1**

<u>LOAN CANCELLATION AND EXCHANGE AGREEMENT</u>

This LOAN CANCELLATION AND EXCHANGE AGREEMENT (this "***Agreement***") is entered into as of August 7, 2025 (the "***Effective Date***") by and among DR. HOYOUNG HUH, an individual ("***Dr. Huh***"), AKARI THERAPEUTICS, PLC, a public company limited by shares incorporated in England and Wales (the "***Company***"), and PEAK BIO INC, a Delaware corporation and wholly-owned subsidiary of the Company ("***Peak***").

**WHEREAS**, in January 2024, Peak received proceeds from a Senior Secured Promissory Note (as amended in April 2025, the "***2024 Founder Loan***") totaling $750,000 in aggregate principal amount from Dr. Huh, bearing interest at 15% per annum;

**WHEREAS**, in January 2024, Peak, certain of Peak's subsidiaries and Dr. Huh entered into that certain Security Agreement (the "***Security Agreement***");

**WHEREAS**, as of the Effective Date, the total outstanding balance due including principal and accrued interest under the 2024 Founder Loan is approximately $837,433; and

**WHEREAS**, the Company, Dr. Huh and certain other parties have entered into certain Note Purchase Agreements, dated on or about August 7, 2025 (each, a "***Note Purchase Agreement***" and collectively, the "***Note Purchase Agreements***"), pursuant to which the Company agreed to issue certain non-convertible promissory notes (the "**Notes**"), each with a one-year term and 20% original issue discount and, with respect to certain of such other parties, to extend the term of certain Series A warrants issued by the Company in March or April 2025 for an additional forty eight months pursuant to certain warrant amendment agreements (such transactions, collectively, the "***August 2025 Note Financing***"), and that the Note Purchase Agreement with Dr. Huh (the "***HH Note Purchase Agreement***") provides that Dr. Huh has subscribed for Notes with an aggregate Subscription Amount (as defined in the Note Purchase Agreement) of $1,000,000 (the "***Purchase Price***"); and

**WHEREAS**, the parties wish to set forth in writing their agreements concerning the cancellation and extinguishment of the 2024 Founder Loan in partial satisfaction of Dr. Huh's obligation to pay the Purchase Price to the Company at the closing of the August 2025 Note Financing (the "***Closing***").

**NOW, THEREFORE**, to facilitate the August 2025 Note Financing and in consideration of the premises, representations, warranties, agreements and covenants contained herein, and intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Cancellation and Exchange of the 2024 Founder Loan</u>. Subject to and conditioned upon the occurrence of the Closing, at the Closing, Dr. Huh agrees to pay $162,567 in cash to the Company, the 2024 Founder Loan shall be cancelled, extinguished and deemed paid in full (the aggregate amount of all obligations under the 2024 Founder Loan as of the Closing date, the "***Cancelled 2024 Loan Balance***"), and the Company and Peak's obligations with respect to Dr. Huh thereunder, including any obligations under the Security Agreement, discharged in their entirety, and in exchange therefore the Company shall issue to Dr. Huh, on the terms and subject to the conditions set forth in the HH Note Purchase Agreement, (a) a Note in the amount of $1,000,000 (as such term is defined in the Note Purchase Agreement) and (b) extend the expiration of 892,857 Series A Warrants from March 5, 2026 to March 5, 2030 as contemplated in the HH Note Purchase Agreement, and neither the Company nor Peak shall have any further liability or obligation in respect of the 2024 Founder Loan in connection with the cancellation and exchange contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations and Warranties of Dr. Huh</u>. Dr. Huh hereby represents and warrants to Peak and the Company that the following representations are true and correct as of the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Ownership</u>. Dr. Huh owns exclusively, beneficially, and of record, and has valid title to, free and clear of any liens, security interests, and any other encumbrances, all Founder Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authority and Enforceability; No Conflicts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Dr. Huh has the requisite power and authority to execute and deliver this Agreement and to perform Dr. Huh's obligations contemplated hereby. Assuming the due authorization, execution and delivery of this Agreement by Peak and the Company, this Agreement constitutes the legal, valid and binding obligation of Dr. Huh, enforceable against Dr. Huh in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors' rights generally, or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution, delivery, and performance by Dr. Huh of this Agreement does not and will not (A) violate any laws applicable to Dr. Huh, (B) require any consent, approval or authorization of, declaration, filing or registration with, or notice to, any person or entity applicable to Dr. Huh, in each case, which would adversely affect Dr. Huh's performance under this Agreement or the consummation of the transactions contemplated hereby, or (C) result in the creation of any lien, security interest, or other encumbrance on any Founder Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Matters</u>. Dr. Huh has had an opportunity to review with Dr. Huh's own tax advisors the tax consequences to Dr. Huh of the transactions contemplated by this Agreement. Dr. Huh understands that Dr. Huh is relying solely upon Dr. Huh's advisors and not on any statements or representations by Peak or the Company or any of their respective agents or affiliates. Dr. Huh understands that Dr. Huh (and not Peak or the Company or any of their respective agents or affiliates) shall be responsible for Dr. Huh's own taxes that may arise from the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Legal Advice.</u> (i) Dr. Huh has been granted the opportunity to ask questions of, and to receive answers from, Dr. Huh's legal counsel concerning the terms and conditions of this Agreement, (ii) Dr. Huh has been advised to seek independent legal advice and has received such advice or has, without undue influence, elected to waive the benefit of any such advice, and (iii) Dr. Huh is entering into this Agreement voluntarily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assignment and Successors</u>. This Agreement is irrevocable and shall remain in full force and effect notwithstanding the death, dissolution, liquidation, bankruptcy or incapacity of parties hereto and shall be binding upon their heirs, personal representatives, successors and permitted assignees. Neither this Agreement, nor any of the rights or obligations hereunder, may be assigned by a party without the prior written consent of the other parties. Any purported assignment in violation of the terms hereof shall be null and void *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendments</u>. This Agreement may be amended, modified or supplemented at any time, but only pursuant to an instrument in writing signed by each party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Governing Law</u>. This Agreement and all actions arising under or in connection therewith shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any conflicts of laws principles that may result in the application of the law of any jurisdiction other than the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Incorporation by Reference</u>. Sections 5.2, 5.3, 5.4, 5.5, 5.6, 5.8, 5.11, 5.12, and 5.20 of the Purchase Agreement are hereby incorporated by reference, *mutatis mutandis*, as if set forth in full herein.

[*Signature Pages Follow*]

IN WITNESS WHEREOF, the parties have signed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| AKARI THERAPEUTICS, PLC | AKARI THERAPEUTICS, PLC |
| By: | */s/ Abizer Gaslightwala* |
| Name: | Abizer Gaslightwala |
| Title: | President and CEO |
| **PEAK:** | **PEAK:** |
| PEAK BIO INC. | PEAK BIO INC. |
| By: | */s/ Abizer Gaslightwala* |
| Name: | Abizer Gaslightwala |
| Title: | President and CEO |
| **DR. HUH:** | **DR. HUH:** |
| By: | */s/ Hoyoung Huh* |
| Name: | Dr. Hoyoung Huh |

---