Document:

Exhibit 4.3

    

    

    

    
      NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
        FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
        EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE
        PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

      

      

      COMMON SHARE PURCHASE WARRANT

      

      

      SEANERGY MARITIME HOLDINGS CORP.

       

      	
              Warrant Shares: [_______]

            	
              Initial Exercise Date: April ___, 2020

            

      

      

      THIS COMMON SHARE PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the
        limitations on exercise and the conditions hereinafter set forth, at any time on or after April __1, 2020 (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on the five (5) year anniversary of the
        Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Seanergy Maritime Holdings Corp., a Marshall Islands corporation (the “Company”), up to ______ Common Shares (as subject to
        adjustment hereunder, the “Warrant Shares”).  The purchase price of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

       

      Section 1.        Definitions.  Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the “Purchase
          Agreement”), dated April 20, 2020, among the Company and the Holders signatory thereto.

       

      Section 2.        Exercise.

       

      

      

      1 Insert the date that is the Closing Date of the Purchase Agreement.

       

      

      
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      a)       Exercise of Warrant.  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
        Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). 
        Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate
        Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable
        Notice of Exercise.  No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. 
        Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in
        full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in
        purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares
        purchased.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of
        such notice.  The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
          hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

       

      b)      Exercise Price.  The exercise price per Common Share under this Warrant shall be $0.12 subject to adjustment hereunder (the “Exercise Price”).

       

      c)     Cashless Exercise.  If at any time after the six month anniversary of the Closing Date, there is no effective registration statement registering, or no current
        prospectus available for the issuance of the Warrant Shares to the Holder and the resale of the Warrant Shares, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall
        be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

       

      (A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and
        delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of
        Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of
        the Common Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and
        is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date
        of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

      

      

      
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      (B) = the Exercise Price of this Warrant, as adjusted hereunder; and

      

      

      (X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash
        exercise rather than a cashless exercise.

      

      

      If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with
          Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The
          Company agrees not to take any position contrary to this Section 2(c).

      

      

      “Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading
        Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New
        York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
        Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
        recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then
        outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

      

      

      “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading
        Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from
        9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
        (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
        prices), the most recent bid price per share of the Common Shares so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Purchasers of a majority in
        interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

      

      

      
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      Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

      

      

      	

            	d)	
              Mechanics of Exercise.

            

       

      i.       Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder
        by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A)
        there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations
        pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which
        the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date (the “Warrant Share Delivery Date”) that is the earliest of (i) two (2) Trading Days after the delivery to the
        Company of the Notice of Exercise, provided that payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company by such date, (ii) one (1) Trading Day after delivery of the aggregate Exercise
        Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise provided that payment of the aggregate Exercise Price (other than in the instance of a
        cashless exercise) is received by the Company by such date. Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant
        has been exercised, irrespective of the date of delivery of the Warrant Shares, provided  that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and
        (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason (other than failure of the Holder to timely deliver the aggregate Exercise Price, unless the
        Warrant is validly exercised by means of a cashless exercise) to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and
        not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day
        after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a
        participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary
        Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.

       

      
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      ii.        Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender
        of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in
        all other respects be identical with this Warrant.

       

      iii.     Rescission Rights.  If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant
        Share Delivery Date, then the Holder will have the right to rescind such exercise.

       

      iv.     Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise.  In addition to any other rights available to the Holder, if the Company fails
        to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other than as a result of failure of the
        Holder to timely deliver the aggregate Exercise Price, unless the Warrant is validly exercised by means of a cashless exercise), and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or
        the Holder’s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in
        cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that
        the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the
        portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued had the
        Company timely complied with its exercise and delivery obligations hereunder.  For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares with
        an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
        indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.  Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law
        or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.

       

      
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      v.       No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any
        fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by
        the Exercise Price or round down to the next whole share.

       

      vi.      Charges, Taxes and Expenses.  Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in
        respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
        however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
        and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.  The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
        and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

       

      vii.    Closing of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the
        terms hereof.

       

      
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      e)      Holder’s Exercise Limitations.  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this
        Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting
        as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing
        sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being
        made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise
        or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation
        contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with
        Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange
        Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in
        relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise
        shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable,
        in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.   In addition, a determination as to any group status as contemplated above shall be
        determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of
        outstanding Common Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company
        or the Transfer Agent setting forth the number of Common Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Common Shares then
        outstanding.  In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties
        since the date as of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common
        Shares issuable upon exercise of this Warrant.  The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event
        exceeds 9.99% of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any
        increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in
        strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
        necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

       

      
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      Section 3.        Certain Adjustments.

       

      a)       Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or
        distributions on its Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii)
        subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into a smaller number of shares or (iv) issues by reclassification of the Common Shares any
        shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event
        and of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of
        this Warrant shall remain unchanged.  Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall
        become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.

       

      b)       Subsequent Rights Offerings.  In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
          issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights
          which the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including
          without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common
        Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
          Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder
          until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

       

      
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        c)      Pro Rata Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets
          (or rights to acquire its assets) to holders of Common Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off,
          reclassification, corporate rearrangement, scheme of arrangement or other similar transaction), except to the extent an adjustment was already made pursuant to Section 3(a) (a “Distribution”), at any time after the issuance of this
          Warrant, then, in each such case, then the Exercise Price shall be decreased, effective immediately after the effective date of such Distribution, by the amount of cash and/or the fair market value (as determined by the Company’s Board of
          Directors, in good faith) of any securities or other assets paid on each Common Share in respect of such Distribution in order that subsequent thereto upon exercise of the Warrants the Holder may obtain the equivalent benefit of such
          Distribution.

      

      

      

      d)       Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
          more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment,
          transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another
          Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares,
          (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are
          effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination
          (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons (other than a transaction with Claudia Restis or Jelco Delta Holding Corp. or associated or
          affiliated persons that does not effect any additional transaction contained in Sections 3(d)(i), (ii), (iii), (iv)) whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including any Common Shares held
          by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
        then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the
        option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
        consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
        regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of
        Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
        different components of the Alternate Consideration.  If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the
        Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined
        below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction),
        purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the
        consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of
        Directors, Holder shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being
        offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the
        choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration in such
        Fundamental Transaction, such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction  “Black Scholes
          Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction
        for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date,
        (B) an expected volatility equal to the greater of 100% and the 30 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement
        of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any,
        being offered in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental
        Transaction, (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date and (E) a zero cost of borrow.  The payment of
          the Black Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any
        successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance
        with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the
        option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding
        number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to
        such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the
        value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and
        which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental
        Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
        of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

       

      
        9

        
          

      

      e)       Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this
        Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.

       

      f)       Notice to Holder.

       

      i.          Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the
        Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

       

      ii.          Notice to Allow Exercise by Holder. If (A) the Company shall declare a Distribution on the Common Shares, (B) the Company shall declare a special
        nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any
        rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company (and all of its Subsidiaries, taken as a whole) is a party,
        any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or
        involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon
        the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
        redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date
        on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange
        their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery
        thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any
        of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Form 6-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective
        date of the event triggering such notice except as may otherwise be expressly set forth herein.

       

      
        10

        
          

      

      
        g)       Voluntary Adjustment by Company.  Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant reduce the then current
          Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.

      

       

      Section 4.         Transfer of Warrant.

       

      a)       Transferability.  Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section
        4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its
        designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such
        transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such
        instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the contrary, the Holder shall not be
        required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder
        delivers an assignment form to the Company assigning this Warrant in full.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
        having a new Warrant issued.

       

      b)      New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written
        notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
        the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date
        and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

       

      c)     Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the
        name of the record Holder hereof from time to time.  The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
        purposes, absent actual notice to the contrary.

       

      
        11

        
          

      

      d)      Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the
          transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or
          manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the
          provisions of Section 5.7 of the Purchase Agreement.

       

      e)       Representation by the Holder.  The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof,
        will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
        law, except pursuant to sales registered or exempted under the Securities Act.

       

      Section 5.        Miscellaneous.

       

      a)      No Rights as Stockholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a
        stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.  Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section
        2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

       

      b)      Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of an affidavit of loss reasonably satisfactory to the
        Company evidencing the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the
        case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as
        of such cancellation, in lieu of such Warrant or stock certificate.

       

      c)      Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not
        be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.

       

      
        12

        
          

      

      d)       Authorized Shares.

       

      The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient number of shares to provide
        for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of
        issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
        violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed.  The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
        represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
        liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

       

      Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or
        through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
        times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the
        generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary
        or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or
        consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

       

      Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall
        obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

       

      e)       Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of
          this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.

       

      
        13

        
          

      

      f)        Jurisdiction; Agent for Process. Each party agrees that all legal proceedings concerning the
          interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
          commenced exclusively in the state and federal courts sitting in the City of New York.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for
          the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is
          not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to
          process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant
          and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party
          shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and
          expenses incurred with the investigation, preparation and prosecution of such action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district court and the state court in which a Holder
          may bring a claim under the federal securities laws.  .  The Company hereby irrevocably designates and appoints Watson Farley & Williams LLP, 250 West 55th Street, 31st Floor, New
        York, New York 10019 (the “Process Agent”) as its authorized agent upon whom process may be served in any claim brought against the Company, it being understood that the designation and appointment of the
          Process Agent as such authorized agent shall become effective immediately without any further action on the part of the Company. The Company represents to each Purchaser that it has notified the Process Agent of such designation and appointment
          and that the Process Agent has accepted the same.  The Company hereby irrevocably authorizes and directs the Process Agent to accept such service.

       

      g)      Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered and the Holder does not utilize
        cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

       

      h)      Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such
        right or otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which
        results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate
        proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

       

      
        14

        
          

      

      i)       Notices.  Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with
        the notice provisions of the Purchase Agreement.

       

      j)        Limitation of Liability.  No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and
        no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Share or as a stockholder of the Company, whether such liability is asserted by the Company or by
        creditors of the Company.

       

      k)       Remedies.  The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
        performance of its rights under this Warrant.  The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
        assert the defense in any action for specific performance that a remedy at law would be adequate.

       

      l)        Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and
        be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be
        enforceable by the Holder or holder of Warrant Shares.

       

      m)      Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the
          Holder.

       

      n)       Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if
        any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
        provisions of this Warrant.

       

      o)       Headings.  The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

       

      ********************

       

      

      (Signature Page Follows)

       

      
        15

        
          

      

      IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

      

      

      	 	
              SEANERGY MARITIME HOLDINGS CORP.

            
	 	 	 
	 	
              By: 

              

            	

            
	 	 	
              Name:

            
	 	 	
              Title:

            

      

      

      
        16

        
          

      

      NOTICE OF EXERCISE

      

      

      TO:        SEANERGY MARITIME HOLDINGS CORP.

      

      

      (1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the
        exercise price in full, together with all applicable transfer taxes, if any.

       

      (2)  Payment shall take the form of (check applicable box):

       

      [  ] in lawful money of the United States; or

       

      [ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the
        maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

       

      (3)  Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

       

      	 	 	 

      

      

      The Warrant Shares shall be delivered to the following DWAC Account Number:

      

      

      	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

      

      

      (4)  Accredited Investor.  The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

      

      

      [SIGNATURE OF HOLDER]

      

      

      	
              Name of Investing Entity:

            	 

      	
              Signature of Authorized Signatory of Investing Entity:

            	 

      	
              Name of Authorized Signatory:

            	 

      	
              Title of Authorized Signatory:

            	 

      	
              Date:

            	 

      

      

      
        
          

      

      EXHIBIT B

      

      

      ASSIGNMENT FORM

       (To assign the foregoing Warrant, execute this form and supply required information.  Do not use this form to purchase shares.)

       

      FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

       

      	
              Name:

            	 	 
	 	
              (Please Print)

            	 
	
              Address:

            	 	 
	 	 	 
	

            	
              (Please Print)

              

              

            	 
	 	 	 
	
              Phone Number:

            	 	 
	 	 	 
	
              Email Address:

            	 	 

      

      

      	
              Dated: _______________ __, ______

            	 

      

      

      	
              Holder’s Signature:

            	 	 

      

      

      	
              Holder’s Address:Exhibit 4.1

 

DESCRIPTION
OF the registrant’s securities registered pursuant to section 12 

of the securities exchange act of 1934

 

General

 

The descriptions of our capital stock and
certain provisions of our amended and restated certificate of incorporation and amended and restated bylaws are summaries and are
qualified by reference to the amended and restated certificate of incorporation and amended and restated bylaws that are currently
in effect.

 

Our amended and restated certificate of
incorporation provides for Common Stock and preferred stock, the rights, preferences and privileges of which may be designated
from time to time by our board of directors.

 

Our authorized capital stock consists of
110,000,000 shares, all with a par value of $0.001 per share, of which 100,000,000 shares are designated as Common Stock and 10,000,000
shares are designated as preferred stock.

 

Common Stock

 

The holders of our Common Stock are entitled
to one vote per share on all matters submitted to a vote of our stockholders. Subject to preferences that may be applicable to
any preferred stock outstanding at the time, the holders of outstanding shares of Common Stock are entitled to receive ratably
any dividends declared by our board of directors out of assets legally available therefor. In the event that we liquidate, dissolve
or wind up, holders of our Common Stock are entitled to share ratably in all assets remaining after payment of liabilities and
the liquidation preference of any then outstanding shares of preferred stock. Holders of Common Stock have no preemptive or conversion
rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Common Stock. As discussed
in “Risk Factors” above, certain provisions in our amended and restated certificate of incorporation and our amended
and restated bylaws may discourage, delay or prevent a merger, acquisition or other change of control involving us that our stockholders
may consider favorable. All outstanding shares of Common Stock are fully paid and non-assessable.

 

Except as otherwise required by Delaware
law, all stockholder action, other than the election of directors or certain amendments of our amended and restated certificate
of incorporation, is taken by the vote of a majority of the voting power of the shares present in person or represented by proxy
at the meeting and entitled to vote on the subject matter, at a meeting in which a quorum, consisting of a majority of the outstanding
shares of Common Stock is present in person or by proxy. The election of directors by our stockholders is determined by a plurality
of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote, at a meeting held
for such purposes at which a quorum, consisting of a majority of the outstanding shares of Common Stock, is present in person or
by proxy. Certain amendments to our amended and restated certificate of incorporation require the approval of holders of at least
sixty-six and two-third percent (66 2/3%) of the voting power of all then-outstanding shares of our Common Stock entitled to vote
generally in the election of directors, voting together as a single class.

 

We have never declared or paid any cash
dividends on our capital stock. We currently intend to retain all available funds and any future earnings to support our operations
and finance the growth and development of our business. We do not intend to pay cash dividends on our Common Stock for the foreseeable
future. Any future determination related to our dividend policy will be made at the discretion of our board of directors and will
depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions,
business prospects and other factors our board of directors may deem relevant.

 

Preferred Stock

 

Our amended and restated certificate of
incorporation provides that our board of directors may, without further action by our stockholders, fix the rights, preferences,
privileges and restrictions of up to an aggregate of 10,000,000 shares of preferred stock in one or more series and authorize their
issuance. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption,
liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of such series,
any or all of which may be greater than the rights of our Common Stock. The issuance of our preferred stock could adversely affect
the voting power of holders of our Common Stock and the likelihood that such holders will receive dividend payments and payments
upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing a change
of control or other corporate action. We have no present plan to issue any shares of preferred stock.

 

     

     

    

  

Description of the Warrants

 

Common Stock Warrants Issued in July
2019 Equity Offering (“July 2019 Warrant”)

 

On July 16, 2019, in connection with a
secondary public offering of shares of the Company’s Common Stock, the Company issued to H.C. Wainwright & Co., LLC,
as placement agent, a warrant to purchase 8,334 shares of Common Stock. The warrant was issued in reliance on the exemption from
registration provided by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder. Terms used
but not otherwise defined herein will have the meaning given them in the warrant, attached as Exhibit 4.1 to our Form 8-K filed
on July 17, 2019.

 

Duration and Exercise Price. The
warrant has an exercise price of $33.75 per share and will expire July 11, 2024.

 

Adjustment. For so long as the warrant
remains outstanding, the exercise price and number of shares of Common Stock issuable upon exercise of the warrant is subject to
adjustment as follows: (a) upon payment of a stock dividend or other distribution on a class or series of shares Common Stock,
not including shares issued under this warrant; (b) upon subdivision (by stock spilt, stock dividend, recapitalization, or otherwise)
or combination (by reverse stock split or otherwise) of shares of Common Stock; or (c) upon the issuance of any shares of capital
stock by reclassification of shares of the Common Stock.

 

Rights upon Distribution of Assets.
In the event that the Company declares or makes any dividend or other distribution of its assets to holders of its Common Stock,
the warrant holder will be entitled to participate in such distribution to the same extent that such holder would have participated
therein if the holder had held the number of shares of Common Stock acquirable upon exercise of the warrant.

 

Fundamental Transaction. In the
event of a Fundamental Transaction, as described in the warrant and generally including the sale, transfer or other disposition
of all or substantially all of our properties or assets; our consolidation or merger with or into another person or reorganization;
a recapitalization, reorganization or reclassification in which our Common Stock is converted into other securities, cash or property;
or any acquisition of our outstanding Common Stock that results in any person or group becoming the beneficial owner of 50% of
the voting power represented by our outstanding Common Stock, then the holders of the warrant will be entitled to receive upon
exercise of the warrant the kind and amount of securities, cash, assets or other property that the holders would have received
had they exercised the warrant immediately prior to such Fundamental Transaction. Subject to certain limitations, in the event
of a Fundamental Transaction the warrant holder may at its option require the Company or any Successor Entity to purchase the warrant
from the holder by paying to the holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion
of the warrant on the date of the consummation of the Fundamental Transaction.

 

Purchase Right. Any time that the
Company grants, issues, or sells any securities pro rata to all of the record holders of the Common Stock (the “July 2019
Purchase Right”), the holder of the warrant will be entitled to acquire the aggregate July 2019 Purchase Rights that the
holder could have acquired if the holder had held the number of shares of Common Stock acquirable upon exercise of the warrant.
However, to the extent that an exercise of the July 2019 Purchase Right would exceed the Beneficial Ownership Limitation (defined
below), then to such extent the July 2019 Purchase Right will be held in abeyance until such time, if ever, that complete exercise
of the July 2019 Purchase Right would not exceed the Beneficial Ownership Limitation.

 

Transferability. Subject to applicable
laws and restrictions on transfer, the warrant may be transferred at the option of the holder. The warrant is not listed on any
securities exchange or nationally recognized trading system.

 

Exercisability. After the Initial
Exercisability Date, the warrant will be exercisable, at the option of each holder, in whole or in part, by delivering to us a
duly executed exercise notice accompanied by payment in full for the number of shares of our Common Stock purchased upon such exercise.
If, at the time a holder exercises its warrant (but not sooner than six months following the date of the warrant), a registration
statement registering the issuance of the shares of Common Stock underlying the warrant under the Securities Act is not then effective
or available, nor is any current prospectus thereto available, and an exemption from registration under the Securities Act is not
available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to us upon
such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in
whole or in part) the number of shares of Common Stock determined according to a formula set forth in the warrant.

 

    2

     

    

  

Limitations on Exercise. A holder
(together with its affiliates) may not exercise any portion of the warrant to the extent that the holder would own more than 4.99%
of the outstanding Common Stock after exercise (the “Beneficial Ownership Limitation”), except that upon at least 61
days’ prior notice from the holder to us, the holder may increase the Beneficial Ownership Limitation up to 9.99% of the
number of shares of our Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership
is determined in accordance with the terms of the warrants. No fractional shares of Common Stock will be issued in connection with
the exercise of a warrant. In lieu of fractional shares, we will either pay the holder an amount in cash equal to the fractional
amount multiplied by the exercise price or round up to the next whole share.

 

Right as a Stockholder. Except as
otherwise provided in the warrant or by virtue of such holder’s ownership of shares of our Common Stock, the holders of the
warrant do not have the rights or privileges of holders of our Common Stock, including any voting rights, unless and until they
exercise their warrant.

 

Waivers and Amendments. Subject
to certain exceptions, any term of the warrant may be amended or waived with our written consent and the written consent of the
holders.

 

Compensation for Buy-In on Failure to
Timely Deliver Securities. Upon exercise of the warrant by the holder, if the Company fails to cause its transfer agent to
deliver the securities to holder by the required share delivery date set forth in the warrant, and as result the holder or the
holder’s broker must purchase shares of Common Stock in satisfaction of a sale by the holder of Common Stock that the holder
anticipated receiving upon an exercise of the warrant (a “July 2019 Buy-In”), then, generally, the holder may require
the Company to (1) pay to the holder the difference, if any, between the price at which the holder or its broker purchased Common
Stock to cover the July 2019 Buy-In and the price at which the same number of shares could have been purchased under the warrant
and (2) at the option of the holder, either reinstate the portion of the warrant that the holder exercised and the Company failed
to honor or issue the number of shares requested in such exercise.

 

Common Stock Warrants Issued in August
2018 Rights Offering

 

On August 13, 2018, in connection with
a rights offering of 267,853 shares of its Common Stock (the “2018 Rights Offering”), the Company issued to investors
warrants to purchase 267,853 shares of its Common Stock. Terms used but not otherwise defined herein will have the meaning given
them in the warrant, attached as Exhibit 4.1 to our Form 10-Q filed on August 14, 2018. This warrant has substantially similar
terms as the July 2019 Warrant described above, except that this warrant has an exercise price of $23.00 per share and will expire
August 13, 2023. In addition, this warrant has the following terms:

 

Right of Redemption. Subject to
certain limitations in the warrant, the Company may redeem for consideration equal to $0.01 all of the outstanding warrants for
which a Notice of Exercise has not been delivered if, six months after the warrants become exercisable, (1) the VWAP for each of
five consecutive trading days is $57.50 and (2) the holders of the warrants have no material, non-public information from the Company.
The Company must provide at least thirty days’ notice of the date of such redemption. Following such notice and prior to
the date of redemption, the warrants may be exercised for cash in accordance with the terms therein.

 

Common Stock Warrants Issued to Dealer-Manager
in August 2018 Rights Offering

 

In connection with the closing of the 2018
Rights Offering, the Company also issued a warrant to purchase 13,393 shares of Common Stock to Maxim Partners LLC, an affiliate
of the dealer-manager of the 2018 Rights Offering. The warrant was issued in reliance on the exemption from registration provided
by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder. Terms used but not otherwise defined
herein will have the meaning given them in the warrant, attached as Exhibit 4.2 to our Form 10-Q filed on August 14, 2018. This
warrant has substantially similar terms as the warrants described in the August 2018 Rights Offering described above, except that
this warrant has an exercise price of $34.50 per share, will expire July 25, 2023, and does not have a redemption feature.

 

Common Stock Warrants Issued in June
2018 Private Placement

 

On June 20, 2018, the Company issued warrants
to purchase a total of 56,696 shares of Common Stock to an investor in a private placement. The warrants were issued in reliance
on the exemption from registration provided by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated
thereunder. Terms used but not otherwise defined herein will have the meaning given them in the warrant, attached as Exhibit 4.1
to our Form 8-K filed on June 20, 2018.

 

Duration and Exercise Price. The
warrants have an exercise price of $36.40 per share and are exercisable after December 20, 2018. The warrants will expire in December
2023.

 

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Adjustment. For so long as the warrants
remain outstanding, the exercise price and number of shares of Common Stock issuable upon exercise of the warrant is subject to
adjustment as follows: (a) as the Company’s board of directors deems appropriate, or (b) upon subdivision (by stock spilt,
stock dividend, recapitalization, or otherwise) or combination (by reverse stock split or otherwise) of shares of Common Stock.

 

Rights upon Distribution of Assets.
In the event that the Company declares or makes any dividend or other distribution of its assets to holders of its Common Stock,
the warrant holder will be entitled to participate in such distribution to the same extent that such holder would have participated
therein if the holder had held the number of shares of Common Stock acquirable upon exercise of the warrant.

 

Fundamental Transaction. In the
event of a Fundamental Transaction, as described in the warrants and generally including the sale, transfer or other disposition
of all or substantially all of our properties or assets, our consolidation or merger with or into another person or reorganization,
recapitalization or reclassification or the acquisition of our outstanding Common Stock which results in any person or group becoming
the beneficial owner of 50% of the voting power represented by our outstanding Common Stock, the holders of the warrants will be
entitled to receive upon exercise of the warrants the kind and amount of securities, cash, assets or other property that the holders
would have received had they exercised the warrants immediately prior to such Fundamental Transaction. Subject to certain limitations,
in the event of a Fundamental Transaction the warrant holder may at its option require the Company or any Successor Entity to purchase
the warrant from the holder by paying to the holder an amount of cash equal to the Black Scholes Value of the remaining unexercised
portion of the warrant on the date of the consummation of the Fundamental Transaction.

 

Purchase Right. Any time that the
Company grants, issues, or sells any securities pro rata to all of the record holders of the Common Stock (the “June 2018
Purchase Right”), the holder of the warrant will be entitled to acquire the aggregate June 2018 Purchase Rights which the
holder could have acquired if the holder had held the number of shares of Common Stock acquirable upon exercise of the warrant.

 

Transferability. Subject to applicable
laws and restrictions on transfer, the warrant may be transferred at the option of the holder. The warrants are not listed on any
securities exchange or nationally recognized trading system.

 

Exercisability. After the Initial
Exercisability Date, the warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a
duly executed exercise notice accompanied by payment in full for the number of shares of our Common Stock purchased upon such exercise.
If, at the time a holder exercises its warrant, a registration statement registering the issuance of the shares of Common Stock
underlying the warrants under the Securities Act is not then effective or available and an exemption from registration under the
Securities Act is not available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated
to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such
exercise (either in whole or in part) the net number of shares of Common Stock determined according to a formula set forth in the
warrant.

 

Limitations on Exercise. A holder
(together with its affiliates) may not exercise any portion of the warrant to the extent that the holder would own more than 4.99%
of the outstanding Common Stock after exercise, except that upon at least 61 days’ prior notice from the holder to us, the
holder may increase the amount of ownership of outstanding stock after exercising the holder’s warrants up to 9.99% of the
number of shares of our Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership
is determined in accordance with the terms of the warrants. No fractional shares of Common Stock will be issued in connection with
the exercise of a warrant. In lieu of fractional shares, we will round up to the next whole share.

 

Right as a Stockholder. Except as
otherwise provided in the warrants or by virtue of such holder’s ownership of shares of our Common Stock, the holders of
the warrants do not have the rights or privileges of holders of our Common Stock, including any voting rights, unless and until
they exercise their warrants.

 

Waivers and Amendments. Subject
to certain exceptions, any term of the warrants may be amended or waived with our written consent and the written consent of the
holders.

 

Failure to Timely Deliver Securities.
Upon exercise of the warrant by the holder, if the Company or its transfer agent fails to deliver the securities to holder by the
required share delivery date set forth in the warrant, then, generally, the holder may require the Company to pay to the holder
an amount in cash to make the investor whole in connection with the Company’s failure to timely deliver securities.

 

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Common Stock Warrants Issued to Participants
in November 2017 Offering

 

On November 21, 2017, in its public offering
of Common Stock, the Company issued warrants to purchase a total of 232,875 shares of Common Stock to investors. Terms used but
not otherwise defined herein will have the meaning given them in the warrant, attached as Exhibit 4.2 to our Form 8-K filed on
November 17, 2017.

 

Duration and Exercise Price. The
warrants have an exercise price of $30.00 per share, are exercisable immediately and will expire in November 2022, on the fifth
anniversary of the original issuance date.

 

Adjustment. For so long as the warrants
remain outstanding, the exercise price and number of shares of Common Stock issuable upon exercise of the warrant is subject to
adjustment as follows: (a) as the Company’s board of directors deems appropriate, (b) upon subdivision (by stock spilt, stock
dividend, recapitalization, or otherwise) or combination (by reverse stock split or otherwise) of shares of Common Stock, (c) upon
the issuance or announcement of contemplated issuance (“Dilutive Issuance”) of shares of Common Stock, options or convertible
securities for consideration per share less than the price equal to the exercise price of the warrants, except for certain Excluded
Securities issued in connection with an Approved Equity Plan, (d) at the option of the warrant holder upon the Company’s
entering into an agreement to issue securities that are issuable at a price which varies or may vary with the market price of the
Company’s Common Stock (the “Variable Price”), and (e) in certain cases upon granting of stock appreciation rights,
phantom stock rights or other rights with equity features, except for those granted pursuant to an Approved Equity Plan. For the
adjustments summarized in (c) above, the exercise price of the warrants outstanding generally will adjust upon the record date
of such issuance to the New Issuance Price (as defined in the warrant, and which will be based on the net price at which new securities
in the Dilutive Issuance are issued or subsequently adjusted, and in some cases, the lower of such price or the weighted average
trading price of the Common Stock for the four trading days immediately following public announcement of the Dilutive Issuance).
For the adjustments summarized in (d) above, the holder may, at its option, elect to adjust the exercise price of the warrants
to the Variable Price of securities sold by the Company pursuant to the agreement. Any adjustment made upon announcement or pursuant
to a Dilutive Issuance will not be readjusted in the event that such Dilutive Issuance does not occur.

 

Rights upon Distribution of Assets.
In the event that the Company declares or makes any dividend or other distribution of its assets to holders of its Common Stock,
the warrant holder will be entitled to participate in such distribution to the same extent that such holder would have participated
therein if the holder had held the number of shares of Common Stock acquirable upon exercise of the warrant.

 

Fundamental Transaction. In the
event of a Fundamental Transaction, as described in the warrants and generally including the sale, transfer or other disposition
of all or substantially all of our properties or assets, our consolidation or merger with or into another person or reorganization,
recapitalization or reclassification or the acquisition of our outstanding Common Stock which results in any person or group becoming
the beneficial owner of 50% of the voting power represented by our outstanding Common Stock, the holders of the warrants will be
entitled to receive upon exercise of the warrants the kind and amount of securities, cash, assets or other property that the holders
would have received had they exercised the warrants immediately prior to such Fundamental Transaction. Subject to certain limitations,
in the event of a Fundamental Transaction the warrant holder may at its option require the Company or any Successor Entity to purchase
the warrant from the holder by paying to the holder an amount of cash equal to the Black Scholes Value of the remaining unexercised
portion of the warrant on the date of the consummation of the Fundamental Transaction.

 

Purchase Right. Any time that the
Company grants, issues, or sells any securities pro rata to all of the record holders of the Common Stock (the “November
2017 Purchase Right”), the holder of the warrant will be entitled to acquire the aggregate November 2017 Purchase Rights
which the holder could have acquired if the holder had held the number of shares of Common Stock acquirable upon exercise of the
warrant.

 

Transferability. Subject to applicable
laws and restrictions on transfer, the warrant may be transferred at the option of the holder. The warrants are not listed on any
securities exchange or nationally recognized trading system.

 

Exercisability. The warrants will
be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied
by payment in full for the number of shares of our Common Stock purchased upon such exercise. If, at the time a holder exercises
its warrant, a registration statement registering the issuance of the shares of Common Stock underlying the warrants under the
Securities Act is not then effective or available and an exemption from registration under the Securities Act is not available
for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise
in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part)
the net number of shares of Common Stock determined according to a formula set forth in the warrant.

 

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Limitations on Exercise. A holder
(together with its affiliates) may not exercise any portion of the warrant to the extent that the holder would own more than 4.99%
of the outstanding Common Stock after exercise, except that upon at least 61 days’ prior notice from the holder to us, the
holder may increase the amount of ownership of outstanding stock after exercising the holder’s warrants up to 9.99% of the
number of shares of our Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership
is determined in accordance with the terms of the warrants. No fractional shares of Common Stock will be issued in connection with
the exercise of a warrant. In lieu of fractional shares, we will either pay the holder an amount in cash equal to the fractional
amount multiplied by the exercise price or round up to the next whole share.

 

Right as a Stockholder. Except as
otherwise provided in the warrants or by virtue of such holder’s ownership of shares of our Common Stock, the holders of
the warrants do not have the rights or privileges of holders of our Common Stock, including any voting rights, unless and until
they exercise their warrants.

 

Limitation on Variable Rate Transactions.
The Company may not effect or enter into any agreement to sell securities in a Variable Rate Transaction.

 

Waivers and Amendments. Subject
to certain exceptions, any term of the warrants may be amended or waived with our written consent and the written consent of the
holders.

 

Failure to Timely Deliver Securities.
Upon exercise of the warrant by the holder, if the Company or its transfer agent fails to deliver the securities to holder by the
required share delivery date set forth in the warrant, or if the Company did not provide the required notice to holder that a registration
statement covering the issuance of the warrant shares subject to the exercise notice is not available and the Company is unable
to deliver the securities without any restrictive legend (each, an Exercise Failure), then, generally, the holder may rescind the
exercise in whole or in part or may require the Company to pay to the holder an amount in cash to make the investor whole in connection
with the Company’s failure to timely deliver securities.

 

Common Stock Warrant Issued to Underwriter
of November 2017 Offering

 

In November 2017, the Company issued to
Roth Capital Partners, LLC, as underwriter, a warrant to purchase 27,000 shares of Common Stock, which shares include a warrant
(in the form of warrant issued to the public) to purchase an additional 20,250 shares of Common Stock in connection with our November
2017 offering. The warrant was issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities
Act and Rule 506(b) of Regulation D promulgated thereunder. Terms used but not otherwise defined herein will have the meaning given
them in the warrant.

 

Duration and Exercise Price. The
warrants have an exercise price of $30.00 per share, are exercisable immediately and will expire in November 2022, on the fifth
anniversary of the original issuance date. The terms of the warrant are limited by FINRA Rule 5110(f)(2)(G), which provide, among
others, that the warrant may not be exercised more than five years from the date that the registration statement registering the
warrant was declared effective by the SEC.

 

Adjustment. The exercise price and
number of shares of Common Stock issuable upon exercise of the warrant is subject to adjustment as follows: (a) as the Company’s
board of directors deems appropriate, or (b) upon a stock dividend, stock split, reorganization, subdivision or combination of
shares of Common Stock.

 

Fundamental Transaction. In the
event of a Fundamental Transaction, as described in the warrants and generally including any reorganization, recapitalization or
reclassification of our Common Stock, the sale, transfer or other disposition of all or substantially all of our properties or
assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding Common Stock,
or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding Common Stock, the
holders of the warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other
property that the holders would have received had they exercised the warrants immediately prior to such Fundamental Transaction.

 

Purchase Right. Any time that the
Company grants, issues, or sells any securities pro rata to all of the record holders of the Common Stock (the “November
Purchase Right”), the holder of the warrant will be entitled to acquire the aggregate November Purchase Rights which the
holder could have acquired if the holder had held the number of shares of Common Stock acquirable upon exercise of the warrant.

 

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Transferability. Subject to applicable
laws and restrictions on transfer, the warrant may be transferred at the option of the holder after the expiration of the Lock-Up
Period, which is 180 days after the registration statement registering the warrant became effective. The warrants are not listed
on any securities exchange or nationally recognized trading system.

 

Exercisability. The warrants will
be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied
by payment in full for the number of shares of our Common Stock purchased upon such exercise. If, at the time a holder exercises
its warrant, a registration statement registering the issuance of the shares of Common Stock underlying the warrants under the
Securities Act is not then effective or available and an exemption from registration under the Securities Act is not available
for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise
in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part)
the net number of shares of Common Stock determined according to a formula set forth in the warrant.

 

Limitations on Exercise. A holder
(together with its affiliates) may not exercise any portion of the warrant to the extent that the holder would own more than 4.99%
of the outstanding Common Stock after exercise, except that upon at least 61 days’ prior notice from the holder to us, the
holder may increase the amount of ownership of outstanding stock after exercising the holder’s warrants up to 9.99% of the
number of shares of our Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership
is determined in accordance with the terms of the warrants. No fractional shares of Common Stock will be issued in connection with
the exercise of a warrant. In lieu of fractional shares, we will either pay the holder an amount in cash equal to the fractional
amount multiplied by the exercise price or round up to the next whole share.

 

Right as a Stockholder. Except as
otherwise provided in the warrants or by virtue of such holder’s ownership of shares of our Common Stock, the holders of
the warrants do not have the rights or privileges of holders of our Common Stock, including any voting rights, unless and until
they exercise their warrants.

 

Waivers and Amendments. Subject
to certain exceptions, any term of the warrants may be amended or waived with our written consent and the written consent of the
holder.

 

Other Warrants

 

Prior to our initial public offering and
in connection with entering into a license agreement, we issued warrants to purchase 750 shares of Common Stock to the University
of Arizona. Terms used but not otherwise defined herein will have the meaning given them in the warrant.

 

Duration and Exercise Price. The
warrants expire in June 2020 and have an exercise price of $150.00 per share.

 

Adjustment. The exercise price and
number of shares of Common Stock issuable upon exercise of the warrant is subject to adjustment upon a stock dividend, stock split,
reorganization, subdivision, combination, reclassification or reorganization of shares of Common Stock.

 

Terminating Change. In the event
of a Terminating Change, defined to include any consolidation, merger, sale of all or substantially all of the assets of the Company,
or capital reorganization or certain reclassifications of the Company’s stock, the Company will pay to the holder the fair
market value of the warrant shares immediately prior to the Terminating Change.

 

Notice. The warrant holder is entitled
to notice of certain transactions, including when: (i) the Company takes a record of holders of its Common Stock for the purpose
of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase
any shares of stock or any class or other securities, (ii) the Company offers to sell certain Company securities, (iii) the Company’s
Common Stock is reorganized or reclassified, (iv) any consolidation or merger of the Company or any conveyance of all or substantially
all of the assets of the Company, (v) the Company undergoes a voluntary or involuntary dissolution, liquidation or winding up of
the Company.

 

Transferability. Subject to applicable
laws and restrictions on transfer, the warrant may be transferred at the option of the holder.

 

Exercisability. The warrants will
be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied
by payment in full for the number of shares of our Common Stock purchased upon such exercise. At the election of the holder, in
lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise
price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of shares of Common
Stock determined according to a formula set forth in the warrant.

 

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Right as a Stockholder. Except as
otherwise provided in the warrants or by virtue of such holder’s ownership of shares of our Common Stock, the holders of
the warrants do not have the rights or privileges of holders of our Common Stock, including any voting rights, unless and until
they exercise their warrants.

 

Waivers and Amendments. Subject
to certain exceptions, any term of the warrants may be amended or waived with our written consent and the written consent of the
holder.

 

IPO Underwriter Warrant

 

In connection with our initial public offering
in December 2016, we issued warrants to purchase 9,375 shares of our Common Stock to Roth Capital Partners LLC.

 

Duration and Exercise Price. The
warrants have an exercise price of $192.00 per share. The warrant was fully vested and exercisable on the date of grant and will
expire in December 2021, on the fifth anniversary of the original issuance date.

 

Adjustment. The exercise price and
number of shares of Common Stock issuable upon exercise of the warrant is subject to adjustment as follows: (a) as the Company’s
board of directors deems appropriate, or (b) upon a stock dividend, stock split, reorganization, subdivision or combination of
shares of Common Stock.

 

Rights upon Distribution of Assets.
In the event that the Company declares or makes any dividend or other distribution of its assets to holders of its Common Stock,
the warrant holder will be entitled to participate in such distribution to the same extent that such holder would have participated
therein if the holder had held the number of shares of Common Stock acquirable upon exercise of the warrant.

 

Fundamental Transaction. In the
event of a Fundamental Transaction, as described in the warrants and generally including any reorganization, recapitalization or
reclassification of our Common Stock, the sale, transfer or other disposition of all or substantially all of our properties or
assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding Common Stock,
or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding Common Stock, the
holders of the warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other
property that the holders would have received had they exercised the warrants immediately prior to such Fundamental Transaction.
The Company may not enter into a Fundamental Transaction unless the successor entity assumes all obligations of the Company under
the warrant pursuant to an agreement in form and substance reasonably satisfactory to the holder.

 

Purchase Right. Any time that the
Company grants, issues, or sells any securities pro rata to all of the record holders of the Common Stock (the “December
2016 Purchase Right”), the holder of the warrant will be entitled to acquire the aggregate December 2016 Purchase Rights
which the holder could have acquired if the holder had held the number of shares of Common Stock acquirable upon exercise of the
warrant.

 

Transferability. Subject to applicable
laws and restrictions on transfer, the warrant may be transferred at the option of the holder. The warrants are not listed on any
securities exchange or nationally recognized trading system.

 

Exercisability. The warrants will
be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied
by payment in full for the number of shares of our Common Stock purchased upon such exercise. If, at the time a holder exercises
its warrant, a registration statement registering the issuance of the shares of Common Stock underlying the warrants under the
Securities Act is not then effective or available and an exemption from registration under the Securities Act is not available
for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise
in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part)
the net number of shares of Common Stock determined according to a formula set forth in the warrant.

 

Limitations on Exercise. A holder
(together with its affiliates) may not exercise any portion of the warrant to the extent that the holder would own more than 4.99%
of the outstanding Common Stock after exercise, except that upon at least 61 days’ prior notice from the holder to us, the
holder may increase the amount of ownership of outstanding stock after exercising the holder’s warrants up to 9.99% of the
number of shares of our Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership
is determined in accordance with the terms of the warrants. No fractional shares of Common Stock will be issued in connection with
the exercise of a warrant. In lieu of fractional shares, we will either pay the holder an amount in cash equal to the fractional
amount multiplied by the exercise price or round up to the next whole share.

 

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Right as a Stockholder. Except as
otherwise provided in the warrants or by virtue of such holder’s ownership of shares of our Common Stock, the holders of
the warrants do not have the rights or privileges of holders of our Common Stock, including any voting rights, unless and until
they exercise their warrants.

 

Waivers and Amendments. Subject
to certain exceptions, any term of the warrants may be amended or waived with our written consent and the written consent of the
holder.

 

For additional information about outstanding
warrants, please read “Item 1. Financial Statements — Notes to Condensed Financial Statements — Note 11. Common
Stock Warrants and Common Stock Warrant Liability” in our Quarterly Report on Form 10-Q filed with the SEC on May 15, 2018,
as amended by Form 10-Q/A filed with the SEC on May 22, 2018.

 

Registration Rights

 

The Common Stock warrants issued under
our 2018 Rights Offering provide for a registration right. During any period that the holders of these warrants wish to exercise
their warrants and (1) we do not have an effective registration statement or current prospectus relating thereto (2) and an exemption
to registration is not available in the opinion of the holder’s counsel, then we must immediately file a registration statement
and use our best efforts to have it declared effective within 30 days.

 

Anti-Takeover Provisions

 

Certificate of Incorporation and
Bylaws

 

Because our stockholders do not have cumulative
voting rights, our stockholders holding a majority of the outstanding shares of Common Stock outstanding will be able to satisfy
the quorum requirement and be able to elect all of our directors by a plurality of the voting power of the shares present in person
or by proxy. Our amended and restated certificate of incorporation and amended and restated bylaws provide that all stockholder
actions must be effected at a duly called meeting of stockholders and not by written consent. A special meeting of stockholders
may be called by a resolution adopted by a majority of our board, our chair of the board, our chief executive officer or the president
in absence of the chief executive officer. Any power of the stockholders to call a special meeting is specifically denied by the
terms of our amended and restated certificate of incorporation.

 

Our board of directors is divided into
three classes with staggered three-year terms. These provisions make it more difficult for our existing stockholders to replace
our board of directors as well as for another party to obtain control of us by replacing our board of directors. Since our board
of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing
stockholders or another party to effect a change in management. In addition, the authorization of undesignated preferred stock
makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede
the success of any attempt to obtain control of us.

 

These provisions are intended to enhance
the likelihood of continued stability in the composition of our board of directors and its policies and to discourage certain types
of transactions that may involve an actual or threatened acquisition of us. These provisions are also designed to reduce our vulnerability
to an unsolicited acquisition proposal and to discourage certain tactics that may be used in proxy fights. However, such provisions
could have the effect of discouraging others from making tender offers for our shares and may have the effect of deterring hostile
takeovers or delaying changes in our control or management. As a consequence, these provisions also may inhibit fluctuations in
the market price of our stock that could result from actual or rumored takeover attempts.

 

Section 203 of the Delaware General
Corporation Law

 

We are subject to Section 203 of the Delaware
General Corporation Law, which prohibits a Delaware corporation from engaging in any business combination with any interested stockholder
for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:

 

	 	●	Before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

  

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	 	●	Upon closing 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 began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned by (i) persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
	 	●	On or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least sixty-six and two-third percent (66 2/3%) of the outstanding voting stock that is not owned by the interested stockholder.

 

In general, Section 203 defines business
combination to include the following:

 

	 	●	Any merger or consolidation involving the corporation and the interested stockholder;
	 	●	Any sale, lease, exchange, mortgage, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;
	 	●	Subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;
	 	●	Any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or
	 	●	The receipt by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other financial benefits by or through the corporation.

 

In general, Section 203 defines an “interested
stockholder” as an entity or person who, together with the person’s affiliates and associates, beneficially owns, or
within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding
voting stock of the corporation.

 

Choice of Forum

 

Our amended and restated certificate of
incorporation provides that the Court of Chancery of the State of Delaware is the exclusive forum for any derivative action or
proceeding brought on our behalf; any action asserting a claim of a breach of fiduciary duty owed by any director, officer or other
employee to the Company or the Company’s stockholders; any action asserting a claim against us or any of our directors, officers
or other employees arising pursuant to the Delaware General Corporation Law, our amended and restated certificate of incorporation
or our amended and restated bylaws; or any action or proceeding asserting a claim against us or any of our directors, officers
or other employees that is governed by the internal affairs doctrine.

 

However, this exclusive forum provision
would not apply to suits brought to enforce any duty or liability created by the Securities Exchange Act of 1934, as amended, or
the rules and regulations thereunder, or any other claim for which the federal courts have exclusive jurisdiction. Furthermore,
this provision may apply to Securities Act claims and federal courts have concurrent jurisdiction over all suits brought to enforce
any duty or liability created by the Securities Act or the rules and regulations thereunder. Accordingly, there is uncertainty
as to whether a court would enforce this provision and that our stockholders cannot waive compliance with the federal securities
laws and the rules and regulations thereunder.

 

Listing of our Common Stock

 

Our Common Stock is listed on The Nasdaq
Capital Market under the symbol “SNES.”

 

 

10

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