On August 9,2019, the Master Fund purchased from the Company, in a private placement, 396,000 shares of Common Stock at a price per share of $2.53 for an aggregate purchase price of $1,001,880 (the “Private Placement”). The purchase was effected pursuant to the terms of a purchase agreement (the “Purchase Agreement”) entered into between the Master Fund and the Company.
The securities acquired by the Master Fund in the Private Placement have not been registered under the Securities Act of 1933, as amended. In connection with the Private Placement, the Master Fund entered into a Registration Rights Agreement with the Company pursuant to which the Company has agreed to register for resale by the Master Fund the shares of Common Stock purchased by the Master Fund pursuant to the deadlines set forth in the Registration Rights Agreement.
The foregoing summaries of the Purchase Agreement and the Registration Rights Agreement are qualified in their entirety by reference to the full text of the form of the agreements, which are included as Exhibits and hereto and are incorporated herein.