As filed with the Securities and Exchange Commission on June 10, 2024
Registration No. 333-
Delaware | | | 3826 | | | 26-1756290 |
(State or Other Jurisdiction of Incorporation or Organization) | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Identification Number) |
Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ |
Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☒ |
| | | | Emerging growth company | | | ☐ |
PRELIMINARY PROSPECTUS | | | SUBJECT TO COMPLETION, DATED JUNE 10, 2024 |
• | our ability to finance our operations and business initiatives, including our ability to successfully implement our strategic restructuring plan and other cost-reduction activities; |
• | the size and growth potential of the markets for our products, and our ability to serve those markets; |
• | the rate and degree of market acceptance of our products; |
• | our ability to manage the growth of our business and integrate acquired businesses; |
• | our ability to expand our commercial organization to address effectively existing and new markets that we intend to target; |
• | the impact from future regulatory, judicial, and legislative changes or developments in the U.S. and foreign countries; |
• | our ability to successfully execute our strategy and meet anticipated goals and milestones; |
• | our ability to compete effectively in a competitive industry; |
• | the introduction of competitive technologies or improvements in existing technologies and the success of any such technologies; |
• | the performance of our third-party contract sales organizations, suppliers and manufacturers; |
• | our ability to attract and retain key scientific or management personnel; |
• | the accuracy of our estimates regarding expenses, future revenues, reimbursement rates, capital requirements and needs for additional financing; |
• | the impact of geopolitical and macroeconomic developments, such as the ongoing conflict between Ukraine and Russia, the Israel-Hamas war, related sanctions and global pandemics on our business and operations, as well as the business or operations of our suppliers, customers, manufacturers, research partners and other third parties with whom we conduct business and our expectations with respect to the duration of such impacts and the resulting effects on our business; |
• | our ability to realize the anticipated benefits and synergies of our recent and any future acquisitions or other strategic transactions; |
• | our anticipated cash runway, our ability to continue as a going concern and our ability to obtain funding for our operations; |
• | our ability to attract collaborators and strategic partnerships; and |
• | other uncertainties affecting us including those described in the sections titled “Risk Factors” in this prospectus, in our most recent Annual Report on Form 10-K, in our Quarterly Reports on Form 10-Q and in our Current Reports on Form 8-K filed with the SEC. |
• | prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; |
• | upon consummation of the transaction which 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 commencement of the transaction, excluding for purposes of determining the number of shares outstanding (but not the outstanding voting stock owned by the interested stockholder) (a) shares owned by persons who are directors and also officers and (b) shares owned by 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 subsequent to the consummation of the transaction, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder. |
• | any merger or consolidation involving the corporation and the interested stockholder; |
• | any sale, lease, exchange, mortgage, pledge, transfer or other disposition involving the interested stockholder of 10% or more of the assets of the corporation; |
• | subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; |
• | subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; and |
• | the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation. |
• | do not provide stockholders with cumulative voting rights such that stockholders holding a majority of the voting power of our shares of common stock may be able to elect all of our directors; |
• | provide for stockholder actions to be taken at a duly called meeting of stockholders and not by written consent; |
• | provide that a special meeting of stockholders may only be called by a majority of our board of directors, the chair of our board of directors or our chief executive officer; |
• | establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of our stockholders, including proposed nominations of persons for election to our board of directors; |
• | divide our board of directors into three classes with staggered three-year terms; |
• | provide that the authorized number of directors may be changed only by resolution adopted by a majority of the authorized number of directors constituting the board of directors; |
• | provide that the board of directors or any individual director may only be removed with cause and the affirmative vote of the holders of at least 66 2/3% of the voting power of all of our then outstanding common stock; |
• | provide that all vacancies, including newly created directorships, may, except as otherwise required by law or subject to the rights of holders of preferred stock as designated from time to time, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum; |
• | provide that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors or officers to us or our stockholders, (iii) any action asserting a claim against us arising pursuant to any provision of the General Corporation Law of the State of Delaware or our certificate of incorporation or bylaws, or (iv) any action asserting a claim against us governed by the internal affairs doctrine (these choice of forum provisions do not apply to suits brought to enforce a duty or liability created by the Securities Act, the Exchange Act, or any other claim for which the federal courts have exclusive jurisdiction). |
• | U.S. holders that may be subject to special tax treatment, including brokers or dealers in securities or currencies, banks, financial institutions, regulated investment companies, real estate investment trusts, tax-exempt entities, insurance companies, pension or retirement plans, or traders in securities that elect to use a mark-to-market method of tax accounting for their securities; |
• | U.S. holders holding the Shares as a part of a hedging, integrated, or conversion transaction or a straddle or persons deemed to sell the Shares under the constructive sale provisions of the Code; |
• | U.S. holders whose “functional currency” is not the U.S. dollar; |
• | corporations that accumulate earnings to avoid U.S. federal income tax; |
• | certain former citizens or long-term residents of the United States; |
• | U.S. holders that own, or are deemed to own, 5% or more (by vote or value) of our stock; or |
• | partnerships or other pass-through entities or investors in such entities. |
• | individual who is a citizen or resident of the United States; |
• | a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia; |
• | an estate the income of which is subject to U.S. federal income taxation regardless of its source; or |
• | a trust, if it (i) is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (ii) has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person. |
| | Shares of Common Stock | ||||||||||
Name | | | Number of Shares of Common Stock Beneficially Owned Prior to the Offering(1) | | | Maximum Number of Shares of Common Registered Hereunder for Sale | | | Common Stock Beneficially Owned Upon Completion of the Offering(2) | |||
| Number of Shares | | | Percentage | ||||||||
Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B | | | 2,041,667 | | | 2,041,667 | | | 0 | | | 0% |
FourWorld Deep Value Opportunities Fund I, LLC | | | 1,701,389 | | | 1,701,389 | | | 0 | | | 0% |
JGB Capital LP | | | 210,972 | | | 210,972 | | | 0 | | | 0% |
JGB Capital Offshore Ltd. | | | 4,348,750 | | | 4,348,750 | | | 0 | | | 0% |
JGB Partners LP | | | 3,947,222 | | | 3,947,222 | | | 0 | | | 0% |
(1) | Figures in this column include the Upfront Shares and the Conversion Shares, in each case, without taking account of any limitation on conversion and exercise pursuant to the terms of the Debentures. |
(2) | Assumes that, after the date of this prospectus and prior to completion of this offering, none of the Selling Securityholders (i) acquires additional shares of our common stock or other securities or (ii) sells or otherwise disposes of shares of our common stock or other securities held by such selling shareholders as of the date hereof and not offered hereby |
• | ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
• | block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction; |
• | purchases by a broker-dealer as principal and resale by the broker-dealer for its account; |
• | an exchange distribution in accordance with the rules of the applicable exchange; |
• | privately negotiated transactions; |
• | settlement of short sales; |
• | in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated price per security; |
• | through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; |
• | a combination of any such methods of sale; or |
• | any other method permitted pursuant to applicable law. |
• | our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 5, 2024; |
• | our Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 26, 2024 (to the extent incorporated by reference into Part III of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023); |
• | our Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, filed with the SEC on May 8, 2024; |
• | our Current Reports on Form 8-K filed with the SEC on February 28, 2024, March 5, 2024 (with respect to Item 2.05 only), April 5, 2024, April 8, 2024, May 8, 2024 (with respect to Item 2.05 only), and May 28, 2024; and |
• | the description of our common stock which is registered under Section 12 of the Exchange Act, in our registration statement on Form 8-A, filed on August 17, 2018, including any amendments or reports filed for the purposes of updating this description. |
Item 14. | Other Expenses of Issuance and Distribution. |
SEC registration fee | | | $ 1,744 |
Accounting fees and expenses | | | $ 25,000 |
Legal fees and expenses | | | $ 25,000 |
Printing and miscellaneous expenses | | | $4,834 |
Total | | | $ 56,578 |
Item 15. | Indemnification of Directors and Officers. |
• | transaction from which the director or officer derives an improper personal benefit; |
• | act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; |
• | in the case of a director, unlawful payment of dividends or redemption of shares; |
• | breach of a director’s duty of loyalty to the corporation or its stockholders; or |
• | in the case of an officer, action by or in the right of the corporation. |
• | indemnification beyond that permitted by the General Corporation Law of the State of Delaware; |
• | indemnification for any proceeding with respect to the unlawful payment of remuneration to the director or officer; |
• | indemnification for certain proceedings involving a final judgment that the director or officer is required to disgorge profits from the purchase or sale of our stock; |
• | indemnification for proceedings involving a final judgment that the director’s or officer’s conduct was in bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct or a breach of his or her duty of loyalty, but only to the extent of such specific determination; |
• | indemnification for proceedings or claims brought by an officer or director against us or any of our directors, officers, employees or agents, except for (1) claims to establish a right of indemnification or proceedings, (2) claims approved by our board of directors, (3) claims required by law, (4) when there has been a change of control as defined in the indemnification agreement with each director or officer, or (5) by us in our sole discretion pursuant to the powers vested to us under the General Corporation Law of the State of Delaware; |
• | indemnification for settlements the director or officer enters into without our consent; or |
• | indemnification in violation of any undertaking required by the Securities Act or in any registration statement we file. |
Item 16. | Exhibits. |
Exhibit Number | | | Description |
| | Amended and Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.1 of the Registrant’s Annual Report on Form 10-K, filed with the SEC on March 23, 2021). | |
| | Certificate of Amendment to Amended and Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.1 of the Registrant’s Current on Form 8-K, filed with the SEC on August 4, 2023). | |
| | Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 of the Registrant’s Current Report on Form 8-K, filed with the SEC on August 24, 2018). | |
| | Amendment to Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 of the Registrant’s Current Report on Form 8-K, filed with the SEC on April 14, 2023). | |
| | Form of Senior Secured Convertible Debenture Due May 24, 2026 (incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K, filed with the SEC on May 28, 2024). | |
| | Opinion of ArentFox Schiff LLP. | |
| | Securities Purchase Agreement, dated May 24, 2024, by and among the Company and the Selling Securityholders named therein (incorporated by reference to Exhibit 10.1 of the Registrant’s Current on Form 8-K, filed with the SEC on May 28, 2024). | |
| | Registration Rights Agreement, dated May 24, 2024, by an among the Company and the Selling Securityholders named therein (incorporated by reference to Exhibit 10.5 of the Registrant’s Current on Form 8-K, filed with the SEC on May 28, 2024) | |
| | Consent of BDO USA, P.C., independent registered public accounting firm. | |
| | Consent of ArentFox Schiff LLP (included in Exhibit 5.1). | |
| | Power of Attorney (included on signature page). | |
| | Filing Fee Table. |
* | Certain schedules to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish a copy of all omitted schedules to the SEC upon its request. Portions of this exhibit have been omitted pursuant to Item 601(b)(2)(ii) of Regulation S-K. The Company agrees to furnish supplementally an unredacted copy of the Exhibit to the SEC upon its request. |
Item 17. | Undertakings. |
(a) | The undersigned registrant hereby undertakes: |
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | To include any prospectus required by Section 10(a)(3) of the Securities Act; |
(ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
(iii) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; |
(2) | That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(4) | That, for the purpose of determining liability under the Securities Act to any purchaser: |
(i) | Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and |
(ii) | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. |
(5) | That, for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(b) | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
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BIONANO GENOMICS, INC. | |||
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By: | | | /s/ R. Erik Holmlin, Ph.D. |
| | R. Erik Holmlin, Ph.D. | |
| | President and Chief Executive Officer |
Signature | | | Title | | | Date |
/s/ R. Erik Holmlin, Ph.D. | | | President, Chief Executive Officer and Director (Principal Executive Officer) | | | June 10, 2024 |
R. Erik Holmlin, Ph.D. | | |||||
| | | | |||
/s/ Gülsen Kama | | | Chief Financial Officer (Principal Financial and Accounting Officer) | | | June 10, 2024 |
Gülsen Kama | | |||||
| | | | |||
/s/ David L. Barker, Ph.D. | | | Director | | | June 10, 2024 |
David L. Barker, Ph.D. | | |||||
| | | | |||
/s/ Yvonne Linney, Ph.D. | | | Director | | | June 10, 2024 |
Yvonne Linney, Ph.D. | | |||||
| | | | |||
/s/ Albert A. Luderer, Ph.D. | | | Director | | | June 10, 2024 |
Albert A. Luderer, Ph.D. | | |||||
| | | | |||
/s/ Hannah Mamuszka | | | Director | | | June 10, 2024 |
Hannah Mamuszka | | |||||
| | | | |||
/s/ Aleksandar Rajkovic, M.D., Ph.D. | | | Director | | | June 10, 2024 |
Aleksandar Rajkovic, M.D., Ph.D. | | |||||
| | | | |||
/s/ Christopher Twomey | | | Director | | | June 10, 2024 |
Christopher Twomey | | |||||
| | | | |||
/s/ Kristiina Vuori, M.D., Ph.D. | | | Director | | | June 10, 2024 |
Kristiina Vuori, M.D., Ph.D. | | |||||
| | | | |||
/s/ Vincent Wong, J.D., M.B.A. | | | Director | | | June 10, 2024 |
Vincent Wong, J.D., M.B.A. | |
ArentFox Schiff LLP
1301 Avenue of the Americas
42nd Floor
New York, NY 10019
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212.484.3900 main
212.484.3990 fax
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afslaw.com
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Re:
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Registration Statement on Form S-3
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Bionano Genomics, Inc.
Page 2
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Very truly yours,
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/s/ ArentFox Schiff LLP
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ArentFox Schiff LLP
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Security
Type
|
Security
Class
Title
|
Fee
Calculation
or Carry Forward
Rule
|
Amount
Registered
|
Proposed Maximum Offering
Price Per
Unit(1)
|
Maximum
Aggregate
Offering Price
|
Fee
Rate
|
Amount of Registration Fee(1)
|
Carry Forward Form
Type
|
Carry Forward File
Number
|
Carry Forward Initial effective date
|
Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward
|
|
Newly Registered Securities
|
||||||||||||
Fees to Be
Paid
|
Equity
|
Common Stock, $0.0001 par value per share(2)
|
457(c)
|
2,250,000
|
$0.97
|
$2,171,250.00
|
0.00014760
|
$320.48
|
||||
Fees to Be
Paid
|
Equity
|
Common Stock, $0.0001 par value per share, underlying debentures(2)
|
457(c)
|
10,000,000
|
$0.97
|
$9,650,000.00
|
0.00014760
|
$1.424.34
|
||||
Fees
Previously
Paid
|
||||||||||||
Carry Forward Securities
|
||||||||||||
Carry
Forward Securities
|
||||||||||||
Total Offering Amounts
|
$1,744.82
|
|||||||||||
Total Fees Previously Paid
|
$0.00
|
|||||||||||
Total Fee Offsets
|
—
|
|||||||||||
Net Fee Due
|
$1,744.82
|
(1)
|
Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) of the Securities Act of 1933, as amended, based upon the average of the high and low prices for
a share of the registrant’s common stock as reported on The NASDAQ Capital Market on June 3, 2024.
|
(2)
|
Pursuant to Rule 416 under the Securities Act, the securities being registered hereunder include such indeterminate number of additional shares of common stock as may be issued after the date
hereof as a result of stock splits, stock dividends or similar transactions.
|