Delaware | | | 3826 | | | 26-1756290 |
(State or Other Jurisdiction of Incorporation or Organization) | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Identification Number) |
R. Erik Holmlin, Ph.D. President and Chief Executive Officer Bionano Genomics, Inc. 9540 Towne Centre Drive, Suite 100 San Diego, California 92121 (858) 888-7600 | | | Thomas A. Coll, Esq. Phillip S. McGill, Esq. Cooley LLP 10265 Science Center Drive San Diego, California 92121 (858) 550-6000 |
Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ |
Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☒ |
| | | | Emerging growth company | | | ☐ |
• | a base prospectus which covers the offering, issuance and sale by the Registrant of the securities identified therein from time to time in one or more offerings with a total value of up to $400,000,000; and |
• | a sales agreement prospectus supplement that covers the offering, issuance and sale by the Registrant of up to $200,000,000, in aggregate offering price of the Registrant’s common stock that may be issued and sold from time to time under a sales agreement with Cowen and Company, LLC. |
• | designation or classification; |
• | aggregate principal amount or aggregate offering price; |
• | maturity, if applicable; |
• | original issue discount, if any; |
• | rates and times of payment of interest or dividends, if any; |
• | redemption, conversion, exercise, exchange or sinking fund terms, if any; |
• | conversion or exchange prices or rates, if any, and, if applicable, any provisions for changes to or adjustments in the conversion or exchange prices or rates and in the securities or other property receivable upon conversion or exchange; |
• | ranking, if applicable; |
• | restrictive covenants, if any; |
• | voting or other rights, if any; and |
• | important U.S. federal income tax considerations. |
• | the names of those underwriters or agents; |
• | applicable fees, discounts and commissions to be paid to them; |
• | details regarding options to purchase additional securities, if any; and |
• | the estimated net proceeds to us. |
• | We are an early commercial-stage company and have a limited commercial history, which may make it difficult to evaluate our current business and predict our future performance; |
• | We have incurred recurring net losses since we were formed and expect to incur losses in the future. We cannot be certain that we will achieve or sustain profitability; |
• | Our quarterly and annual operating results and cash flows have fluctuated in the past and might continue to fluctuate, which makes our future operating results difficult to predict and could cause the market price of our securities to decline substantially; |
• | Our future capital needs are uncertain and we may require additional funding in the future to advance the commercialization of our Saphyr system, Ionic Purification system, NxClinical software, and our other products, technologies and services, as well as continue our research and development efforts. If we fail to obtain additional funding, we will be forced to delay, reduce or eliminate our commercialization and development efforts; |
• | Unfavorable geopolitical and macroeconomic developments could adversely affect our business, financial condition or results of operations; |
• | The COVID-19 pandemic has materially affected and could continue to materially affect our operations globally, including at our headquarters in San Diego, California, as well as the business or operations of our research partners, customers and other third parties with whom we conduct business; |
• | Acquisitions, joint ventures and other strategic transactions could disrupt or otherwise harm our business and may cause dilution to our stockholders; |
• | If our products or technologies fail to achieve and sustain sufficient market acceptance, our revenue will be adversely affected; |
• | In the near term, sales of our Saphyr system, Ionic Purification system, NxClinical software, consumables and genome analysis services will depend on levels of research and development spending by clinical research laboratories, academic and governmental research institutions and biopharmaceutical companies, a reduction in which could limit demand for our technologies and products and adversely affect our business and operating results; |
• | If we do not successfully manage the development and launch of new products and technologies, our financial results could be adversely affected; |
• | Our future success is dependent upon our ability to further penetrate our existing customer base, attract new customers and retain the customers of our acquired businesses; |
• | The size of the markets for our products and technologies may be smaller than we estimate, and new markets may not develop as quickly as we expect, or at all, limiting our ability to successfully sell our products and technologies. |
• | We are currently limited to “research use only,” or RUO, with respect to many of the materials and components used in our consumable products including our assays; |
• | If the FDA determines that our RUO products are medical devices or if we seek to market our RUO products for clinical diagnostic or health screening use, we will be required to obtain regulatory clearance(s) or approval(s), and may be required to cease or limit sales of our then marketed products, which could materially and adversely affect our business, financial condition and results of operations. Any such regulatory process would be expensive, time-consuming and uncertain both in timing and in outcome; |
• | If we are unable to protect our intellectual property, it may reduce our ability to maintain any technological or competitive advantage over our competitors and potential competitors, and our business may be harmed; and |
• | The price of our securities has been and may in the future be volatile or may decline regardless of our operating performance, and you could lose all or part of your investment. |
• | 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, related sanctions and the COVID-19 pandemic 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 intended use of the net proceeds from offerings of our securities under this prospectus; |
• | our ability to continue as a going concern within 12 months from the date of our Annual Report on Form 10-K for the year ended December 31, 2022 and our ability to obtain funding for our operations; and |
• | our ability to attract collaborators and strategic partnerships. |
• | 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). |
• | the title of the series of debt securities; |
• | any limit upon the aggregate principal amount that may be issued; |
• | the maturity date or dates; |
• | the form of the debt securities of the series; |
• | the applicability of any guarantees; |
• | whether or not the debt securities will be secured or unsecured, and the terms of any secured debt; |
• | whether the debt securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the terms of any subordination; |
• | if the price (expressed as a percentage of the aggregate principal amount thereof) at which such debt securities will be issued is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the portion of the principal amount of such debt securities that is convertible into another security or the method by which any such portion shall be determined; |
• | the interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining such dates; |
• | our right, if any, to defer payment of interest and the maximum length of any such deferral period; |
• | if applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, we may, at our option, redeem the series of debt securities pursuant to any optional or provisional redemption provisions and the terms of those redemption provisions; |
• | the date or dates, if any, on which, and the price or prices at which we are obligated, pursuant to any mandatory sinking fund or analogous fund provisions or otherwise, to redeem, or at the holder’s option to purchase, the series of debt securities and the currency or currency unit in which the debt securities are payable; |
• | the denominations in which we will issue the series of debt securities, if other than denominations of $1,000 and any integral multiple thereof; |
• | any and all terms, if applicable, relating to any auction or remarketing of the debt securities of that series and any security for our obligations with respect to such debt securities and any other terms which may be advisable in connection with the marketing of debt securities of that series; |
• | whether the debt securities of the series shall be issued in whole or in part in the form of a global security or securities; the terms and conditions, if any, upon which such global security or securities may be exchanged in whole or in part for other individual securities; and the depositary for such global security or securities; |
• | if applicable, the provisions relating to conversion or exchange of any debt securities of the series and the terms and conditions upon which such debt securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at our option or the holders’ option) conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion or exchange; |
• | if other than the full principal amount thereof, the portion of the principal amount of debt securities of the series which shall be payable upon declaration of acceleration of the maturity thereof; |
• | additions to or changes in the covenants applicable to the particular debt securities being issued, including, among others, the consolidation, merger or sale covenant; |
• | additions to or changes in the events of default with respect to the securities and any change in the right of the trustee or the holders to declare the principal, premium, if any, and interest, if any, with respect to such securities to be due and payable; |
• | additions to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance; |
• | additions to or changes in the provisions relating to satisfaction and discharge of the indenture; |
• | additions to or changes in the provisions relating to the modification of the indenture both with and without the consent of holders of debt securities issued under the indenture; |
• | the currency of payment of debt securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars; |
• | whether interest will be payable in cash or additional debt securities at our or the holders’ option and the terms and conditions upon which the election may be made; |
• | the terms and conditions, if any, upon which we will pay amounts in addition to the stated interest, premium, if any and principal amounts of the debt securities of the series to any holder that is not a “United States person” for federal tax purposes; |
• | any restrictions on transfer, sale or assignment of the debt securities of the series; and |
• | any other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities, any other additions or changes in the provisions of the indenture, and any terms that may be required by us or advisable under applicable laws or regulations. |
• | if we fail to pay any installment of interest on any series of debt securities, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by us in accordance with the terms of any indenture supplemental thereto shall not constitute a default in the payment of interest for this purpose; |
• | if we fail to pay the principal of, or premium, if any, on any series of debt securities as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to such series; provided, however, that a valid extension of the maturity of such debt securities in accordance with the terms of any indenture supplemental thereto shall not constitute a default in the payment of principal or premium, if any; |
• | if we fail to observe or perform any other covenant or agreement contained in the debt securities or the indenture, other than a covenant specifically relating to another series of debt securities, and our failure continues for 90 days after we receive written notice of such failure, requiring the same to be remedied and stating that such is a notice of default thereunder, from the trustee or holders of at least 25% in aggregate principal amount of the outstanding debt securities of the applicable series; and |
• | if specified events of bankruptcy, insolvency or reorganization occur. |
• | the direction so given by the holder is not in conflict with any law or the applicable indenture; and |
• | subject to its duties under the Trust Indenture Act, the trustee need not take any action that might involve it in personal liability or might be unduly prejudicial to the holders not involved in the proceeding. |
• | the holder has given written notice to the trustee of a continuing event of default with respect to that series; |
• | the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have made written request; |
• | such holders have offered to the trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred by the trustee in compliance with the request; and |
• | the trustee does not institute the proceeding, and does not receive from the holders of a majority in aggregate principal amount of the outstanding debt securities of that series other conflicting directions within 90 days after the notice, request and offer. |
• | to cure any ambiguity, defect or inconsistency in the indenture or in the debt securities of any series; |
• | to comply with the provisions described above under “Description of Debt Securities—Consolidation, Merger or Sale;” |
• | to provide for uncertificated debt securities in addition to or in place of certificated debt securities; |
• | to add to our covenants, restrictions, conditions or provisions such new covenants, restrictions, conditions or provisions for the benefit of the holders of all or any series of debt securities, to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an event of default or to surrender any right or power conferred upon us in the indenture; |
• | to add to, delete from or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication and delivery of debt securities, as set forth in the indenture; |
• | to make any change that does not adversely affect the interests of any holder of debt securities of any series in any material respect; |
• | to provide for the issuance of and establish the form and terms and conditions of the debt securities of any series as provided above under “Description of Debt Securities—General” to establish the form of any certifications required to be furnished pursuant to the terms of the indenture or any series of debt securities, or to add to the rights of the holders of any series of debt securities; |
• | to evidence and provide for the acceptance of appointment under any indenture by a successor trustee; or |
• | to comply with any requirements of the SEC in connection with the qualification of any indenture under the Trust Indenture Act. |
• | extending the fixed maturity of any debt securities of any series; |
• | reducing the principal amount, reducing the rate of or extending the time of payment of interest, or reducing any premium payable upon the redemption of any series of any debt securities; or |
• | reducing the percentage of debt securities, the holders of which are required to consent to any amendment, supplement, modification or waiver. |
• | provide for payment; |
• | register the transfer or exchange of debt securities of the series; |
• | replace stolen, lost or mutilated debt securities of the series; |
• | pay principal of and premium and interest on any debt securities of the series; |
• | maintain paying agencies; |
• | hold monies for payment in trust; |
• | recover excess money held by the trustee; |
• | compensate and indemnify the trustee; and |
• | appoint any successor trustee. |
• | issue, register the transfer of, or exchange any debt securities of that series during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of any debt securities that may be selected for redemption and ending at the close of business on the day of the mailing; or |
• | register the transfer of or exchange any debt securities so selected for redemption, in whole or in part, except the unredeemed portion of any debt securities we are redeeming in part. |
• | the title of such securities; |
• | the offering price or prices and aggregate number of warrants offered; |
• | the currency or currencies for which the warrants may be purchased; |
• | if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security; |
• | if applicable, the date on and after which the warrants and the related securities will be separately transferable; |
• | if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time; |
• | in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which, and currency in which, this principal amount of debt securities may be purchased upon such exercise; |
• | in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon the exercise of one warrant and the price at which, and the currency in which, these shares may be purchased upon such exercise; |
• | the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreements and the warrants; |
• | the terms of any rights to redeem or call the warrants; |
• | the terms of any rights to force the exercise of the warrants; |
• | any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants; |
• | the dates on which the right to exercise the warrants will commence and expire; |
• | the manner in which the warrant agreements and warrants may be modified; |
• | a discussion of any material or special U.S. federal income tax consequences of holding or exercising the warrants; |
• | the terms of the securities issuable upon exercise of the warrants; and |
• | any other specific terms, preferences, rights or limitations of or restrictions on the warrants. |
• | in the case of warrants to purchase debt securities, the right to receive payments of principal of, or premium, if any, or interest on, the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture; or |
• | in the case of warrants to purchase common stock or preferred stock, the right to receive dividends, if any, or, payments upon our liquidation, dissolution or winding up or to exercise voting rights, if any. |
• | how it handles securities payments and notices; |
• | whether it imposes fees or charges; |
• | how it would handle a request for the holders’ consent, if ever required; |
• | whether and how you can instruct it to send you securities registered in your own name so you can be a holder, if that is permitted in the future; |
• | how it would exercise rights under the securities if there were a default or other event triggering the need for holders to act to protect their interests; and |
• | if the securities are in book-entry form, how the depositary’s rules and procedures will affect these matters. |
• | an investor cannot cause the securities to be registered in his or her name, and cannot obtain non-global certificates for his or her interest in the securities, except in the special situations we describe below; |
• | an investor will be an indirect holder and must look to his or her own bank or broker for payments on the securities and protection of his or her legal rights relating to the securities, as we describe above; |
• | an investor may not be able to sell interests in the securities to some insurance companies and to other institutions that are required by law to own their securities in non-book-entry form; |
• | an investor may not be able to pledge his or her interest in the global security in circumstances where certificates representing the securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective; |
• | the depositary’s policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investor’s interest in the global security; |
• | we and any applicable trustee have no responsibility for any aspect of the depositary’s actions or for its records of ownership interests in the global security, nor will we or any applicable trustee supervise the depositary in any way; |
• | the depositary may, and we understand that DTC will, require that those who purchase and sell interests in the global security within its book-entry system use immediately available funds, and your broker or bank may require you to do so as well; and |
• | financial institutions that participate in the depositary’s book-entry system, and through which an investor holds its interest in the global security, may also have their own policies affecting payments, notices and other matters relating to the securities. |
• | if the depositary notifies us that it is unwilling, unable or no longer qualified to continue as depositary for that global security and we do not appoint another institution to act as depositary within 90 days; |
• | if we notify any applicable trustee that we wish to terminate that global security; or |
• | if an event of default has occurred with regard to securities represented by that global security and has not been cured or waived. |
• | at a fixed price or prices, which may be changed; |
• | at market prices prevailing at the time of sale; |
• | at prices related to such prevailing market prices; or |
• | at negotiated prices. |
• | on or through the facilities of the Nasdaq Capital Market or any other securities exchange or quotation or trading service on which such securities may be listed, quoted or traded at the time of sale; and/or |
• | to or through a market maker other than on the Nasdaq Capital Market or such other securities exchanges or quotation or trading services. |
• | the name or names of any underwriters, dealers or agents, if any; |
• | the purchase price of the securities and the proceeds we will receive from the sale; |
• | any options pursuant to which underwriters may purchase additional securities from us; |
• | any agency fees or underwriting discounts and other items constituting agents’ or underwriters’ compensation; |
• | any public offering price; |
• | any discounts or concessions allowed or reallowed or paid to dealers; and |
• | any securities exchange or market on which the securities may be listed. |
• | our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 1, 2022; |
• | our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 filed with the SEC on May 5, 2022, August 4, 2022 and November 3, 2022, respectively; |
• | certain portions of our Definitive Proxy Statement on Schedule 14A specifically incorporated by reference into our Annual Report on Form 10-K for the year ended December 31, 2021 (other than information furnished rather than filed), filed with the SEC on April 27, 2022; |
• | our Current Reports on Form 8-K (other than information furnished rather than filed) filed with the SEC on February 23, 2022, June 10, 2022, November 18, 2022, November 28, 2022, November 29, 2022, November 30, 2022, and February 3, 2023 to the extent the information in such reports is filed and not furnished; and |
• | the description of our common stock in our registration statement on Form 8-A, which was filed with the SEC on August 17, 2018, including all amendments and reports filed for the purpose of updating such description, including Exhibit 4.12 Annual Report on Form 10-K for the year ended December 31, 2021. |
• | 24,022,000 shares of common stock issuable upon the exercise of options outstanding as of December 31, 2022 at a weighted average exercise price of $3.28 per share; |
• | 8,637,038 shares of common stock reserved for future issuance under our 2018 Equity Incentive Plan, or the 2018 Plan, as of December 31, 2022, plus any future increases in the number of shares of common stock reserved for issuance under the 2018 Plan pursuant to evergreen provisions; |
• | 137,723 shares of common stock reserved for future issuance under our 2018 Employee Stock Purchase Plan, or the 2018 ESPP, as of December 31, 2022, plus any future increases in the number of shares of common stock reserved for issuance under the 2018 ESPP pursuant to evergreen provisions; |
• | 2,060,002 shares of common stock reserved for future issuance under our 2020 Inducement Plan as of December 31, 2022; |
• | 96,000 shares of common stock issuable upon the vesting and settlement of restricted stock units outstanding as of December 31, 2022; |
• | 290,000 shares of common stock issuable upon the vesting and settlement of performance-based restricted stock units outstanding as of December 31, 2022; and |
• | 4,356,000 shares of common stock issuable upon the exercise of common warrants outstanding as of December 31, 2022 at a weighted-average exercise price of $5.96 per share, under which no shares of common stock have been issued between January 1, 2023 and February 28, 2023. |
• | 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, related sanctions and the COVID-19 pandemic 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 intended use of the net proceeds from offerings of shares of our common stock under this prospectus supplement; |
• | our ability to obtain funding for our operations; and |
• | our ability to attract collaborators and strategic partnerships. |
Assumed public offering price per share | | | | | $1.31 | |
Net tangible book value per share as of December 31, 2022 | | | $0.44 | | | |
Increase in net tangible book value per share attributable to this offering | | | $0.30 | | | |
As adjusted net tangible book per share as of December 31, 2022, after giving effect to this offering | | | | | $0.74 | |
Dilution per share to investors in this offering | | | | | $0.57 |
• | 24,022,000 shares of common stock issuable upon the exercise of options outstanding as of December 31, 2022 at a weighted average exercise price of $3.28 per share; |
• | 8,637,038 shares of common stock reserved for future issuance under our 2018 Plan as of December 31, 2022, plus any future increases in the number of shares of common stock reserved for issuance under the 2018 Plan pursuant to evergreen provisions; |
• | 137,723 shares of common stock reserved for future issuance under our 2018 ESPP as of December 31, 2022, plus any future increases in the number of shares of common stock reserved for issuance under the 2018 ESPP pursuant to evergreen provisions; |
• | 2,060,002 shares of common stock reserved for future issuance under our 2020 Inducement Plan as of December 31, 2022; |
• | 96,000 shares of common stock issuable upon the vesting and settlement of restricted stock units outstanding as of December 31, 2022; |
• | 290,000 shares of common stock issuable upon the vesting and settlement of performance-based restricted stock units outstanding as of December 31, 2022; and |
• | 4,356,000 shares of common stock issuable upon the exercise of common warrants outstanding as of December 31, 2022 at a weighted-average exercise price of $5.96 per share, under which no shares of common stock have been issued between January 1, 2023 and February 28, 2023. |
• | our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 1, 2022; |
• | our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 filed with the SEC on May 5, 2022, August 4, 2022 and November 3, 2022, respectively; |
• | certain portions of our Definitive Proxy Statement on Schedule 14A specifically incorporated by reference into our Annual Report on Form 10-K for the year ended December 31, 2021 (other than information furnished rather than filed), filed with the SEC on April 27, 2022; |
• | our Current Reports on Form 8-K (other than information furnished rather than filed) filed with the SEC on February 23, 2022, June 10, 2022, November 18, 2022, November 28, 2022, November 29, 2022, November 30, 2022, and February 3, 2023 to the extent the information in such reports is filed and not furnished; and |
• | the description of our common stock in our registration statement on Form 8-A, which was filed with the SEC on August 17, 2018, including all amendments and reports filed for the purpose of updating such description, including Exhibit 4.12 Annual Report on Form 10-K for the year ended December 31, 2021. |
Item 14. | Other Expenses of Issuance and Distribution. |
SEC registration fee | | | $11,594 |
FINRA filing fee | | | * |
Accounting fees and expenses | | | * |
Legal fees and expenses | | | * |
Transfer agent and registrar fees and expenses | | | * |
Trustee fees and expenses | | | * |
Printing and miscellaneous expenses | | | * |
Total | | | $* |
* | The amount of securities and number of offerings are indeterminable and the expenses cannot be estimated at this time. An estimate of the aggregate expenses in connection with the sale and distribution of securities being offered will be included in the applicable prospectus supplement. |
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 |
1.1* | | | Form of Underwriting Agreement. |
| | Sales Agreement, dated March 23, 2021, by and between the Company and Cowen and Company, LLC (incorporated by reference to Exhibit 1.1 of the Registrant’s Current Report on Form 8-K, filed with the SEC on March 24, 2021). | |
| | Amendment No. 1 to Sales Agreement, dated March 9, 2023, by and between the Company and Cowen and Company, LLC. | |
| | Amended and Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit 4.1 of the Registrant’s Annual Report on Form 10-K, filed with the SEC on March 23, 2021). | |
| | 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). | |
4.1 | | | |
| | Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 of the Registrant’s Registration Statement on Form S-1 (File No. 333-225970), as amended). | |
| | Form of Warrant to Purchase Series D-1 Preferred Stock issued to Midcap Financial Trust (incorporated by reference to Exhibit 4.8 of the Registrant’s Registration Statement on Form S-1 (File No. 333-225970), as amended). | |
| | Form of Warrant to Purchase Common Stock Issued to Underwriters (attached to Underwriting Agreement) (incorporated by reference to Exhibit 4.9 of the Registrant’s Registration Statement on Form S-1 (File No. 333-225970), as amended). | |
| | Form of Warrant Certificate (included in Exhibit 4.6 below) (incorporated by reference to Exhibit 4.11 of the Registrant’s Registration Statement on Form S-1 (File No. 333-225970), as amended). | |
| | Form of Warrant Agent Agreement by and between the Registrant and American Stock Transfer & Trust Company LLC, as warrant agent (incorporated by reference to Exhibit 4.11 of the Registrant’s Registration Statement on Form S-1 (File No. 333-225970), as amended). | |
| | Form of Warrant to Purchase Common Stock for Service Providers (incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K, filed with the SEC on November 21, 2018). | |
| | Registration Rights Agreement, dated March 14, 2019, by and among the Company and the Innovatus Investors (incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K, filed with the SEC on March 14, 2019). | |
| | Form of Warrant to Purchase Common Stock issued to Investors in October 2019 Public Offering (incorporated by reference to Exhibit 4.13 of the Registrant’s Registration Statement on Form S-1 (File No. 333-233828), as amended). | |
| | Form of Warrant to Purchase Common Stock issued to Investors in April 2020 Public Offering (incorporated by reference to Exhibit 4.16 of the Registrant’s Registration Statement on Form S-1 (File No. 333-237074), as amended). | |
4.11* | | | Specimen Preferred Stock Certificate and Form of Certificate of Designation of Preferred Stock. |
| | Form of Debt Indenture (incorporated by reference to Exhibit 4.21 of the Registrant’s Automatic Shelf Registration Statement on Form S-3 (File No. 333-252216), filed with the SEC on January 19, 2021). | |
4.13* | | | Form of Debt Securities. |
| | Form of Common Stock Warrant Agreement and Warrant Certificate (incorporated by reference to Exhibit 4.23 of the Registrant’s Automatic Shelf Registration Statement on Form S-3 (File No. 333- 252216), filed with the SEC on January 19, 2021). | |
| | Form of Preferred Stock Warrant Agreement and Warrant Certificate (incorporated by reference to Exhibit 4.24 of the Registrant’s Automatic Shelf Registration Statement on Form S-3 (File No. 333- 252216), filed with the SEC on January 19, 2021). | |
| | Form of Debt Securities Warrant Agreement and Warrant Certificate (incorporated by reference to Exhibit 4.25 of the Registrant’s Automatic Shelf Registration Statement on Form S-3 (File No. 333- 252216), filed with the SEC on January 19, 2021). | |
| | Opinion of Cooley LLP. | |
| | Consent of BDO USA LLP, independent registered public accounting firm. |
Exhibit Number | | | Description |
| | Consent of Cooley LLP (included in Exhibit 5.1). | |
| | Power of Attorney (included on signature page). | |
25.1** | | | Statement of Eligibility of Trustee under the Debt Indenture. |
| | Filing Fee Table |
* | To be filed by amendment or as an exhibit to a Current Report on Form 8-K and incorporated herein by reference, if applicable. |
** | To be filed in accordance with the requirements of Section 305(b)(2) of the Trust Indenture Act of 1939, as amended, and the applicable rules thereunder. |
Item 17. | Undertakings. |
(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 |
(5) | That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: (i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; (ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; (iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and (iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
(6) | 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. |
(7) | Insofar as indemnification for liabilities arising under the Securities Act 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 SEC such indemnification is against public policy as expressed in the Securities 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 Securities Act and will be governed by the final adjudication of such issue. |
(8) | To file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the SEC under Section 305(b)(2) of the Trust Indenture Act. |
| | BIONANO GENOMICS, INC. | ||||
| | | ||||
| | 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) | | | March 9, 2023 |
R. Erik Holmlin, Ph.D. | | | ||||
| | | | |||
/s/ Christopher Stewart | | | Chief Financial Officer (Principal Financial and Accounting Officer) | | | March 9, 2023 |
Christopher Stewart | | | ||||
| | | | |||
* | | | Director | | | March 9, 2023 |
David L. Barker, Ph.D. | | | | | ||
| | | | |||
* | | | Director | | | March 9, 2023 |
Yvonne Linney, Ph.D. | | | | | ||
| | | | |||
* | | | Director | | | March 9, 2023 |
Albert A. Luderer, Ph.D. | | | | | ||
| | | | |||
* | | | Director | | | March 9, 2023 |
Hannah Mamuszka | | | | | ||
| | | | |||
* | | | Director | | | March 9, 2023 |
Aleksandar Rajkovic, M.D., Ph.D. | | | | | ||
| | | | |||
* | | | Director | | | March 9, 2023 |
Christopher Twomey | | | | | ||
| | | | |||
* | | | Director | | | March 9, 2023 |
Kristiina Vuori, M.D., Ph.D. | | | | | ||
| | | | |||
/s/ Vincent Wong, J.D., M.B.A. | | | Director | | | March 9, 2023 |
Vincent Wong, J.D., M.B.A. | | | | |
* | | | By: | | | /s/ R. Erik Holmlin, Ph.D. | | ||
| | | | R. Erik Holmlin, Ph.D. | | | |||
| | | | Attorney-in-Fact | |
Very truly yours,
|
||
BIONANO GENOMICS, INC.
|
||
By:
|
/s/ R. Erik Holmlin, Ph.D.
|
|
Name:
|
R. Erik Holmlin, Ph.D.
|
|
Title:
|
President and Chief Executive Officer
|
By:
|
/s/ Michael Murphy
|
|
Name:
|
Michael Murphy
|
|
Title:
|
Managing Director
|
• |
shares of Common Stock (the “Base Prospectus Shares”);
|
• |
shares of preferred stock, par value $0.0001 per share, of the Company (the “Preferred Stock”);
|
• |
debt securities, in one or more series (the “Debt Securities”), which may be issued pursuant to an indenture to be dated on or about the date of the first issuance of Debt
Securities thereunder, by and between a trustee to be selected by the Company (the “Trustee”) and the Company, in the form filed as Exhibit 4.21 to the Registration Statement and
one or more indentures supplemental thereto with respect to any particular series of Debt Securities (the “Indenture”);
|
• |
warrants to purchase Common Stock, Preferred Stock or Debt Securities (the “Warrants”), which may be issued under one or more warrant agreements, to be dated on or about the
date of the first issuance of the Warrants thereunder, by and between a warrant agent to be selected by the Company (the “Warrant Agent”) and the Company, in the forms filed as
Exhibits 4.23, 4.24 and 4.25, respectively, to the Registration Statement (each, a “Warrant Agreement”); and
|
• |
the Sales Agreement Shares.
|
Security Type
|
Security Class Title
|
Fee Calculation Rule
|
Amount Registered
|
Proposed Maximum Offering Price Per Unit
|
Maximum Aggregate Offering Price
|
Fee Rate
|
Amount of Registration Fee
|
|
Newly Registered Securities
|
||||||||
Fees to Be Paid
|
Equity
|
Common Stock, par value $0.0001 per share
|
—
|
—
|
—
|
—
|
—
|
—
|
Equity
|
Preferred Stock, par value $0.0001 per share
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Debt
|
Debt Securities
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Other
|
Warrants
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Unallocated (Universal) Shelf
|
—
|
457(o)
|
(1)
|
(2)
|
$400,000,000
|
.00011020
|
$44,080
|
|
Fees Previously Paid
|
Equity
|
Common Stock, par value $0.0001 per share
|
457(o)
|
$297,766,726
|
.00010910
|
$32,486(3)
|
||
Total Offering Amounts
|
$400,000,000
|
$44,080
|
||||||
Total Fees Previously Paid
|
$32,486
|
|||||||
Total Fee Offsets
|
—
|
|||||||
Net Fee Due
|
$11,594
|
(1) |
There are being registered hereunder such indeterminate number of shares of common stock, such indeterminate number of shares of preferred stock, such indeterminate principal amount of debt securities and such indeterminate number of
warrants to purchase common stock, preferred stock or debt securities as shall have an aggregate initial offering price not to exceed $400,000,000. If any debt securities are issued at an original issue discount, then the principal amount
of such debt securities shall be in such greater amount as shall result in an aggregate initial offering price not to exceed $400,000,000, less the aggregate dollar amount of all securities previously issued hereunder. The securities
registered also include such indeterminate amount of all securities previously issued hereunder. The securities registered also include such indeterminate number of shares of common stock, preferred stock and amount of debt securities as
may be issued upon conversion of or exchange for debt securities that provide for conversion or exchange, upon exercise of warrants or pursuant to the antidilution provisions of any such securities. In addition, pursuant to Rule 416 under
the Securities Act of 1933, as amended, or the Securities Act, the shares being registered hereunder include such indeterminate number of shares of common stock and preferred stock as may be issuable with respect to the shares being
registered hereunder as a result of stock splits, stock dividends or similar transactions.
|
(2) |
The proposed maximum aggregate offering price per class of security will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified as
to each class of security pursuant to Instruction 2.A.iii.b under the heading “Instructions to the Calculation of Filing Fee Tables and Related Disclosure” of Part II, Item 16, of Form S-3 under the Securities Act.
|
(3) |
The registrant previously paid a fee of $32,486 related to $297,766,726 of the registrant’s common stock that may be issued and sold under a sales agreement with Cowen
and Company, LLC, which is applied to the registrant’s total registration fee.
|