8-K: Current report filing
Published on February 9, 2007
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(d)
OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
report (Date of earliest event reported): February 8, 2007
eXegenics
Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
(State
or
Other Jurisdiction of
Incorporation)
000-26648
|
75-2402409
|
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
1250
Pittsford-Victor Road, Building 200, Suite 280, Pittsford, New
York
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14534
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(585)
218-4368
(Registrant’s
Telephone Number, Including Area Code)
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General
Instruction A.2. below):
o |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Page
1 of
4
Section
3 - Securities and Trading Markets
Item
3.02. Unregistered
Sales of Equity Securities
At
the
special meeting of stockholders of eXegenics Inc. held on Thursday, February
8,
2007 (the “Special Meeting”), the stockholders of eXegenics approved the sale of
19,440,491 shares of eXegenics common stock pursuant to the stock purchase
agreement dated August 14, 2006, as amended as of November 30, 2006 (the “Stock
Purchase Agreement”), among eXegenics and the investors identified in
Exhibit
A
thereto
(the “Investors”) in consideration of an initial aggregate purchase price of
$8,613,000, which purchase price is subject to adjustment based on eXegenics
stockholders’ equity on the closing of the stock sale. The stock sale
transaction was consummated on Friday, February 9, 2007 (the “Closing Date”).
The information contained in Item 8.01 below concerning the stock grants to
John
A. Paganelli and Robert Baron is incorporated herein by reference in response
to
this Item 3.02. The shares of eXegenics common stock were offered and sold
in
reliance upon an exemption from registration under Section 4(2) of the
Securities Act of 1933 (the “Securities Act”) for “transactions by an issuer not
involving a public offering” and Rule 506 or Regulation D of the Securities
Act.
On
February 9, 2006, eXegenics issued a press release announcing the consummation
of the stock sale; a copy of that press release is attached as Exhibit 99.1
to
this Current Report on Form 8-K and is incorporated herein by
reference.
Section
5 - Corporate Governance and Management
Item
5.01. Changes
in Control of Registrant
The
information contained in Item 3.02 above is incorporated herein by reference
in
response to this Item 5.01.
Each
Investor paid his, her or its portion of the aggregate purchase price for the
shares of eXegenics common stock purchased under the Stock Purchase Agreement
by
wire transfer, in immediately available funds, to eXegenics on the Closing
Date.
On
the
Closing Date, 19,440,491 shares of eXegenics common stock were sold to the
Investors identified below:
Percent
of all
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||||||||||
voting
securities
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||||||||||
Number
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of
eXegenics
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|||||||||
of
shares
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immediately
after
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|||||||||
Purchaser
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Purchase
Price
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purchased
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the
stock sale (1)
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|||||||
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||||||||||
The
Frost Group, LLC
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$
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6,863,000.00
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15,490,546
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41.27
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%
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|||||
New
Valley, LLC
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1,000,000.00
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2,257,110
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6.01
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%
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||||||
RFJM
Partners, LLC
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100,000.00
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225,711
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*
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|||||||
MZ
Trading LLC
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50,000.00
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112,856
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*
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|||||||
E
Encore Atlantic Fund, LLC
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200,000.00
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451,422
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1.20
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%
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||||||
Joseph
E. and Diane DeLuca
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125,000.00
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282,139
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*
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|||||||
Robert
Sudack
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50,000.00
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112,856
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*
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|||||||
Ronnie
Rosenstock
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50,000.00
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112,856
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*
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|||||||
Marie
V. Wolf
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175,000.00
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394,995
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1.05
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%
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*
Less than 1%
(1)
Calculated on the basis of 36,531,592 shares of common stock and 1,002,017
shares of Series A preferred stock outstanding as of February 9,
2007.
________________
As
of the
closing of the stock sale (the “Closing”), The Frost Group LLC and New Valley,
LLC, together with the other Investors own 51% of eXegenics
common stock on a fully diluted basis, representing approximately 51% of the
voting power of eXegenics outstanding capital stock.
2
Each
of
the Investors have entered into a voting agreement pursuant to which the
Investors have agreed to vote his, her or its shares of eXegenics common stock
for the election of John Paganelli and Robert Baron as directors of eXegenics.
The voting agreements continue for a period of three years from the Closing
Date.
Item
5.02. Departure
of Directors or Principal Officers; Election of Directors; Appointment of
Certain Officers;
Compensatory Arrangements of Certain Officers
(b) Effective
as at the Closing (as that term is defined in the Stock Purchase Agreement)
of
the stock sale and as contemplated under the Stock Purchase Agreement, Robert
Benou and David Lee Spencer resigned from the board of directors of
eXegenics.
(d)
On
February 9, 2007, as contemplated under the Stock Purchase Agreement, Mr. Steven
D. Rubin, Jane Hsiao and Subbarao Uppaluri were elected directors of eXegenics.
Each of Messrs. Rubin and Uppaluri and Jane Hsiao are members of The Frost
Group, LLC, an Investor under the Stock Purchase Agreement; each of Messrs.
Rubin and Uppaluri owning less than 1% and Jane Hsiao owning 17% of the
membership interest of The Frost Group, LLC.
(e) The
information contained in Item 8.01 below concerning the stock grants to John
A.
Paganelli and Robert Baron is incorporated herein by reference in response
to
this Item 5.02(e).
Section
8 - Other Events
Item
8.01. Other
Events.
In
addition to the approval of the stock sale described above in Item 3.02, the
stockholders of eXegenics approved (i) an amendment to the certificate of
incorporation of eXegenics to increase the number of authorized shares of
eXegenics common stock, par value $.01 per share, from 30,000,000 shares to
225,000,000 shares and (ii) the grant of 50,000 shares of eXegenics common
stock
to each of John A. Paganelli, chief executive officer, secretary and chairman
of
the board of directors of eXegenics, and Robert Baron, a director of eXegenics,
in consideration of their services to the business opportunities search
committee of the board of directors. The stock grants were contingent upon,
among other things, the approval of the eXegenics stockholders.
The
amendment to the certificate of incorporation of eXegenics was filed with the
Secretary of State of the State of Delaware on Friday, February 8,
2007.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
99.1
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Press
Release of eXegenics Inc. dated February 9, 2007
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3
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
eXegenics
Inc.
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||
February
9, 2007
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By:
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/s/
John A. Paganelli
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John
A. Paganelli, Chairman of the
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Board,
Chief Executive Officer
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(Interim)
and Secretary (Principal Executive
Officer)
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4