|
Valerie Ford Jacob, Esq.
Michael A. Levitt, Esq. Freshfields Bruckhaus Deringer US LLP 601 Lexington Avenue New York, New York 10022 (212) 277-4000 |
| |
Kenneth R. Koch, Esq.
Jeffrey D. Cohan, Esq. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. Chrysler Center, 666 Third Avenue New York, New York 10017 Tel: (212) 935-3000 |
|
|
3841
(Primary Standard Industrial
Classification Code Number) |
| |
45-3213164
(I.R.S. Employer
Identification Number) |
|
| | |
Page
|
| |||
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| | | | 36 | | | |
| | | | 37 | | | |
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| | | | 59 | | | |
| | | | 73 | | | |
| | | | 74 | | | |
| | | | 75 | | | |
| | | | 78 | | | |
| | | | 80 | | | |
| | | | 91 | | | |
| | | | 91 | | | |
| | | | 91 | | | |
| | | | F-1 | | |
| | |
Six Months Ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||
|
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||||
Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses
|
| | | $ | 4,654,212 | | | | | $ | 385,685 | | | | | $ | 3,323,081 | | | | | $ | 152,718 | | |
Net loss
|
| | | | (4,654,212) | | | | | | (385,685) | | | | | | 3,323,081 | | | | | | 152,718 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,770,515 | | | | | $ | 2,333,117 | | | | | $ | 796 | | |
Total assets
|
| | | | 4,737,602 | | | | | | 3,193,175 | | | | | | 796 | | |
Total liabilities
|
| | | | 866,453 | | | | | | 665,308 | | | | | | 231,426 | | |
Total members’ equity (deficit)
|
| | | | 3,871,149 | | | | | | 2,527,867 | | | | | | (230,630) | | |
| | |
As of June 30, 2021
|
| |||||||||
|
Actual
|
| |
As Adjusted(1)
|
| ||||||||
Cash and cash equivalents(2)
|
| | | $ | 1,770,515 | | | | | $ | 25,620,515 | | |
Stockholders’ equity | | | | | | | | | | | | | |
Members’ equity
|
| | | $ | 16,748,768 | | | | | $ | — | | |
Common stock, $0.01 par value per share, no shares authorized,
issued and outstanding (actual); 110,000,000 shares authorized,13,863,636 shares issued and outstanding (as adjusted) |
| | | | — | | | | | | 138,636 | | |
Additional paid-in capital
|
| | | | — | | | | | | 40,460,132 | | |
Accumulated deficit
|
| | | | (12,877,619) | | | | | | (12,877,619) | | |
Total equity
|
| | | $ | 3,871,149 | | | | | $ | 27,721,149 | | |
|
Assumed initial public offering price per share
|
| | | | | | | | | $ | 11.00 | | |
|
As adjusted net tangible book value per share as of December 31, 2020
|
| | | $ | 0.34 | | | | | | | | |
|
Increase per share attributable to new investors in this offering
|
| | | | 1.66 | | | | | | | | |
|
Adjusted pro forma net tangible book value per share
|
| | | | | | | | | | 2.00 | | |
|
Dilution in adjusted net tangible book value per share to new investors in this
offering(1) |
| | | | | | | | | $ | 9.00 | | |
| | |
Common Stock Purchased
|
| |
Total Consideration
|
| |
Average Price
Per Share |
| |||||||||||||||||||||
|
Number
|
| |
Percentage
|
| |
Amount
|
| |
Percentage
|
| ||||||||||||||||||||
Existing stockholders
|
| | | | 11,363,636 | | | | | | 82.0% | | | | | $ | 16,748,768 | | | | | | 37.9% | | | | | $ | 1.47 | | |
New investors in this offering
|
| | | | 2,500,000 | | | | | | 18.0% | | | | | | 27,500,000 | | | | | | 62.1% | | | | | | 11.00 | | |
Total
|
| | | | 13,863,636 | | | | | | 100% | | | | | $ | 44,248,768 | | | | | | 100% | | | | | | 3.19 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Revenues
|
| | | $ | — | | | | | $ | — | | |
Operating Expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | | 1,993,610 | | | | | | 141,370 | | |
Research and development
|
| | | | 2,660,602 | | | | | | 244,315 | | |
Total operating expenses
|
| | | | 4,654,212 | | | | | | 385,685 | | |
Net loss
|
| | | $ | (4,654,212) | | | | | $ | (385,685) | | |
| | |
Year Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Revenues
|
| | | $ | — | | | | | $ | — | | |
Operating Expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | | 1,131,385 | | | | | | 69,748 | | |
Research and development
|
| | | | 2,191,696 | | | | | | 82,970 | | |
Total operating expenses
|
| | | | 3,323,081 | | | | | | 152,718 | | |
Net loss
|
| | | $ | (3,323,081) | | | | | $ | (152,718) | | |
Name
|
| |
Age
|
| |
Position
|
|
Amin J. Khoury, PhD (Hon) | | |
82
|
| | Co-Founder, Chairman | |
David Helfet, M.D. | | |
74
|
| | Co-Founder, Chief Medical Officer, Director | |
Mark Krosney | | |
74
|
| | Co-Founder, Chief Scientific Officer | |
Jason DiBona | | |
51
|
| | Chief Executive Officer | |
Ryan Tyler | | |
38
|
| | Chief Financial Officer | |
Michael Senft | | |
62
|
| | Lead Independent Director | |
Thomas P. McCaffrey | | |
67
|
| | Director | |
Heather Floyd | | |
42
|
| | Director | |
Edward Lanzilotta, PhD | | |
61
|
| | Director of Engineering & Product Development | |
Nick DeAngelis, PhD | | |
82
|
| | Director of Regulatory Affairs & Quality | |
Rao Tella | | |
74
|
| | Director of Operations | |
Bill Reisenauer | | |
63
|
| | Lead Engineer on Pūrgo UV Subsystem Design | |
Karl Keppeler | | |
48
|
| | Lead Engineer on the Electrical Engineering & Embedded Software Subsystems | |
Joseph Toro | | |
52
|
| | Lead Industrial Design Engineer | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Bonus
($) |
| |
All Other
Compensation ($)(1) |
| |
Total
|
| |||||||||||||||
Jason DiBona | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chief Executive Officer
|
| | | | 2020 | | | | | | 43,077 | | | | | | — | | | | | | 151,300 | | | | | | 194,377 | | |
Ryan Tyler | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chief Financial Officer
|
| | | | 2020 | | | | | | 33,846 | | | | | | — | | | | | | 20,000 | | | | | | 53,846 | | |
Mark Krosney | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chief Scientific Officer
|
| | | | 2020 | | | | | | — | | | | | | — | | | | | | 108,336 | | | | | | 108,336 | | |
Name of Beneficial Owner
|
| |
Shares
Beneficially Owned |
| |
Percentage of Shares Beneficially Owned
|
| ||||||||||||
|
Before
Offering |
| |
After
Offering |
| ||||||||||||||
5% Stockholders | | | | | | | | | | | | | | | | | | | |
Dateline TV Holdings, Inc.(1)
|
| | | | 1,198,062 | | | | | | 10.5% | | | | | | 8.6% | | |
Lewis Pell
|
| | | | 1,569,060 | | | | | | 13.8% | | | | | | 11.3% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | | | | | | | |
Amin J. Khoury(2)
|
| | | | 5,704,413 | | | | | | 50.2% | | | | | | 41.1% | | |
David Helfet, M.D.
|
| | | | 759,590 | | | | | | 6.7% | | | | | | 5.5% | | |
Mark Krosney
|
| | | | 256,728 | | | | | | 2.3% | | | | | | 1.9% | | |
Jason DiBona
|
| | | | — | | | | | | — | | | | | | — | | |
Ryan Tyler
|
| | | | — | | | | | | — | | | | | | — | | |
Michael Senft
|
| | | | 37,862 | | | | | | * | | | | | | * | | |
Thomas P. McCaffrey
|
| | | | 373,017 | | | | | | 3.3% | | | | | | 2.7% | | |
Heather Floyd
|
| | | | — | | | | | | — | | | | | | — | | |
All Executive Officers and Directors as a Group (8 persons)
|
| | | | 7,131,610 | | | | | | 62.8% | | | | | | 51.4% | | |
Underwriter
|
| |
Number of Shares
|
| |||
The Benchmark Company, LLC
|
| | | | | | |
HCFP/Capital Markets LLC
|
| |
|
| |||
Valuable Capital Limited
|
| | | | | | |
Total
|
| | | | 2,500,000 | | |
| | |
Per Share
|
| |
Without
Over-Allotment |
| |
With
Over-Allotment |
| |||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discount
|
| | | | | | | | | | | | | | | | | | |
Non-accountable expense allowance
|
| | | | | | | | | | | | | | | | | | |
Proceeds, before expenses, to us
|
| | | | | | | | | | | | | | | | | | |
| | |
Page
|
| |||
Unaudited Condensed Financial Statements | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
Audited Financial Statements | | | | | | | |
| | | | F-12 | | | |
| | | | F-13 | | | |
| | | | F-14 | | | |
| | | | F-15 | | | |
| | | | F-16 | | | |
| | | | F-17 | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
|
(Unaudited)
|
| | | | | | | |||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,770,515 | | | | | $ | 2,333,117 | | |
Prepaid expenses and other current assets
|
| | | | 360,519 | | | | | | 304,836 | | |
Subscription receivable
|
| | | | — | | | | | | 100,543 | | |
Inventories
|
| | | | 205,965 | | | | | | — | | |
Total current assets
|
| | | | 2,336,999 | | | | | | 2,738,496 | | |
Property and equipment, net
|
| | | | 2,278,936 | | | | | | 454,679 | | |
Deferred offering costs
|
| | | | 100,000 | | | | | | — | | |
Other assets
|
| | | | 21,667 | | | | | | — | | |
Total assets
|
| | | $ | 4,737,602 | | | | | $ | 3,193,175 | | |
LIABILITIES AND MEMBERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 627,964 | | | | | $ | 332,072 | | |
Accrued expenses and other current liabilities
|
| | | | 238,489 | | | | | | 333,236 | | |
Total current liabilities
|
| | | | 866,453 | | | | | | 665,308 | | |
Commitments and contingencies (Note 7) | | | | | | | | | | | | | |
Members’ equity
|
| | | | 3,871,149 | | | | | | 2,527,867 | | |
Total liabilities and members’ equity
|
| | | $ | 4,737,602 | | | | | $ | 3,193,175 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Revenues
|
| | | $ | — | | | | | $ | — | | |
Operating Expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | | 1,993,610 | | | | | | 141,370 | | |
Research and development
|
| | | | 2,660,602 | | | | | | 244,315 | | |
Total operating expenses
|
| | | | 4,654,212 | | | | | | 385,685 | | |
Net Loss
|
| | | $ | (4,654,212) | | | | | $ | (385,685) | | |
| | |
Class A
|
| |
Accumulated
Deficit |
| |
Total Members’
Equity (Deficit) |
| |||||||||||||||
|
Units
|
| |
Amount
|
| ||||||||||||||||||||
Balance, December 31, 2020
|
| | | | 8,081,578 | | | | | $ | 10,751,274 | | | | | $ | (8,223,407) | | | | | $ | 2,527,867 | | |
Issuance of equity units
|
| | | | 6,271,808 | | | | | $ | 5,997,494 | | | | | | — | | | | | | 5,997,494 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | (4,654,212) | | | | | | (4,654,212) | | |
Balance, June 30, 2021
|
| | | | 14,353,386 | | | | | $ | 16,748,768 | | | | | $ | (12,877,619) | | | | | $ | 3,871,149 | | |
| | |
Class A
|
| |
Accumulated
Deficit |
| |
Total Members’
Equity (Deficit) |
| |||||||||||||||
|
Units
|
| |
Amount
|
| ||||||||||||||||||||
Balance, December 31, 2019
|
| | | | 2,000,000 | | | | | $ | 4,669,696 | | | | | $ | (4,900,326) | | | | | $ | (230,630) | | |
Issuance of equity units
|
| | | | 2,000,000 | | | | | | 2,000,000 | | | | | | — | | | | | | 2,000,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | (385,685) | | | | | | (385,685) | | |
Balance, June 30, 2020
|
| | | | 4,000,000 | | | | | $ | 6,669,696 | | | | | $ | (5,286,011) | | | | | $ | 1,383,685 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (4,654,212) | | | | | $ | (385,685) | | |
Adjustments to reconcile net loss to net cash flows used
in operating activities |
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 7,976 | | | | | | — | | |
Equity-based compensation
|
| | | | 924,438 | | | | | | 62,359 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Inventories
|
| | | | (205,965) | | | | | | — | | |
Other current and non-current assets
|
| | | | (177,350) | | | | | | — | | |
Accounts payable
|
| | | | 249,176 | | | | | | 83,997 | | |
Accrued expenses and other current liabilities
|
| | | | (94,747) | | | | | | 96,889 | | |
Due to related parties
|
| | | | — | | | | | | (25,000) | | |
Net cash flows used in operating activities
|
| | | | (3,950,684) | | | | | | (167,440) | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (1,785,517) | | | | | | — | | |
Net cash flows used in investing activities
|
| | | | (1,785,517) | | | | | | — | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Proceeds from issuance of equity units
|
| | | | 5,173,599 | | | | | | 1,875,941 | | |
Net cash flows provided by financing activities
|
| | | | 5,173,599 | | | | | | 1,875,941 | | |
Net increase in cash
|
| | | | (562,602) | | | | | | 1,708,501 | | |
Cash, beginning of period
|
| | | | 2,333,117 | | | | | | 796 | | |
Cash, end of period
|
| | | $ | 1,770,515 | | | | | $ | 1,709,297 | | |
Supplemental schedule of non-cash activities: | | | | | | | | | | | | | |
Equity units issued to related party
|
| | | $ | — | | | | | $ | 61,700 | | |
Purchases of property and equipment in accounts payable
|
| | | | 46,716 | | | | | | — | | |
| | |
Useful Life
(Years) |
| |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Leasehold improvements
|
| |
Lesser of useful life or lease term
|
| | | $ | 847,217 | | | | | $ | — | | |
Machinery and tooling
|
| |
7
|
| | | | 1,235,433 | | | | | | 454,679 | | |
Furniture and equipment
|
| |
3 – 10
|
| | | | 204,262 | | | | | | — | | |
| | | | | | | | 2,286,912 | | | | | | 454,679 | | |
Less accumulated depreciation
|
| | | | | | | 7,976 | | | | | | — | | |
| | | | | | | $ | 2,278,936 | | | | | $ | 454,679 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Research and development
|
| | | $ | 147,208 | | | | | $ | 271,800 | | |
Professional and consulting fees
|
| | | | 32,738 | | | | | | 33,345 | | |
Customer advance deposits
|
| | | | 24,000 | | | | | | 6,000 | | |
Other accrued liabilities
|
| | | | 34,543 | | | | | | 22,091 | | |
Total accrued expenses and other current liabilities
|
| | | $ | 238,489 | | | | | $ | 333,236 | | |
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 2,333,117 | | | | | $ | 796 | | |
Prepaid expenses and other current assets
|
| | | | 304,836 | | | | | | — | | |
Subscription receivable
|
| | | | 100,543 | | | | | | — | | |
Total current assets
|
| | | | 2,738,496 | | | | | | 796 | | |
Property and equipment
|
| | | | 454,679 | | | | | | — | | |
Total assets
|
| | | $ | 3,193,175 | | | | | $ | 796 | | |
LIABILITIES AND MEMBERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 332,072 | | | | | $ | 144,726 | | |
Accrued liabilities
|
| | | | 333,236 | | | | | | — | | |
Due to related parties
|
| | | | — | | | | | | 86,700 | | |
Total liabilities
|
| | | | 665,308 | | | | | | 231,426 | | |
Commitments and contingencies (Notes 5 and 8) | | | | | | | | | | | | | |
Members’ equity
|
| | | | 2,527,867 | | | | | | (230,630) | | |
Total liabilities and members’ equity
|
| | | $ | 3,193,175 | | | | | $ | 796 | | |
| | |
Years Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Revenues
|
| | | $ | — | | | | | $ | — | | |
Operating Expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | | 1,131,385 | | | | | | 69,748 | | |
Research and development
|
| | | | 2,191,696 | | | | | | 82,970 | | |
Total operating expenses
|
| | | | 3,323,081 | | | | | | 152,718 | | |
Net Loss
|
| | | $ | (3,323,081) | | | | | $ | (152,718) | | |
| | |
Class A
|
| |
Accumulated
Deficit |
| |
Total Members’
Equity/(Deficit) |
| |||||||||||||||
|
Units
|
| |
Amount
|
| ||||||||||||||||||||
Balance, January 1, 2019
|
| | | | 2,000,000 | | | | | $ | 4,669,696 | | | | | $ | (4,747,608) | | | | | $ | (77,912) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | (152,718) | | | | | | (152,718) | | |
Balance, December 31, 2019
|
| | | | 2,000,000 | | | | | $ | 4,669,696 | | | | | | (4,900,326) | | | | | | (230,630) | | |
Issuance of equity units
|
| | | | 6,081,578 | | | | | | 6,081,578 | | | | | | — | | | | | | 6,081,578 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | (3,323,081) | | | | | | (3,323,081) | | |
Balance, December 31, 2020
|
| | | | 8,081,578 | | | | | $ | 10,751,274 | | | | | $ | (8,223,407) | | | | | $ | 2,527,867 | | |
| | |
Years Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (3,323,081) | | | | | $ | (152,718) | | |
Adjustments to reconcile net loss to net cash flows used in operating activities
|
| | | | | | | | | | | | |
Equity-based compensation
|
| | | | 62,359 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | (304,836) | | | | | | — | | |
Accounts payable
|
| | | | 187,346 | | | | | | (32,653) | | |
Accrued liabilities
|
| | | | 333,236 | | | | | | 3,000 | | |
Due to related parties
|
| | | | (25,000) | | | | | | 86,700 | | |
Net cash flows used in operating activities
|
| | | | (3,069,976) | | | | | | (95,671) | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (454,679) | | | | | | — | | |
Net cash flows used in investing activities
|
| | | | (454,679) | | | | | | — | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Proceeds from issuance of equity units
|
| | | | 5,856,976 | | | | | | — | | |
Net cash flows provided by financing activities
|
| | | | 5,856,976 | | | | | | — | | |
Net increase in cash and cash equivalents
|
| | | | 2,332,321 | | | | | | (95,671) | | |
Cash, beginning of year
|
| | | | 796 | | | | | | 96,467 | | |
Cash, end of year
|
| | | $ | 2,333,117 | | | | | $ | 796 | | |
Supplemental schedule of non-cash activities: | | | | | | | | | | | | | |
Subscription receivable
|
| | | $ | 100,543 | | | | | | — | | |
Equity units issued to related party
|
| | | | 61,700 | | | | | | — | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Research and development
|
| | | $ | 271,800 | | | | | $ | — | | |
Professional and consulting fees
|
| | | | 33,345 | | | | | | — | | |
Other accrued liabilities
|
| | | | 28,091 | | | | | | — | | |
Total accrued liabilities
|
| | | $ | 333,236 | | | | | $ | — | | |
|
1.1**
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2.1**
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2.2**
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3.1**
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3.2**
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3.3**
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6.1**
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6.2**
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6.3**
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6.3.1**
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6.4**
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| | Confidentiality, Non-Competition, Non-Solicitation and Inventions Assignment Agreement, dated as of November 1, 2020, by and between AeroClean Technologies, LLC and Jason DiBona | |
|
6.5**
|
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6.5.1**
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6.6**
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6.7**
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6.8**
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6.9**
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6.10**
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6.11**
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10.1**
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11.1
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12.1**
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| | |
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Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Jason DiBona
Jason DiBona
|
| |
Chief Executive Officer
(Principal Executive Officer) |
| |
October 29, 2021
|
|
|
/s/ Ryan Tyler
Ryan Tyler
|
| |
Chief Financial Officer
(Principal Financial Officer) |
| |
October 29, 2021
|
|
|
*
Amin J. Khoury, PhD (Hon)
|
| |
Chairman of the Board
|
| |
October 29, 2021
|
|
|
*
David Helfet, M.D.
|
| |
Director
|
| |
October 29, 2021
|
|
|
*
Michael Senft
|
| |
Director
|
| |
October 29, 2021
|
|
|
*
Thomas P. McCaffrey
|
| |
Director
|
| |
October 29, 2021
|
|
|
*
Heather Floyd
|
| |
Director
|
| |
October 29, 2021
|
|
Exhibit 11.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our report dated August 6, 2021, with respect to the financial statements of AeroClean Technologies, LLC contained in this Offering Statement on amendment No. 2 to Form 1-A (File No. 024-11650). We consent to the use of the aforementioned report in the Offering Statement on Form 1-A, and to the use of our name as it appears under the caption "Experts". Our report includes an explanatory paragraph about the existence of substantial doubt concerning the Company’s ability to continue as a going concern.
/s/ CITRIN COOPERMAN & COMPANY, LLP
New York, New York
October 29, 2021