|6 Months Ended|
Dec. 31, 2019
19. Subsequent Events
On January 6, 2020, the Company filed a motion in the Court of Chancery of the State of Delaware to initiate new litigation against Fraunhofer-Gesellschaft through an amendment to its Verified Amended Complaint. The motion asserts that new evidence reveals that Fraunhofer-Gesellschaft exercised complete dominion and control over its US subsidiary to wrongfully access and direct use of iBio’s intellectual property on many occasions with new and different third parties. The motion to amend is pending and has not been ruled on by the Court of Chancery.
NYSE Listing Requirements
On January 10, 2020, the Company received notice that NYSE Regulation has accepted the Company’s November 15, 2019 plan to regain compliance with NYSE American’s (the “Exchange”) continued listing standards set forth in Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the NYSE American Company Guide (the “Guide”) and has granted a plan period through December 9, 2020, subject to periodic review by the Exchange, including quarterly monitoring, to regain compliance with the initiatives outlined in the plan. If the Company is not in compliance with the continued listing standards by December 9, 2020, or if the Company does not make progress consistent with the plan during the plan period, the NYSE Regulation staff will initiate delisting proceedings as appropriate.
Beijing CC-Pharming Ltd.
On February 3, 2020, the Company entered a collaboration agreement with Beijing CC-Pharming Ltd. to develop and test a new 2019-nCoV vaccine to be manufactured using iBio’s FastPharming System™.
Postponement of the Annual Shareholders Meeting
On February 6, 2020, the Company announced it had postponed the 2019 annual meeting of stockholders (the “Annual Meeting”) originally scheduled to be held on February 10, 2020, and rescheduled for March 5, 2020, after becoming aware that the Definitive Proxy Statement filed with the Securities and Exchange Commission on January 23, 2020 (the “Proxy Statement”) was not timely delivered to beneficial holders of the Company’s common stock before the originally scheduled meeting date.
From the period January 1, 2020 through February 8, 2020, Series A Warrants in the amount of 16.3 million shares and Series B Warrants in the amount of 5.3 million shares related to the October 29, 2019 underwritten public offering were exercised in exchange for 21.6 million shares of the Company’s common stock. As a result, the Company received proceeds of approximately $4.7 million.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef