Concurrently with closing of the offering, the strategic investor and Fox River will enter into an investor rights agreement that provides, among other things, the strategic investor with certain rights in the event it maintains minimum ownership thresholds in the company, including: (i) the right to participate in equity financings; (ii) top-up rights in the event of dilutive issuances; and (iii) the right (which the Strategic Investor has no present intention of exercising) to nominate one person to the company’s Board of Directors.
The closing of the offering is expected to occur on or about November 27, 2024 and is subject to the satisfaction of certain conditions, including execution of definitive agreements, including the investor rights agreement with the strategic investor. The securities issued to the strategic investor will be subject to a four month and one day hold period, in accordance with applicable securities laws.
