As
filed with the Securities and Exchange Commission on March 25, 2021
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-3
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
Akers
Biosciences, Inc.
(Exact
name of registrant as specified in its charter)
New
Jersey
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22-2983783
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(State
or other jurisdiction of
incorporation
or organization)
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(I.R.S.
Employer
Identification
Number)
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1185
Avenue of the Americas
3rd
Floor
New
York, NY 10036
(856)
848-8698
(Address,
including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Christopher
C. Schreiber
Chief
Executive Officer and President
Akers
Biosciences, Inc.
1185
Avenue of the Americas
3rd
Floor
New
York, New York 10036
(856)
848-8698
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
of all communications, including communications sent to agent for service, should be sent to:
Rick
A. Werner, Esq.
Jayun
Koo, Esq.
Haynes
and Boone, LLP
30
Rockefeller Plaza, 26th Floor
New
York, New York 10112
Tel.
(212) 659-7300
Fax
(212) 884-8234
Approximate
date of commencement of proposed sale to the public: From time to time after this Registration Statement becomes effective.
If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please
check the following box: [ ]
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check
the following box: [X]
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please
check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering. [ ]
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. [ ]
If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. [ ]
If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box. [ ]
Indicate
by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer
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[ ]
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Accelerated
filer
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[ ]
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Non-accelerated
filer
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[X]
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Smaller
reporting company
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[X]
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Emerging
Growth company
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[ ]
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If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. [ ]
CALCULATION
OF REGISTRATION FEE
Title
of each class of securities to be registered
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Amount
to be
registered (1)
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Proposed
maximum aggregate
offering price per security
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Proposed
maximum aggregate
offering
price
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Amount
of
registration fee
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Primary
Offering:
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Common
Stock, no par value
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(3)
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(3)
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$
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—
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$
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—
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Preferred
Stock, no par value
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(3)
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(3)
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—
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—
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Warrants
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(3)
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(3)
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—
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—
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Units (6)
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(3)
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(3)
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—
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—
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Total
Primary Offering
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$
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100,000,000.00
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(3)
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$
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10,910.00
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(5)
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Secondary
Offering:
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Common Stock,
no par value (2)
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20,273,989
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$
3.29
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(4)
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$
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66,701,423.81
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$
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7,277.13
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Total
Offering
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$
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166,701,423.81
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$
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18,187.13
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(1)
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Pursuant
to Rule 416 under the Securities Act of 1933, as amended (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.
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(2)
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Represents
the resale of (A)(i)7,792,961 shares of common stock, (ii) 1,972,972 shares of common stock issuable upon exercise of pre-funded
warrants, comprised of 1,040,540 shares of common stock issuable upon exercise of the pre-funded warrants issued in a private
placement described herein, and 932,432 shares of common stock issuable upon exercise of pre-funded warrants issued subsequently
to a purchaser in the private placement in lieu of cancellation of 932,432 shares of common stock previously issued in the
private placement, (iii) 9,765,933 shares of common stock issuable upon the exercise of warrants, (B) 390,368 shares of common
stock issuable upon the exercise of the placement agent warrant issued in connection with the private placement described
herein, (C) 255,135 shares of common stock issuable upon the exercise of the warrants issued in connection with the private
placement described herein as tail fees to the designees of the placement agent the registrant had engaged in connection with
prior offerings, and (D) 96,620 shares of common stock issuable upon exercise of the placement agent warrants issued to the
designees of the placement agent on August 13, 2020 in connection with a registered direct offering.
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(3)
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There
is being registered hereunder for sale by the registrant in a primary offering such indeterminate number or amount of common
stock, preferred stock, warrants, and units, from time to time, at indeterminate prices, as shall have an aggregate offering
price not to exceed $100,000,000. Any securities registered hereunder may be sold separately or as units with other securities
registered hereunder or other securities. The proposed maximum offering price per share will be determined, from time to time,
by the registrant in connection with the issuance by the registrant of the securities registered hereunder.
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(4)
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Estimated
solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(c) under the Securities Act based upon
the average of the high and low prices for a share of the registrant’s common stock as reported on the Nasdaq Capital Market
on March 24, 2021, which date is within five business days of the filing of this registration statement.
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(5)
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Calculated
pursuant to Rule 457(o) under the Securities Act based on the proposed maximum aggregate offering price of all securities
listed.
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(6)
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Each
unit will represent an interest in two or more other securities, which may or may not be separable from one another.
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THE
REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL
THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME
EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933, AS AMENDED, OR UNTIL THE REGISTRATION STATEMENT SHALL
BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.
EXPLANATORY
NOTE
This
registration statement contains two prospectuses:
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a
base prospectus which covers the offering of, issuance and sale by us of up to $100,000,000 of our common stock, preferred
stock, warrants, and units in a primary offering; and
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a
prospectus covering the resale by the selling stockholders identified therein of our common stock issued in or issuable upon
the exercise of certain warrants issued in private placements described in the prospectus.
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The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission, of which this prospectus is a part, is effective. This prospectus is not an
offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale
is not permitted.
SUBJECT
TO COMPLETION, DATED MARCH 25, 2021
PROSPECTUS
$100,000,000
Common
Stock
Preferred
Stock
Warrants
Units
We
may offer and sell from time to time, in one or more series or issuances and on terms that we will determine at the time of the
offering, any combination of the securities described in this prospectus, up to an aggregate amount of $100,000,000.
We
will provide specific terms of any offering in a supplement to this prospectus. Any prospectus supplement may also add, update,
or change information contained in this prospectus. You should carefully read this prospectus and the applicable prospectus supplement
as well as the documents incorporated or deemed to be incorporated by reference in this prospectus before you purchase any of
the securities offered hereby.
These
securities may be offered and sold in the same offering or in separate offerings; to or through underwriters, dealers, and agents; or
directly to purchasers. The names of any underwriters, dealers, or agents involved in the sale of our securities, their compensation,
and any over-allotment options held by them will be described in the applicable prospectus supplement. See “Plan of Distribution.”
Our
common stock is listed on the Nasdaq Capital Market (the “NASDAQ”) under the symbol “AKER.” On March 24,
2021, the last reported sale price of our common stock as reported on the NASDAQ was $3.02 per share. We recommend that
you obtain current market quotations for our common stock prior to making an investment decision. We will provide information
in any applicable prospectus supplement regarding any listing of securities other than shares of our common stock on any securities
exchange.
You
should carefully read this prospectus, any prospectus supplement relating to any specific offering of securities, and all information
incorporated by reference herein and therein.
Investing
in our securities involves a high degree of risk. These risks are discussed in this prospectus under “Risk Factors”
beginning on page 4 and in the documents incorporated by reference into this prospectus.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
The
date of this prospectus is , 2021
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission using a “shelf”
registration process. Under this shelf process, we may, from time to time, sell any combination of the securities described in this prospectus
in one or more offerings up to a total amount of $100,000,000.
This
prospectus provides you with a general description of the securities we may offer. Each time we sell securities, we will provide a prospectus
supplement that will contain specific information about the terms of that offering. We may also add, update, or change in a prospectus
supplement any information contained in this prospectus. To the extent any statement made in a prospectus supplement or a document incorporated
by reference herein after the date hereof is inconsistent with the statements made in this prospectus, the statements made in this prospectus
will be deemed modified or superseded by those made in the prospectus supplement or the incorporated document.
The
prospectus supplement to be attached to the front of this prospectus may describe, as applicable: the terms of the securities
offered; the public offering price; the price paid for the securities; net proceeds; and the other specific terms related to the
offering of the securities.
You
should only rely on the information contained or incorporated by reference in this prospectus and any prospectus supplement or issuer
free writing prospectus relating to a particular offering. No person has been authorized to give any information or make any representations
in connection with this offering other than those contained or incorporated by reference in this prospectus, any accompanying prospectus
supplement, and any related issuer free writing prospectus in connection with the offering described herein and therein, and,
if given or made, such information or representations must not be relied upon as having been authorized by us. Neither this prospectus
nor any prospectus supplement nor any related issuer free writing prospectus shall constitute an offer to sell or a solicitation of an
offer to buy offered securities in any jurisdiction in which it is unlawful for such person to make such an offering or solicitation.
This prospectus does not contain all of the information included in the registration statement. For a more complete understanding of
the offering of the securities, you should refer to the registration statement, including its exhibits.
You
should read the entire prospectus and any prospectus supplement and any related issuer free writing prospectus, as well as the
documents incorporated by reference into this prospectus or any prospectus supplement or any related issuer free writing prospectus,
before making an investment decision. Neither the delivery of this prospectus or any prospectus supplement or any issuer free
writing prospectus nor any sale made hereunder shall under any circumstances imply that the information contained or incorporated
by reference herein or in any prospectus supplement or issuer free writing prospectus is correct as of any date subsequent to
the date hereof or of such prospectus supplement or issuer free writing prospectus, as applicable. You should assume that the
information appearing in this prospectus, any prospectus supplement or any document incorporated by reference is accurate only
as of the date of the applicable documents, regardless of the time of delivery of this prospectus or any sale of securities. Our
business, financial condition, results of operations and prospects may have changed since that date.
CAUTIONARY
NOTE ON FORWARD LOOKING STATEMENTS
This
prospectus and the documents incorporated by reference herein contain forward looking statements that involve risks and uncertainties.
All statements other than statements of historical fact contained in this prospectus and the documents incorporated by reference
herein, including statements regarding future events, our future financial performance, business strategy, and plans and objectives
of management for future operations, are forward-looking statements. When we use the words “anticipate,” “believe,”
“could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“predict,” “project,” “will” and other similar terms and phrases, including references to
assumptions, we are identifying forward-looking statements. Forward-looking statements involve risks and uncertainties,
which may cause our actual results, performance, or achievements to be materially different from those expressed or implied
by forward-looking statements. Forward-looking statements are based on information we have when those statements are made or our
management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties
that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking
statements. Important factors that could cause such differences include, but are not limited to:
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the
occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement and Plan of
Merger and Reorganization (the “Merger Agreement”), dated November 11, 2020, entered into by and among us, XYZ
Merger Sub Inc., a Florida corporation and our wholly owned subsidiary (“Merger Sub”), and MYMD Pharmaceuticals,
Inc., a privately-held Florida corporation (“MYMD”);
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our
stockholders failing to approve the share issuances for the merger contemplated by the Merger Agreement or the contribution
of certain of our assets to Oravax Medical, Inc. (the “Contribution Transaction”);
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an
increase in the amount of costs, fees, expenses, and other charges related to the Merger Agreement;
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risks
arising from the diversion of management’s attention from our ongoing business operations due to the merger and the
Contribution Transaction;
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risks
associated with our ability to identify and realize business opportunities following the merger and the Contribution Transaction;
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our
ability to achieve the expected benefits and costs of the transactions related to the acquisition of Cystron Biotech, LLC
(“Cystron”), including:
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the
timing of, and our ability to, obtain and maintain regulatory approvals for clinical trials of our COVID-19 vaccine or combination
product candidate (the “COVID-19 Vaccine Candidate”);
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the
timing and results of our planned clinical trials for our COVID-19 Vaccine Candidate;
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the
amount of funds we require for our COVID-19 Vaccine Candidate; and
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our
ability to maintain our existing license with Premas Biotech PVT Ltd. (“Premas”).
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our
ability to develop a COVID-19 Vaccine Candidate in a timely manner;
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our
ability to effectively execute and deliver our plans related to commercialization, marketing and manufacturing capabilities
and strategy;
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emerging
competition and rapidly advancing technology in our industry;
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our
ability to obtain adequate financing in the future on reasonable terms, as and when we need it;
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challenges
we may face in identifying, acquiring and operating new business opportunities;
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our
ability to retain and attract senior management and other key employees;
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our
ability to quickly and effectively respond to new technological developments;
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the
outcome of litigation or other proceedings to which we are subject or which we may become subject to in the future;
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changes
in political, economic or regulatory conditions generally and in the markets in which we operate;
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delisting
of our Common Stock from NASDAQ;
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our
ability to protect our trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of
others and prevent others from infringing on our proprietary rights;
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our
compliance with all laws, rules, and regulations applicable to our business and COVID-19 Vaccine Candidate;
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the
impact of the recent COVID-19 outbreak on our results of operations, business plan and the global economy; and
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other
factors discussed in this prospectus and the documents incorporated by reference herein, including those set forth under “Risk
Factors” in our Registration Statement on Form S-4 filed with the Securities
and Exchange Commission (the “SEC”) on January 15, 2021, as amended on March 19, 2021 (the
“Form S-4”).
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The
foregoing does not represent an exhaustive list of risks that may impact upon the forward-looking statements used herein or in
the documents incorporated by reference herein. For a more detailed discussion of such risks and other important factors that
could cause actual results to differ materially from those in such forward-looking statements and forward-looking information,
please see “Risk Factors” on page 4 of this prospectus as well as the risk factors included in the documents
incorporated herein by reference, including from the Form S-4. Although we have attempted to identify important factors that could
cause actual results to differ materially from those described in forward-looking statements and forward-looking information,
there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that
these statements will prove to be accurate as actual results and future events could differ materially from those anticipated
in the statements. Except as required by law, we assume no obligation to publicly update any forward-looking statements and forward-looking
information, whether as a result of new information, future events or otherwise. We qualify all forward-looking statements by
these cautionary statements. For all forward-looking statements, we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995.
PROSPECTUS
SUMMARY
This
summary provides an overview of selected information contained elsewhere or incorporated by reference in this prospectus and does
not contain all of the information you should consider before investing in our securities. You should carefully read the prospectus,
the information incorporated by reference and the registration statement of which this prospectus is a part in their entirety,
including the Form S-4, before investing in our securities, including the information discussed under “Risk Factors”
beginning on page 4 in this prospectus and the documents incorporated by reference and our financial statements and related notes
that are incorporated by reference in this prospectus, including the Form S-4.
As
used herein, and any amendment or supplement hereto, unless otherwise indicated, “we,” “us,” “our,”
the “Company,” “Akers” or similar terminology means Akers Biosciences, Inc.
Overview
We
were historically a developer of rapid health information technologies.
As
previously reported, on March 23, 2020, we entered into a membership interest purchase agreement (as amended by Amendment No.
1 on May 14, 2020, the “MIPA”) to acquire 100% of the membership interests of Cystron Biotech, LLC (“Cystron”)
from certain selling parties (the “Cystron Sellers”). Cystron is a party to a license agreement (as amended and restated
on March 19, 2020, in connection with our entry into the MIPA, the “License Agreement”) with Premas Biotech PVT Ltd. (“Premas”)
whereby Premas granted Cystron, amongst other things, an exclusive license with respect to Premas’ vaccine platform for the development
of a vaccine against SARS-CoV-2, a coronavirus currently causing a pandemic throughout the world (“COVID-19”).
On
March 18, 2021, Akers and Cystron entered into a Contribution and Assignment Agreement (the “Contribution and Assignment
Agreement”), by and among Akers, Cystron, Oravax Medical, Inc. (“Oravax”), and Premas. Pursuant to the Contribution
and Assignment Agreement (the “Contribution Agreement”), Akers agreed to contribute (i) an amount in cash equal to
$1,500,000 to Oravax and (ii) to cause Cystron to contribute substantially all of the assets associated with its business of developing
and manufacturing of Cystron’s COVID-19 vaccine candidate to Oravax (the “Contribution Transaction”). The Contribution
Transaction shall not be effective until the earlier to occur of (i) the date that is 90 days after March 18, 2021 and (ii) the
closing of the merger between MyMD Pharmaceuticals, Inc. (“MyMD”), and XYZ Merger Sub Inc. (the “Merger Sub”).
In consideration for Akers’ commitment to consummate the Contribution Transaction, Oravax issued to Akers 390,000 shares
of its capital stock Oravax (the “Oravax Shares”) and assumed all of the obligations or liabilities in respect of
the assets of Cystron, including the obligations under the License Agreement. In addition, Oravax agreed to pay future royalties
to Akers equal to 2.5% of all net sales of products (or combination products) manufactured, tested, distributed and/or marketed
by Oravax or its subsidiaries.
Simultaneously
with the entry into the Contribution and Assignment Agreement, Oravax entered into a license agreement with Oramed Pharmaceuticals,
Inc. (“Oramed”). Pursuant to the license agreement, Oramed has agreed to license certain technology for the oral delivery
of pharmaceuticals to Oravax and to contribute $1,500,000 in cash to Oravax effective upon the consummation of the Contribution
Transaction. In consideration of Oramed’s commitments, Oravax issued 1,890,000 shares of its capital stock to Oramed.
As
a result of the issuance of Oravax shares to Oramed, Akers’ share ownership of Oravax consists of 13% of Oravax’s
outstanding shares of capital stock. Akers, Oramed and the other shareholders of Oravax executed a shareholder’s agreement
containing customary terms.
Agreement
and Plan of Merger and Reorganization
On
November 11, 2020, the Company, XYZ Merger Sub Inc., a Florida corporation and a wholly-owned subsidiary of the Company (“Merger
Sub”), and MYMD Pharmaceuticals, Inc., a privately-held Florida corporation (“MYMD”), entered into an Agreement
and Plan of Merger and Reorganization, which was amended on March 16, 2021 (as amended, “Merger Agreement”), pursuant
to which, among other things, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger
Sub will merge with and into MYMD, with MYMD being the surviving corporation and becoming our wholly-owned subsidiary (the “Merger”).
Upon completion of the Merger, the combined company is expected to be renamed MyMD Pharmaceuticals, Inc.
Pending
the consummation of the Merger, it is currently anticipated that the combined company will focus its resources on executing
MYMD’s current business plan. As a condition to closing the Merger, the Merger Agreement also requires that MYMD consummate
the purchase of substantially all of the assets and certain liabilities of Supera Pharmaceuticals, Inc., a Florida corporation
(the “Supera Purchase”), pursuant to an Asset Purchase Agreement, dated November 11, 2020, pursuant to which MYMD
agreed to acquire from Supera, immediately prior to the completion of the Merger, substantially all of its assets. In addition,
prior to the consummation of the Merger, Akers may, in its discretion, consummate a spin-off of all or a part of its legacy assets.
In the event Akers consummates such spin-off, the stockholders of Akers and MYMD will not participate in the future prospects
of such Akers legacy assets.
If
the Merger is completed, (i) holders of outstanding shares of MYMD common stock (referred to herein as the MYMD stockholders)
will be entitled to receive (x) the number of shares of Akers common stock equal to the exchange ratio to be determined pursuant
to the Merger Agreement per share of MYMD common stock they hold, (y) an amount in cash, on a pro rata basis, equal to the aggregate
cash proceeds received by Akers from the exercise of any options to purchase MYMD common stock assumed by Akers upon closing of
the merger prior to the second-year anniversary of the closing of the merger (the “Option Exercise Period”), such
payment to occur not later than 30 days after the last day of the Option Exercise Period, and (z) potential milestone payments
of up to the total number of shares issued at closing of the Merger pursuant to (i)(x) (“Milestone Shares”) of Akers
common stock payable upon achievement of certain market capitalization milestone events during the 36-month period immediately
following the closing of the merger (the “Milestone Period”); and (ii) each outstanding option to purchase MYMD common
stock that has not previously been exercised prior to the closing of the merger, whether or not vested, will be assumed by Akers
subject to certain terms contained in the Merger Agreement.
Immediately
upon completion of the merger and the transactions contemplated in the Merger Agreement (i) MYMD stockholders and optionholders
will own approximately 80% of the fully diluted equity of the combined company excluding certain warrants and subject to adjustment
to the extent that our net cash at the effective time of the merger exceeds the minimum amount of net cash of $25 million (less
certain advances, loans and payoff amounts) that we are required to have at closing of the merger pursuant to a formula set forth
in the Merger Agreement; and (ii) current Akers stockholders and holders of certain outstanding options and warrants to purchase
shares of our common stock (excluding shares issuable upon exercise of options and warrants having an exercise price in excess
of $1.72, prior to giving effect to any stock splits, combinations, reorganizations and the like with respect to the Akers common
stock between the announcement of the merger and the closing of the merger) and holders of outstanding restricted stock units
will own the balance of the fully diluted equity of the combined company.
In
connection with the execution of the Merger Agreement, we agreed to advance a bridge loan of up to $3,000,000 to MYMD pursuant
to a secured promissory note. Advances under the bridge loan note are made in the amounts and at the times as needed to fund MYMD’s
operating expenses. The outstanding principal amount and the accrued interest of the bridge loan note are convertible into shares
of MYMD common stock in accordance with the terms of the Merger Agreement. We have made a total of $2.4 million of bridge loan
advances.
Corporate
Information
We
were incorporated in 1989 in the state of New Jersey. Our principal executive offices are located at 1185 Avenue of the Americas,
3rd Floor, New York, New York 10036, and our telephone number is (856) 848-8698. Our corporate website address is www.akersbio.com.
The information contained on or accessible through our website is not a part of this prospectus, and the inclusion of our website
address in this prospectus is an inactive textual reference only.
The
Securities We May Offer
We
may offer up to $100,000,000 of common stock, preferred stock, warrants, and/or units in one or more offerings and in any combination.
This prospectus provides you with a general description of the securities we may offer. A prospectus supplement, which we will
provide each time we offer securities, will describe the specific amounts, prices, and terms of these securities.
Common
Stock
We
may issue shares of our common stock from time to time. The holders of common stock are entitled to one vote per share on all
matters to be voted upon by the stockholders and there are no cumulative rights. Subject to preferences that may be applicable
to any outstanding preferred stock, the holders of common stock are entitled to receive ratably any dividends that may be declared
from time to time by our board of directors (the “Board”) out of funds legally available for that purpose. We do not
anticipate paying any cash dividends on our common stock in the foreseeable future but intend to retain our capital resources
for reinvestment in our business. In the event of our liquidation, dissolution or winding up, the holders of common stock are
entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred
stock or other senior securities then outstanding. The common stock has no preemptive or conversion rights or other subscription
rights. There are no redemption or sinking fund provisions applicable to the common stock. The outstanding shares of common stock
are fully paid and non-assessable, and any shares of common stock to be issued upon an offering pursuant to this prospectus and
the related prospectus supplement will be fully paid and nonassessable upon issuance. To the extent that additional shares of
our common stock may be issued in the future, the relative interests of the then existing stockholders may be diluted.
Preferred
Stock
We
may issue shares of our preferred stock from time to time, in one or more series. Our Board will determine the rights, preferences,
privileges, and restrictions of the preferred stock, including dividend rights, conversion rights, voting rights, terms
of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation
of such series, without any further vote or action by stockholders. Convertible preferred stock will be convertible into our common
stock or exchangeable for our other securities. Conversion may be mandatory or at your option or both and would be at prescribed
conversion rates.
If
we sell any series of preferred stock under this prospectus and applicable prospectus supplements, we will fix the rights, preferences,
privileges, and restrictions of the preferred stock of such series in the certificate of designation relating to that series.
We will file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference
from reports that we file with the Securities and Exchange Commission, the form of any certificate of designation that describes
the terms of the series of preferred stock we are offering before the issuance of the related series of preferred stock. We urge
you to read the applicable prospectus supplement related to the series of preferred stock being offered, as well as the complete
certificate of designation that contains the terms of the applicable series of preferred stock.
Warrants
We
may issue warrants for the purchase of common stock or preferred stock in one or more series. We may issue warrants independently
or together with common stock or preferred stock, and the warrants may be attached to or separate from these securities. We will
evidence each series of warrants by warrant certificates that we will issue under a separate agreement. We may enter into warrant
agreements with a bank or trust company that we select to be our warrant agent. We will indicate the name and address of the warrant
agent in the applicable prospectus supplement relating to a particular series of warrants.
In
this prospectus, we have summarized certain general features of the warrants. We urge you, however, to read the applicable prospectus
supplement related to the particular series of warrants being offered, as well as the warrant agreements and warrant certificates
that contain the terms of the warrants. We will file as exhibits to the registration statement of which this prospectus is a part,
or will incorporate by reference from reports that we file with the Securities and Exchange Commission, the form of warrant agreement
or warrant certificate containing the terms of the warrants we are offering before the issuance of the warrants.
Units
We
may issue units consisting of common stock, preferred stock and/or warrants for the purchase of common stock or preferred stock
in one or more series. In this prospectus, we have summarized certain general features of the units. We urge you, however, to
read the applicable prospectus supplement related to the series of units being offered, as well as the unit agreements that contain
the terms of the units. We will file as exhibits to the registration statement of which this prospectus is a part, or will incorporate
by reference reports that we file with the Securities and Exchange Commission, the form of unit agreement and any supplemental
agreements that describe the terms of the series of units we are offering before the issuance of the related series of units.
RISK
FACTORS
An
investment in our securities involves a high degree of risk. The prospectus supplement applicable to each offering of our securities
will contain a discussion of the risks applicable to an investment in our securities. Before deciding whether to invest in our
securities, you should consider carefully the specific factors discussed under the heading “Risk Factors” in the applicable
prospectus supplement, together with all of the other information contained or incorporated by reference in the prospectus supplement
or appearing or incorporated by reference in this prospectus. You should also consider the risks, uncertainties and assumptions
discussed in our most recent Annual Report on Form 10-K or any updates in our Quarterly Reports on Form 10-Q, together with all
other information appearing in or incorporated by reference into this prospectus or the applicable prospectus supplement, and
under “Risk Factors” in our joint proxy and consent solicitation statement/prospectus on Form S-4 filed with the SEC
on January 15, 2021, and amended on March 19, 2021, which are incorporated herein by reference, as updated or superseded by the
risks and uncertainties described under similar headings in the other documents that are filed after the date hereof and incorporated
by reference into this prospectus and any prospectus supplement related to a particular offering. The risks and uncertainties
we have described are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently
deem immaterial may also affect our operations. Past financial performance may not be a reliable indicator of future performance,
and historical trends should not be used to anticipate results or trends in future periods. If any of these risks actually occurs,
our business, business prospects, financial condition or results of operations could be seriously harmed. This could cause the
trading price of our Common Stock to decline, resulting in a loss of all or part of your investment. Please also read carefully
the section above entitled “Cautionary Note on Forward-Looking Statements.”
USE
OF PROCEEDS
Unless
otherwise indicated in the applicable prospectus supplement, we intend to use any net proceeds from the sale of securities under
this prospectus for our operations and for other general corporate purposes, including, but not limited to, general working capital
and possible future acquisitions. We have not determined the amounts we plan to spend on any of the areas listed above or the
timing of these expenditures. The amounts and timing of these expenditures will depend on numerous factors, including the development
of our current business initiatives.
Investors
are cautioned, however, that expenditures may vary substantially from these uses. Investors will be relying on the judgment of
our management, who will have broad discretion regarding the application of the proceeds of this offering. The amounts and timing
of our actual expenditures will depend upon numerous factors, including the amount of cash generated by our operations, the amount
of competition, and other operational factors. We may find it necessary or advisable to use portions of the proceeds from this
offering for other purposes.
DESCRIPTION
OF CAPITAL STOCK
The
following description of common stock and preferred stock summarizes the material terms and provisions of the common stock and
preferred stock that we may offer under this prospectus, but is not complete. For the complete terms of our common stock and preferred
stock, please refer to our articles of incorporation, as amended, any certificates of designation for our preferred stock, and
our amended and restated bylaws, as may be amended from time to time. While the terms we have summarized below will apply generally
to any future common stock or preferred stock that we may offer, we will describe the specific terms of any series of preferred
stock in more detail in the applicable prospectus supplement. If we so indicate in a prospectus supplement, the terms of any preferred
stock we offer under that prospectus supplement may differ from the terms we describe below.
General
We
are authorized to issue 150,000,000 shares, no par value, of which 100,000,000 shares are common stock (“Common Stock”)
and 50,000,000 shares are preferred stock (“Preferred Stock”), 10,000,000 of which have been designated as Series
A Convertible Preferred Stock, 1,990,000 of which have been designated as Series C Convertible Preferred
Stock (the “Series C Preferred Stock”), 211,353 of which have been designated as Series D Convertible Preferred Stock,
and 100,000 of which have been designated as Series E Junior Participating Preferred Stock. Our Board has the authority, without
further action by the stockholders, to issue shares of preferred stock in one or more series and to fix the rights, preferences,
privileges and restrictions granted to or imposed upon the preferred stock. As of March 25, 2021, there were 16,652,829
shares of common stock issued and outstanding and no shares of Series A Convertible Preferred Stock, Series C Convertible Preferred
Stock or Series E Junior Participating Preferred Stock issued and outstanding. As of March 25, 2021, there were 72,992
shares of Series D Convertible Preferred Stock issued and outstanding and warrants to purchase Series C Preferred Stock convertible
into 55,000 shares of common stock outstanding.
Common
Stock
Voting
Rights
Each
Akers shareholder has one vote for each share of common stock held on all matters submitted to a vote of stockholders. A shareholder
may vote in person or by proxy. Elections of directors are determined by a plurality of the votes cast and all other matters are
decided by a majority of the votes cast by those stockholders entitled to vote and present in person or by proxy.
Because
Akers stockholders do not have cumulative voting rights, stockholders holding a majority of the voting power of Akers shares of
common stock will be able to elect all of the Akers directors. The amended and restated certificate of incorporation (the “Akers
Charter”) and the amended and restated bylaws (the “Akers Bylaws”) provide that shareholder actions may be effected
at a duly called meeting of stockholders or pursuant to written consent of the majority of stockholders. A special meeting of
stockholders may be called by the president, chief executive officer or the board of directors pursuant to a resolution approved
by the majority of the Akers board of directors (“Board of Director” or “Board”).
Dividend
Rights
The
holders of outstanding shares of common stock are entitled to receive dividends out of funds legally available at the times and
in the amounts that the Akers board of directors may determine, provided that required dividends, if any, on preferred stock have
been paid or provided for. However, to date Akers has not paid or declared cash distributions or dividends on Akers common stock
and does not currently intend to pay cash dividends on its common stock in the foreseeable future. Akers intend to retain all
earnings, if and when generated, to finance its operations. The declaration of cash dividends in the future will be determined
by the board of directors based upon Akers’ earnings, financial condition, capital requirements and other relevant factors.
No
Preemptive or Similar Rights
Holders
of Akers common stock do not have preemptive rights, and common stock is not convertible or redeemable.
Right
to Receive Liquidation Distributions
Upon
Akers’ dissolution, liquidation or winding-up, the assets legally available for distribution to Akers stockholders and remaining
after payment to holders of preferred stock of the amounts, if any, to which they are entitled, are distributable ratably among
the holders of Akers common stock subject to any senior class of securities.
The
NASDAQ Capital Market Listing
Akers
common stock is listed on The Nasdaq Capital Market under the symbol “AKER”.
Transfer
Agent and Registrar
The
transfer agent and registrar for Akers common stock is Action Stock Transfer Corporation, 2469 E. Fort Union Blvd., Suite 214,
Salt Lake City, UT 84121.
Preferred
Stock
Akers
may issue any class of preferred stock in any series. The Akers board of directors has the authority, subject to limitations prescribed
under New Jersey law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be
included in each series and to fix the designation, powers, preferences and rights of the shares of each series and any of its
qualifications, limitations and restrictions. The Akers board of directors can also increase or decrease the number of shares
of any series, but not below the number of shares of that series then outstanding. The Akers board of directors may authorize
the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights
of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions
and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control
of Akers and may adversely affect the market price of common stock and the voting and other rights of the holders of common stock.
Anti-Takeover
Provisions
The
authorization of undesignated preferred stock makes it possible for the Akers board of directors to issue preferred stock with
voting or other rights or preferences that could impede the success of any attempt to change Akers’ control.
These
provisions are intended to enhance the likelihood of continued stability in the composition of the Akers board of directors and
its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of Akers.
These
provisions are also designed to reduce Akers’ vulnerability to an unsolicited acquisition proposal and to discourage certain
tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender
offers for Akers shares and may have the effect of deterring hostile takeovers or delaying changes in Akers’ control or
management. As a consequence, these provisions also may inhibit fluctuations in the market price of Akers stock that could result
from actual or rumored takeover attempts.
In
addition, Akers is subject to Section 14A-10A of the New Jersey Shareholders Protection Act, a type of anti-takeover statute designed
to protect stockholders against coercive, unfair or inadequate tender offers and other abusive tactics and to encourage any person
contemplating a business combination with Akers to negotiate with the Akers board of directors for the fair and equitable treatment
of all stockholders. Subject to certain qualifications and exceptions, the statute prohibits an “interested stockholder”
of the combined company from effecting a business combination with the combined company for a period of five years unless its
board of directors approved the combination or transaction or series of related transactions that caused such person to become
an interested stockholder prior to the stockholder becoming an interested stockholder or after the stockholder becomes an interested
stockholder if the subsequent business combination is approved by (i) the combined company’s board of directors (or a committee
thereof consisting solely of persons independent from the interested stockholder), and (ii) the affirmative vote of a majority
of the voting stock not beneficially owned by such interested stockholder. In addition, but not in limitation of the five-year
restriction, the combined company may not engage at any time in a business combination with any interested stockholder of the
combined company unless the combination is approved by its board of directors (or a committee thereof consisting solely of persons
independent from such interested stockholder) prior to the consummation of the business combination, and the combination receives
the approval of a majority of the voting stock of the combined company not beneficially owned by the interested stockholder if
the transaction or series of related transactions which caused the interested stockholder to become an interested stockholder
was approved by the board of directors prior to the stockholder becoming an interested stockholder.
An
“interested shareholder” is defined to include any beneficial owner of 10% or more of the voting power of the outstanding
voting stock of the corporation and any affiliate or associate of the corporation who within the prior five-year period has at
any time owned 10% or more of the voting power of the then outstanding stock of the corporation.
The
term “business combination” is defined to include a broad range of transactions including, among other things:
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the
merger or consolidation of the corporation, or any of its subsidiaries, with the interested shareholder or any other corporation
that is, or after the merger or consolidation, would be an affiliate or associate of the interested shareholder,
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the
sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions) to
an interested shareholder or any affiliate or associate of the interested shareholder of (i) 10% or more of the aggregate
market value of corporation’s assets, (ii) 10% or more of the aggregate market value of all the corporation’s
outstanding stock, or (iii) representing 10% or more of the earning power or income of the corporation, determined on a consolidated
basis; or
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the
issuance or transfer by the corporation, or any of its subsidiaries, (in one transaction or a series of transactions) to an
interested shareholder or any affiliate or associate of the interested shareholder of 5% or more of the aggregate market value
of the stock of the corporation, or any of its subsidiaries, except pursuant to an exercise of warrants or rights to purchase
stock offered, or a dividend or distribution paid or made, pro rata to all stockholders of the corporation.
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The
effect of the statute is to protect non-tendering, post-acquisition minority stockholders from mergers in which they will be “squeezed
out” after the merger, by prohibiting transactions in which an acquirer could favor itself at the expense of minority stockholders.
The statute generally applies to corporations that are organized under New Jersey law.
DESCRIPTION
OF WARRANTS
We
may issue warrants for the purchase of common stock or preferred stock in one or more series. We may issue warrants independently
or together with common stock or preferred stock, and the warrants may be attached to or separate from these securities.
We
will evidence each series of warrants by warrant certificates that we may issue under a separate agreement. We may enter into
a warrant agreement with a warrant agent. Each warrant agent may be a bank that we select which has its principal office in the
United States. We may also choose to act as our own warrant agent. We will indicate the name and address of any such warrant agent
in the applicable prospectus supplement relating to a particular series of warrants.
We
will describe in the applicable prospectus supplement the terms of the series of warrants, including:
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the
offering price and aggregate number of warrants offered;
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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;
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if
applicable, the date on and after which the warrants and the related securities will be separately transferable;
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in
the case of warrants to purchase common stock or preferred stock, the number or amount 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 currency in which these
shares may be purchased upon such exercise;
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the
manner of exercise of the warrants, including any cashless exercise rights;
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the
warrant agreement under which the warrants will be issued;
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the
effect of any merger, consolidation, sale or other disposition of our business on the warrant agreement and the warrants;
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anti-dilution
provisions of the warrants, if any;
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the
terms of any rights to redeem or call the warrants;
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any
provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;
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the
dates on which the right to exercise the warrants will commence and expire or, if the warrants are not continuously exercisable
during that period, the specific date or dates on which the warrants will be exercisable;
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the
manner in which the warrant agreement and warrants may be modified;
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the
identities of the warrant agent and any calculation or other agent for the warrants;
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federal
income tax consequences of holding or exercising the warrants;
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the
terms of the securities issuable upon exercise of the warrants;
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any
securities exchange or quotation system on which the warrants or any securities deliverable upon exercise of the warrants
may be listed or quoted; and
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any
other specific terms, preferences, rights or limitations of or restrictions on the warrants.
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Before
exercising their warrants, holders of warrants may not have any of the rights of holders of the securities purchasable upon such
exercise, including, 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.
Exercise
of Warrants
Each
warrant will entitle the holder to purchase the securities that we specify in the applicable prospectus supplement at the exercise
price that we describe in the applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement,
holders of the warrants may exercise the warrants at any time up to 5:00 P.M. eastern time, the close of business, on the expiration
date that we set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised
warrants will become void.
Holders
of the warrants may exercise the warrants by delivering the warrant certificate representing the warrants to be exercised together
with specified information, and paying the required exercise price by the methods provided in the applicable prospectus supplement.
We will set forth on the reverse side of the warrant certificate, and in the applicable prospectus supplement, the information
that the holder of the warrant will be required to deliver to the warrant agent.
Upon
receipt of the required payment and the warrant certificate properly completed and duly executed at the corporate trust office
of the warrant agent or any other office indicated in the applicable prospectus supplement, we will issue and deliver the securities
purchasable upon such exercise. If fewer than all of the warrants represented by the warrant certificate are exercised, then we
will, if required by the terms of the warrant, issue a new warrant certificate for the remaining amount of warrants.
Enforceability
of Rights By Holders of Warrants
Any
warrant agent will act solely as our agent under the applicable warrant agreement and will not assume any obligation or relationship
of agency or trust with any holder of any warrant. A single bank or trust company may act as warrant agent for more than one issue
of warrants. A warrant agent will have no duty or responsibility in case of any default by us under the applicable warrant agreement
or warrant, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us.
Any holder of a warrant may, without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate
legal action the holder’s right to exercise, and receive the securities purchasable upon exercise of, its warrants in accordance
with their terms.
Warrant
Agreement Will Not Be Qualified Under Trust Indenture Act
No
warrant agreement will be qualified as an indenture, and no warrant agent will be required to qualify as a trustee, under the
Trust Indenture Act. Therefore, holders of warrants issued under a warrant agreement will not have the protection of the Trust
Indenture Act with respect to their warrants.
Governing
Law
Unless
we provide otherwise in the applicable prospectus supplement, each warrant agreement and any warrants issued under the warrant
agreements will be governed by the laws of New Jersey.
DESCRIPTION
OF UNITS
We
may issue units comprised of one or more of the other securities described in this prospectus or any prospectus supplement in
any combination. Each unit will be issued so that the holder of the unit is also the holder, with the rights and obligations of
a holder, of each security included in the unit. The unit agreement under which a unit is issued may provide that the securities
included in the unit may not be held or transferred separately, at any time or at any times before a specified date or upon the
occurrence of a specified event or occurrence.
The
applicable prospectus supplement will describe:
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the
designation and the terms of the units and of the securities comprising the units, including whether and under what circumstances
those securities may be held or transferred separately;
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any
unit agreement under which the units will be issued;
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any
provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units;
and
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whether
the units will be issued in fully registered or global form.
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PLAN
OF DISTRIBUTION
We
may sell the securities offered pursuant to this prospectus from time to time in one or more transactions, including, without
limitation:
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to
or through underwriters;
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through
broker-dealers (acting as agent or principal);
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through
agents;
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directly
by us to one or more purchasers (including our affiliates and stockholders), through a specific bidding or auction process,
a rights offering or otherwise;
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through
a combination of any such methods of sale; or
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through
any other methods described in a prospectus supplement or free writing prospectus.
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The
distribution of securities may be effected, from time to time, in one or more transactions, including:
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block
transactions (which may involve crosses) and transactions on the NASDAQ or any other organized market where the securities
may be traded;
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purchases
by a broker-dealer as principal and resale by the broker-dealer for its own account pursuant to a prospectus supplement or
free writing prospectus;
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ordinary
brokerage transactions and transactions in which a broker-dealer solicits purchasers;
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sales
“at the market” to or through a market maker or into an existing trading market, on an exchange or otherwise;
and
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sales
in other ways not involving market makers or established trading markets, including direct sales to purchasers.
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The
applicable prospectus supplement or free writing prospectus will describe the terms of the offering of the securities, including:
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the
name or names of any underwriters, if, and if required, any dealers or agents;
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the
purchase price of the securities and the proceeds we will receive from the sale;
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any
underwriting discounts and other items constituting underwriters’ compensation;
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any
discounts or concessions allowed or re-allowed or paid to dealers; and
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any
securities exchange or market on which the securities may be listed or traded.
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We
may distribute the securities from time to time in one or more transactions at:
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a
fixed price or prices, which may be changed;
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market
prices prevailing at the time of sale;
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prices
related to such prevailing market prices; or
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negotiated
prices.
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Only
underwriters named in the prospectus supplement are underwriters of the securities offered by the prospectus supplement.
If
underwriters are used in an offering, we will execute an underwriting agreement with such underwriters and will specify the name
of each underwriter and the terms of the transaction (including any underwriting discounts and other terms constituting compensation
of the underwriters and any dealers) in a prospectus supplement or free writing prospectus. The securities may be offered to the
public either through underwriting syndicates represented by managing underwriters or directly by one or more investment banking
firms or others, as designated. If an underwriting syndicate is used, the managing underwriter(s) will be specified on the cover
of the prospectus supplement. If underwriters are used in the sale, the offered securities will be acquired by the underwriters
for their own accounts and may be resold from time to time in one or more transactions, including negotiated transactions, at
a fixed public offering price or at varying prices determined at the time of sale. Any public offering price and any discounts
or concessions allowed or re-allowed or paid to dealers may be changed from time to time. Unless otherwise set forth in the prospectus
supplement or free writing prospectus, the obligations of the underwriters to purchase the offered securities will be subject
to conditions precedent, and the underwriters will be obligated to purchase all of the offered securities, if any are purchased.
We
may grant to the underwriters options to purchase additional securities to cover over-allotments, if any, at the public offering
price, with additional underwriting commissions or discounts, as may be set forth in a related prospectus supplement or free writing
prospectus. The terms of any over-allotment option will be set forth in the prospectus supplement or free writing prospectus for
those securities.
If
a dealer is used in the sale of the securities, we, or an underwriter, will sell the securities to the dealer, as principal. The
dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale. To
the extent required, we will set forth in the prospectus supplement, document incorporated by reference or free writing prospectus,
as applicable, the name of the dealer and the terms of the transactions.
We
may sell the securities directly or through agents we designate from time to time. We will name any agent involved in the offering
and sale of securities and we will describe any commissions we will pay the agent in the prospectus supplement.
We
may authorize agents or underwriters to solicit offers by institutional investors to purchase securities from us at the public
offering price set forth in the prospectus supplement or free writing prospectus pursuant to delayed delivery contracts providing
for payment and delivery on a specified date in the future. We will describe the conditions to these contracts and the commissions
we must pay for solicitation of these contracts in the prospectus supplement or free writing prospectus.
In
connection with the sale of the securities, underwriters, dealers or agents may receive compensation from us or from purchasers
of the securities for whom they act as agents, in the form of discounts, concessions or commissions. Underwriters may sell the
securities to or through dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions
from the underwriters or commissions from the purchasers for whom they may act as agents. Underwriters, dealers, and agents
that participate in the distribution of the securities, and any institutional investors or others that purchase securities directly
for the purpose of resale or distribution, may be deemed to be underwriters, and any discounts or commissions received by them
from us and any profit on the resale of the common stock by them may be deemed to be underwriting discounts and commissions under
the Securities Act. No FINRA member firm may receive compensation in excess of that allowable under FINRA rules, including Rule
5110, in connection with the offering of the securities.
We
may provide agents, underwriters, and other purchasers with indemnification against particular civil liabilities, including
liabilities under the Securities Act, or contribution with respect to payments that the agents, underwriters or other purchasers
may make with respect to such liabilities. Agents and underwriters may engage in transactions with, or perform services for, us
in the ordinary course of business.
To
facilitate the public offering of a series of securities, persons participating in the offering may engage in transactions in
accordance with Regulation M under the Exchange Act that stabilize, maintain, or otherwise affect the market price of the securities.
This may include over-allotments or short sales of the securities, which involves the sale by persons participating in the offering
of more securities than have been sold to them by us. In addition, those persons may stabilize or maintain the price of the securities
by bidding for or purchasing securities in the open market or by imposing penalty bids, whereby selling concessions allowed to
underwriters or dealers participating in any such offering may be reclaimed if securities sold by them are repurchased in connection
with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of the securities
at a level above that which might otherwise prevail in the open market. Such transactions, if commenced, may be discontinued at
any time. We make no representation or prediction as to the direction or magnitude of any effect that the transactions described
above, if implemented, may have on the price of our securities.
Unless
otherwise specified in the applicable prospectus supplement or free writing prospectus, any common stock sold pursuant to a prospectus
supplement will be eligible for trading as listed on the NASDAQ. Any underwriters who are qualified market makers to whom securities
are sold by us for public offering and sale may make a market in the securities in accordance with Rule 103 of Regulation M, but
such underwriters will not be obligated to do so and may discontinue any market making at any time without notice.
In
order to comply with the securities laws of some states, if applicable, the securities offered pursuant to this prospectus will
be sold in those states only through registered or licensed brokers or dealers. In addition, in some states securities may not
be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or
qualification requirement is available and complied with.
To
the extent required, this prospectus may be amended or supplemented from time to time to describe a specific plan of distribution.
LEGAL
MATTERS
The
validity of the securities offered by this prospectus will be passed upon by Haynes and Boone, LLP, New York, New York.
EXPERTS
Morison
Cogen LLP, independent registered public accounting firm, has audited our consolidated financial statements included in our Annual
Report on Form 10-K for the year ended December 31, 2020, as filed on March 1, 2021, as set forth in their report which is incorporated
by reference in this prospectus and elsewhere in the registration statement. Our consolidated financial statements are incorporated
by reference in reliance on Morison Cogen LLP’s report, given on their authority as experts in accounting and auditing.
The
consolidated financial statements for MyMD Pharmaceuticals, Inc. and Supera Pharmaceuticals, Inc. as of and for the years ended
December 31, 2020 and 2019, included in the Form S-4 and Form S-4/A and incorporated herein by reference, have been audited by
Cherry Bekaert LLP, independent registered public accounting firm, as set forth in their report thereon, which is incorporated
by reference in this prospectus and elsewhere in the registration statement, and upon the authority of said firm as experts in
accounting and auditing.
WHERE
YOU CAN FIND MORE INFORMATION
We
are subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and in accordance therewith
file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission.
The Securities and Exchange Commission maintains a website that contains reports, proxy and information statements and other information
regarding registrants that file electronically with the Securities and Exchange Commission. The address of the Securities and
Exchange Commission’s website is www.sec.gov.
We
make available free of charge on or through our website at www.akersbio.com, our Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with or otherwise
furnish it to the Securities and Exchange Commission.
We
have filed with the Securities and Exchange Commission a registration statement under the Securities Act of 1933, as amended, relating
to the offering of these securities. The registration statement, including the attached exhibits, contains additional relevant information
about us and the securities. This prospectus does not contain all of the information set forth in the registration statement. You can
obtain a copy of the registration statement for free at www.sec.gov. The registration statement and the documents referred to below under
“Incorporation of Certain Information By Reference” are also available on our website, www.akersbio.com.
We
have not incorporated by reference into this prospectus the information on our website, and you should not consider it to be a
part of this prospectus.
INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE
The
Securities and Exchange Commission allows us to “incorporate by reference” the information we have filed with it,
which means that we can disclose important information to you by referring you to those documents. The information we incorporate
by reference is an important part of this prospectus, and later information that we file with the Securities and Exchange Commission
will automatically update and supersede this information. We incorporate by reference the documents listed below and any future
documents (excluding information furnished pursuant to Items 2.02 and 7.01 of Form 8-K) we file with the Securities and Exchange
Commission pursuant to Sections l3(a), l3(c), 14 or l5(d) of the Securities Exchange Act of 1934, as amended, subsequent to the
date of this prospectus and prior to the termination of the offering:
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1.
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Our
Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 1, 2021;
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2.
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Our
Current Reports on Form 8-K filed with the SEC on March 18, 2021; and
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3.
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the
following sections from the Form S-4: “Risk Factors,” “Management of the Combined Company,” “Information About Akers,” “Information About MyMD,” “Principal Stockholders of Akers and the Combined Company,”
“Principal Stockholders of MyMD and the Combined Company,” “Related Party Transactions,” and “Description of Akers Capital Stock;” and
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4.
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The
description of our Common Stock contained in our Registration Statement on Form 8-A, filed on January 17, 2014 pursuant to
Section 12(b) of the Exchange Act, which incorporates by reference the description of the shares of our Common Stock contained
in the section entitled “Description of Securities” in our Registration Statement on Form S-1 (File No. 333-190456),
as initially filed with the SEC on August 7, 2013, as amended, as amended and supplemented by the description of our Common
stock Contained in the “Description of Akers Capital Stock” in the Form S-4, and any amendment or report filed
with the SEC for purposes of updating such description.
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All
filings filed by us pursuant to the Securities Exchange Act of 1934, as amended, after the date of the initial filing of this
registration statement and prior to the effectiveness of such registration statement (excluding information furnished pursuant
to Items 2.02 and 7.01 of Form 8-K) shall also be deemed to be incorporated by reference into the prospectus.
You
should rely only on the information incorporated by reference or provided in this prospectus. We have not authorized anyone else
to provide you with different information. Any statement contained in a document incorporated by reference into this prospectus
will be deemed to be modified or superseded for the purposes of this prospectus to the extent that a later statement contained
in this prospectus or in any other document incorporated by reference into this prospectus modifies or supersedes the earlier
statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part
of this prospectus. You should not assume that the information in this prospectus is accurate as of any date other than the date
of this prospectus or the date of the documents incorporated by reference in this prospectus.
You
may request, orally or in writing, a copy of these documents, which will be provided to you at no cost (other than exhibits, unless
such exhibits are specifically incorporate by reference), by contacting Akers Biosciences, Inc., at 1185 Avenue of the Americas,
3rd Floor, New York, New York 10036. Our telephone number is (856) 848-8698. Information about us is also available at our website
at http://www.akersbio.com. However, the information in our website is not a part of this prospectus and is not incorporated
by reference.
$100,000,000
Common
Stock
Preferred
Stock
Warrants
Units
PROSPECTUS
The
information in this prospectus is not complete and may be changed. The selling stockholders named in this prospectus may not sell
these securities until the Registration Statement filed with the Securities and Exchange Commission, of which this prospectus
is a part, is effective. This prospectus is not an offer to sell these securities and the selling stockholders named in this prospectus
is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
SUBJECT
TO COMPLETION, DATED MARCH 25, 2021
Prospectus
20,273,989
Shares
COMMON
STOCK
This
prospectus may be used by the selling stockholders named in this prospectus to offer and resell from time to time up to 20,273,989
shares of our common stock, no par value per share (“Common Stock”), which are comprised of (i) 7,792,961 shares (the
“Shares”) of our Common Stock issued in a private placement that closed on November 17, 2020 (the “Private Placement”),
pursuant to a certain Securities Purchase Agreement entered into by and among us and certain institutional and accredited investors
(the “Purchasers”), dated as of November 11, 2020 (the “Securities Purchase Agreement”), (ii) 1,972,972
shares of Common Stock (the “Pre-Funded Warrant Shares”) issuable upon the exercise of the pre-funded warrants (the
“Pre-Funded Warrants”), comprised of 1,040,540 shares of Common Stock issuable upon exercise of the Pre-Funded Warrants
issued in the Private Placement, pursuant to the Securities Purchase Agreement, and 932,432 shares of Common Stock issuable upon
exercise of the Pre-Funded Warrants issued subsequently to a Purchaser in lieu of cancellation of 932,432 shares of Common Stock
previously issued in the Private Placement, (iii) 9,765,933 shares of Common Stock (the “Investor Warrant Shares”)
issuable upon the exercise of the warrants (the “Investor Warrants”) issued in the Private Placement, pursuant to
the Securities Purchase Agreement, (iv) 390,368 shares of Common Stock (the “Katalyst Warrant Shares”) issuable upon
the exercise of warrants (the “Katalyst Warrant”) issued to Katalyst Securities LLC and their designees (“Katalyst”),
pursuant to an engagement letter, dated October 31, 2020, entered into by and between Katalyst and us, as partial compensation
for Katalyst’s role as placement agent in connection with the Private Placement, (v) 255,135 shares of Common Stock (the
“November HCW Warrant Shares”) issuable upon the exercise of certain warrants (the “November HCW Warrants”)
issued to designees of H.C. Wainwright & Co., LLC (“HCW”) pursuant to a side letter by and between HCW and us,
dated November 23, 2020, regarding certain tail fees provided in two engagement letters (one dated October 18, 2019 and the other
dated April 7, 2020) entered into in connection with prior offerings by and between HCW and us, and (vi) 96,620 shares of common
stock (the “August HCW Warrant Shares” and, together with the Investor Warrant Shares, the Pre-Funded Warrant Shares,
the Katalyst Warrant Shares and the November HCW Warrant Shares, the “Warrant Shares”) issuable upon exercise of the
placement agent warrants issued to the designees of HCW on August 13, 2020 in connection with a registered direct offering (the
“August HCW Warrants” and, together with the Investor Warrants, the Pre-Funded Warrants, the Katalyst Warrant and
the November HCW Warrants the “Warrants”).
The
Shares, the Investor Warrants, and the Pre-Funded Warrants were issued to the Purchasers in reliance upon the exemption from the
registration requirements in Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) and
Regulation D (Rule 506) thereunder. Each Purchaser represented that it was an “accredited investor” (as defined by
Rule 501 under the Securities Act). We are registering the offer and resale of the Shares, Investor Warrant Shares and the Pre-Funded
Warrant Shares to satisfy a provision in the Securities Purchase Agreement, pursuant to which we agreed to register the resale
of the Shares, the Investor Warrant Shares and the Pre-Funded Warrant Shares.
In
addition, the Katalyst Warrant, the November HCW Warrants and the August HCW Warrants were issued in reliance upon the exemption
from the registration requirements in Section 4(a)(2) of the Securities Act and Regulation D thereunder.
We
will not receive any of the proceeds from the sale of our Common Stock by the selling stockholders. However, we will receive proceeds
from the exercise of the Warrants if the Warrants are exercised for cash. We intend to use those proceeds, if any, for general
corporate purposes.
Any
shares of Common Stock subject to resale hereunder will have been issued by us and acquired by the selling stockholders prior
to any resale of such shares pursuant to this prospectus.
Each
selling stockholder named in this prospectus, or its donees, pledgees, transferees or other successors-in-interest, may offer
or resell the shares of Common Stock from time to time through public or private transactions at prevailing market prices, at
prices related to prevailing market prices or at privately negotiated prices. The selling stockholders will bear all commissions
and discounts, if any, attributable to the sale of shares, and all selling and other expenses incurred by the selling stockholders.
We will bear all costs, expenses and fees in connection with the registration of the shares of Common Stock subject to resale
hereunder. For additional information on the methods of sale that may be used by the selling stockholders, see “Plan of
Distribution” beginning on page 15 of this prospectus.
Our
Common Stock is listed on the Nasdaq Capital Market (“NASDAQ”) under the symbol “AKER.” On March 24, 2021,
the last reported sale price of our Common Stock as reported on NASDAQ was $3.02 per share.
Investing
in our securities involves a high degree of risk. These risks are discussed in this prospectus under “Risk Factors”
beginning on page 4 and in our most recent Annual Report on Form 10-K and in Form S-4, as well as in any other recently
filed quarterly or current reports and, if any, in any applicable prospectus supplement.
Neither
the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. Any representation to the contrary is a criminal offense.
The
date of this prospectus is , 2021.
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement on Form S-3 that we filed with the SEC using a “shelf” registration
process. The selling stockholders named in this prospectus may resell, from time to time, in one or more offerings, the Common
Stock offered by this prospectus. Information about the selling stockholders may change over time. When the selling stockholders
sell shares of Common Stock under this prospectus, we will, if necessary and required by law, provide a prospectus supplement
that will contain specific information about the terms of that offering. Any prospectus supplement may also add to, update, modify
or replace information contained in this prospectus. If a prospectus supplement is provided and the description of the offering
in the prospectus supplement varies from the information in this prospectus, you should rely on the information in the prospectus
supplement. You should carefully read this prospectus and the accompanying prospectus supplement, if any, along with all of the
information incorporated by reference herein and therein, before making an investment decision.
You
should rely only on the information contained or incorporated by reference in this prospectus or any applicable prospectus supplement.
We have not, and the selling stockholders have not, authorized any other person to provide you with different or additional information.
If anyone provides you with different or additional information, you should not rely on it. This prospectus is not an offer to
sell, nor are the selling stockholders seeking an offer to buy, the shares offered by this prospectus in any jurisdiction where
the offer or sale is not permitted. No offers or sales of any of the shares of Common Stock are to be made in any jurisdiction
in which such an offer or sale is not permitted. You should assume that the information contained in this prospectus or in any
applicable prospectus supplement is accurate only as of the date on the front cover thereof or the date of the document incorporated
by reference, regardless of the time of delivery of this prospectus or any applicable prospectus supplement or any sales of the
shares of Common Stock offered hereby or thereby.
You
should read the entire prospectus and any prospectus supplement and any related issuer free writing prospectus, as well as the
documents incorporated by reference into this prospectus or any prospectus supplement or any related issuer free writing prospectus,
before making an investment decision. Neither the delivery of this prospectus or any prospectus supplement or any issuer free
writing prospectus nor any sale made hereunder shall under any circumstances imply that the information contained or incorporated
by reference herein or in any prospectus supplement or issuer free writing prospectus is correct as of any date subsequent to
the date hereof or of such prospectus supplement or issuer free writing prospectus, as applicable. You should assume that the
information appearing in this prospectus, any prospectus supplement or any document incorporated by reference is accurate only
as of the date of the applicable documents, regardless of the time of delivery of this prospectus or any sale of securities. Our
business, financial condition, results of operations and prospects may have changed since that date.
CAUTIONARY
NOTE ON FORWARD LOOKING STATEMENTS
This
prospectus and the documents incorporated by reference herein contain forward looking statements that involve risks and uncertainties.
All statements other than statements of historical fact contained in this prospectus and the documents incorporated by reference
herein, including statements regarding future events, our future financial performance, business strategy, and plans and objectives
of management for future operations, are forward-looking statements. When we use the words “anticipate,” “believe,”
“could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“predict,” “project,” “will” and other similar terms and phrases, including references to
assumptions, we are identifying forward-looking statements. Forward-looking statements involve risks and uncertainties which may
cause our actual results, performance or achievements to be materially different from those expressed or implied by forward-looking
statements. Forward-looking statements are based on information we have when those statements are made or our management’s
good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important
factors that could cause such differences include, but are not limited to:
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the
occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement and Plan of
Merger and Reorganization (the “Merger Agreement”), dated November 11, 2020, entered into by and among us, XYZ
Merger Sub Inc., a Florida corporation and our wholly owned subsidiary (“Merger Sub”), and MYMD Pharmaceuticals,
Inc., a privately-held Florida corporation (“MYMD”);
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our
stockholders failing to approve the share issuances for the merger contemplated by the Merger Agreement or the contribution
of certain of our assets to Oravax Medical, Inc. (the “Contribution Transaction”);
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an
increase in the amount of costs, fees, expenses, and other charges related to the Merger Agreement;
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risks
arising from the diversion of management’s attention from our ongoing business operations due to the merger and the
Contribution Transaction;
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risks
associated with our ability to identify and realize business opportunities following the merger and the Contribution Transaction;
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our
ability to achieve the expected benefits and costs of the transactions related to the acquisition of Cystron Biotech, LLC
(“Cystron”), including:
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the
timing of, and our ability to, obtain and maintain regulatory approvals for clinical trials of our COVID-19 vaccine or combination
product candidate (the “COVID-19 Vaccine Candidate”);
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the
timing and results of our planned clinical trials for our COVID-19 Vaccine Candidate;
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the
amount of funds we require for our COVID-19 Vaccine Candidate; and
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our
ability to maintain our existing license with Premas Biotech PVT Ltd. (“Premas”).
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our
ability to develop a COVID-19 Vaccine Candidate in a timely manner;
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our
ability to effectively execute and deliver our plans related to commercialization, marketing and manufacturing capabilities
and strategy;
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emerging
competition and rapidly advancing technology in our industry;
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our
ability to obtain adequate financing in the future on reasonable terms, as and when we need it;
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challenges
we may face in identifying, acquiring and operating new business opportunities;
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our
ability to retain and attract senior management and other key employees;
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our
ability to quickly and effectively respond to new technological developments;
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the
outcome of litigation or other proceedings to which we are subject or which we may become subject to in the future;
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changes
in political, economic or regulatory conditions generally and in the markets in which we operate;
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delisting
of our Common Stock from NASDAQ;
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our
ability to protect our trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of
others and prevent others from infringing on our proprietary rights;
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our
compliance with all laws, rules, and regulations applicable to our business and COVID-19 Vaccine Candidate;
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the
impact of the recent COVID-19 outbreak on our results of operations, business plan and the global economy; and
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other
factors discussed in this prospectus and the documents incorporated by reference herein, including those set forth under “Risk
Factors” in our Registration Statement on Form S-4 filed with the Securities
and Exchange Commission (the “SEC”) on January 15, 2021, as amended on March 19, 2021 (the
“Form S-4”).
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The
foregoing does not represent an exhaustive list of risks that may impact upon the forward-looking statements used herein or in
the documents incorporated by reference herein. For a more detailed discussion of such risks and other important factors that
could cause actual results to differ materially from those in such forward-looking statements and forward-looking information,
please see “Risk Factors” on page 4 of this prospectus as well as the risk factors included in the documents incorporated
herein by reference, including from the Form S-4. Although we have attempted to identify important factors that could cause actual
results to differ materially from those described in forward-looking statements and forward-looking information, there may be
other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that these statements
will prove to be accurate as actual results and future events could differ materially from those anticipated in the statements.
Except as required by law, we assume no obligation to publicly update any forward-looking statements and forward-looking information,
whether as a result of new information, future events or otherwise. We qualify all forward-looking statements by these cautionary
statements. For all forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995.
PROSPECTUS
SUMMARY
This
summary highlights selected information contained elsewhere or incorporated by reference in this prospectus. This summary does
not contain all the information that you should consider before investing in our Company. You should carefully read the entire
prospectus, including all documents incorporated by reference herein, including the Form S-4. In particular, attention should
be directed to our “Risk Factors,” “Business,” “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and the financial statements and related notes thereto contained herein or otherwise
incorporated by reference hereto, before making an investment decision.
As
used herein, and any amendment or supplement hereto, unless otherwise indicated, “we,” “us,” “our,”
the “Company,” “Akers” or similar terminology means Akers Biosciences, Inc.
Overview
We
were historically a developer of rapid health information technologies.
As
previously reported, on March 23, 2020, we entered a membership interest purchase agreement (as amended by Amendment No. 1 on
May 14, 2020, the “MIPA”) to acquire 100% of the membership interests of Cystron Biotech, LLC (“Cystron”)
from certain selling parties (the “Cystron Sellers”). Cystron is a party to a license agreement (as amended and restated
on March 19, 2020, in connection with our entry into the MIPA, the “License Agreement”) with Premas Biotech PVT Ltd.
(“Premas”) whereby Premas granted Cystron, amongst other things, an exclusive license with respect to Premas’
vaccine platform for the development of a vaccine against SARS-CoV-2, a coronavirus currently causing a pandemic throughout the
world (“COVID-19”).
On
March 18, 2021, Akers and Cystron entered into a Contribution and Assignment Agreement (the “Contribution and Assignment
Agreement”), by and among Akers, Cystron, Oravax Medical, Inc. (“Oravax”), and Premas. Pursuant to the Contribution
and Assignment Agreement (the “Contribution Agreement”), Akers agreed to contribute (i) an amount in cash equal to
$1,500,000 to Oravax and (ii) to cause Cystron to contribute substantially all of the assets associated with its business of developing
and manufacturing of Cystron’s COVID-19 vaccine candidate to Oravax (the “Contribution Transaction”). The Contribution
Transaction shall not be effective until the earlier to occur of (i) the date that is 90 days after March 18, 2021 and (ii) the
closing of the merger between MyMD Pharmaceuticals, Inc. (“MyMD”), and XYZ Merger Sub Inc. (the “Merger Sub”).
In consideration for Akers’ commitment to consummate the Contribution Transaction, Oravax issued to Akers 390,000 shares
of its capital stock Oravax (the “Oravax Shares”) and assumed all of the obligations or liabilities in respect of
the assets of Cystron, including the obligations under the License Agreement. In addition, Oravax agreed to pay future royalties
to Akers equal to 2.5% of all net sales of products (or combination products) manufactured, tested, distributed and/or marketed
by Oravax or its subsidiaries.
Simultaneously
with the entry into the Contribution and Assignment Agreement, Oravax entered into a license agreement with Oramed Pharmaceuticals,
Inc. (“Oramed”). Pursuant to the license agreement, Oramed has agreed to license certain technology for the oral delivery
of pharmaceuticals to Oravax and to contribute $1,500,000 in cash to Oravax effective upon the consummation of the Contribution
Transaction. In consideration of Oramed’s commitments, Oravax issued 1,890,000 shares of its capital stock to Oramed.
As
a result of the issuance of Oravax shares to Oramed, Akers’ share ownership of Oravax consists of 13% of Oravax’s
outstanding shares of capital stock. Akers, Oramed and the other shareholders of Oravax executed a shareholder’s agreement
containing customary terms.
Agreement
and Plan of Merger and Reorganization
On
November 11, 2020, the Company, XYZ Merger Sub Inc., a Florida corporation and a wholly-owned subsidiary of the Company (“Merger
Sub”), and MYMD Pharmaceuticals, Inc., a privately-held Florida corporation (“MYMD”), entered into an Agreement
and Plan of Merger and Reorganization, which was amended on March 16, 2021 (as amended, “Merger Agreement”), pursuant
to which, among other things, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger
Sub will merge with and into MYMD, with MYMD being the surviving corporation and becoming our wholly-owned subsidiary (the “Merger”).
Upon completion of the Merger, the combined company is expected to be renamed MyMD Pharmaceuticals, Inc.
Pending
the consummation of the Merger, it is currently anticipated that the combined company would focus its resources on executing MYMD’s
current business plan. As a condition to closing the Merger, the Merger Agreement also requires that MYMD consummate the purchase
of substantially all of the assets and certain liabilities of Supera Pharmaceuticals, Inc., a Florida corporation (the “Supera
Purchase”), pursuant to an Asset Purchase Agreement, dated November 11, 2020, pursuant to which MYMD agreed to acquire from
Supera, immediately prior to the completion of the Merger, substantially all of its assets. In addition, prior to the consummation
of the Merger, Akers may, in its discretion, consummate a spin-off of all or a part of its legacy assets. In the event Akers consummates
such spin-off, the stockholders of Akers and MYMD will not participate in the future prospects of such Akers legacy assets.
If
the Merger is completed, (i) holders of outstanding shares of MYMD common stock (referred to herein as the MYMD stockholders)
will be entitled to receive (x) the number of shares of Akers common stock equal to the exchange ratio to be determined pursuant
to the Merger Agreement per share of MYMD common stock they hold, (y) an amount in cash, on a pro rata basis, equal to the aggregate
cash proceeds received by Akers from the exercise of any options to purchase MYMD common stock assumed by Akers upon closing of
the merger prior to the second-year anniversary of the closing of the merger (the “Option Exercise Period”), such
payment to occur not later than 30 days after the last day of the Option Exercise Period, and (z) potential milestone payments
of up to the total number of shares issued at closing of the Merger pursuant to (i)(x) (“Milestone Shares”) of Akers
common stock payable upon achievement of certain market capitalization milestone events during the 36-month period immediately
following the closing of the merger (the “Milestone Period”); and (ii) each outstanding option to purchase MYMD common
stock that has not previously been exercised prior to the closing of the merger, whether or not vested, will be assumed by Akers
subject to certain terms contained in the Merger Agreement.
Immediately
upon completion of the merger and the transactions contemplated in the Merger Agreement (i) MYMD stockholders and optionholders
will own approximately 80% of the fully diluted equity of the combined company excluding certain warrants and subject to adjustment
to the extent that our net cash at the effective time of the merger exceeds the minimum amount of net cash of $25 million (less
certain advances, loans and payoff amounts) that we are required to have at closing of the merger pursuant to a formula set forth
in the Merger Agreement; and (ii) current Akers stockholders and holders of certain outstanding options and warrants to purchase
shares of our common stock (excluding shares issuable upon exercise of options and warrants having an exercise price in excess
of $1.72, prior to giving effect to any stock splits, combinations, reorganizations and the like with respect to the Akers common
stock between the announcement of the merger and the closing of the merger) and holders of outstanding restricted stock units
will own the balance of the fully diluted equity of the combined company.
In
connection with the execution of the Merger Agreement, we agreed to advance a bridge loan of up to $3,000,000 to MYMD pursuant
to a secured promissory note. Advances under the bridge loan note are made in the amounts and at the times as needed to fund MYMD’s
operating expenses. The outstanding principal amount and the accrued interest of the bridge loan note are convertible into shares
of MYMD common stock in accordance with the terms of the Merger Agreement. We have made a total of $2.4 million of bridge loan
advances.
Private
Placement
Concurrently
with the Merger Agreement, on November 11, 2020, we entered into a Securities Purchase Agreement with certain institutional and
accredited investors (the “Private Placement”), pursuant to which on November 17, 2020, we issued an aggregate of
8,725,393 shares of common stock (“Common Stock”), pre-funded warrants (“Pre-Funded Warrants”) to purchase
1,040,540 shares of Common Stock, and investor warrants (“Investor Warrants”) to purchase 9,765,933 shares of Common
Stock for gross proceeds of approximately $18.1 million before the deduction of placement agent fees and expenses and estimated
offering expenses.
At
closing of the Private Placement, Akers also issued to the placement agent as partial compensation for its services the Katalyst
Warrant to purchase up to 390,368 shares of Common Stock at an exercise price of $1.85.
We
paid approximately $1.8 million of the proceeds from the Private Placement to the former members of Cystron pursuant MIPA, as
amended. In addition, we paid a cash fee of $501,500 and issued to the designees of H.C. Wainright & Co., LLC (“HCW”)
warrants to purchase an aggregate of 255,135 shares of common stock (the “November HCW Warrants”), pursuant to a side
letter by and between us and HCW, dated November 23, 2020, regarding certain tail fees provided in two engagement letters (one
dated October 18, 2019 and the other dated April 7, 2020) entered into in connection with prior offerings by and between us and
HCW. Such November HCW Warrants issued were in the same form as the Investor Warrants except that the November HCW Warrants have
an exercise price of $2.3125 per share.
Corporate
Information
We
were incorporated in 1989 in the state of New Jersey. Our principal executive offices are located at 1185 Avenue of the Americas,
3rd Floor, New York, New York 10036, and our telephone number is (856) 848-8698. Our corporate website address is www.akersbio.com.
The information contained on or accessible through our website is not a part of this prospectus, and the inclusion of our website
address in this prospectus is an inactive textual reference only.
THE
OFFERING
Securities
offered by the selling stockholders
|
Up
to 20,273,989 shares of Common Stock, which are comprised of (i) 7,792,961 shares of Common Stock, (ii) 1,972,972 Pre-Funded
Warrant Shares issuable upon the exercise of the Pre-Funded Warrants, comprised of 1,040,540 shares of Common Stock issuable
upon exercise of the Pre-Funded Warrants issued in the Private Placement, pursuant to the Securities Purchase Agreement, and
932,432 shares of Common Stock issuable upon exercise of the Pre-Funded Warrants issued subsequently to a Purchaser in lieu
of cancellation of 932,432 shares of Common Stock previously issued in the Private Placement, (iii) 9,765,933 shares of Common
Stock issuable upon the exercise of the Investor Warrants, (iv) 390,368 shares of Common Stock issuable upon the exercise
of the Katalyst Warrants, (v) 255,135 shares of Common Stock issuable upon the exercise of the November HCW Warrants, and
(vi) 96,620 shares of Common Stock issuable upon exercise of the August HCW Warrants.
|
|
|
Selling
stockholders
|
All
of the shares of Common Stock are being offered by the selling stockholders named herein. See “Selling Stockholders”
on page 6 of this prospectus for more information on the selling stockholders.
|
|
|
Use
of proceeds
|
We
will not receive any proceeds from the sale of the selling stockholder shares in this offering. However, we will receive proceeds
from the exercise of the Warrants if the Warrants are exercised for cash. We intend to use those proceeds, if any, for general
corporate purposes. See “Use of Proceeds” beginning on page 5 of this prospectus for additional information.
|
|
|
Registration
Rights
|
Under
the terms of the Securities Purchase Agreement, we have agreed to file this registration
statement with respect to the registration of the resale by the selling stockholders
of the Shares, the Pre-Funded Warrant Shares and the Investor Warrant Shares by the 10th
calendar day following the date we first file the Form S-4. We have agreed to use commercially
reasonable best efforts to cause such registration statement to become effective under
the Securities Act by the 60th day following the date of the filing of the Form S-4 (or
by the 90th day following the date of the filing of the Form S-4 if there is a full review
of the Form S-4 by the SEC).
See
“Selling Stockholders” on page 6 of this prospectus for additional information.
|
|
|
Plan
of Distribution
|
The
selling stockholders named in this prospectus, or their pledgees, donees, transferees,
distributees, beneficiaries or other successors-in-interest, may offer or sell the shares
of Common Stock from time to time through public or private transactions at prevailing
market prices, at prices related to prevailing market prices or at privately negotiated
prices. The selling stockholders may also resell the shares of Common Stock to or through
underwriters, broker-dealers or agents, who may receive compensation in the form of discounts,
concessions or commissions.
See
“Plan of Distribution” beginning on page 15 of this prospectus for additional information on the methods
of sale that may be used by the selling stockholders.
|
|
|
Risk
factors
|
Investing
in our Common Stock involves a high degree of risk. You should carefully read and consider the information beginning on page
4 of this prospectus set forth under the heading “Risk Factors” and all other information set forth in this
prospectus, and the documents incorporated herein and therein by reference before deciding to invest in our Common Stock.
|
|
|
NASDAQ
trading symbol for Common Stock
|
“AKER”
|
RISK
FACTORS
An
investment in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should consider
carefully the specific factors discussed under the heading “Risk Factors” in any applicable prospectus supplement,
together with all of the other information contained or incorporated by reference in any such prospectus supplement or appearing
or incorporated by reference in this prospectus. You should also consider the risks, uncertainties and assumptions discussed under
Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, our joint
proxy and consent solicitation statement/prospectus on Form S-4 filed with the SEC on January 15, 2021, and amended on March 19,
2021, which are incorporated herein by reference, as updated or superseded by the risks and uncertainties described under similar
headings in the other documents that are filed after the date hereof and incorporated by reference into this prospectus. The risks
and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not presently known to us
or that we currently deem immaterial may also affect our operations. Past financial performance may not be a reliable indicator
of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these
risks actually occurs, our business, business prospects, financial condition or results of operations could be seriously harmed.
This could cause the trading price of our Common Stock to decline, resulting in a loss of all or part of your investment. Please
also read carefully the section above entitled “Cautionary Note on Forward-Looking Statements.”
USE
OF PROCEEDS
The
common stock to be offered and sold using this prospectus will be offered and sold by the selling stockholders. We will not receive
any of the proceeds from the sale of the common stock by the selling stockholders. However, we will receive proceeds from the
exercise of the Warrants if the Warrants are exercised for cash. We intend to use those proceeds, if any, for general corporate
purposes.
SELLING
STOCKHOLDERS
Up
to 20,273,989 shares of Common Stock are currently being offered by the selling stockholders.
Private
Placement
On
November 11, 2020, we entered into the Securities Purchase Agreement with certain institutional and accredited investors, pursuant
to which we agreed to issue and sell to the Purchasers (i) an aggregate of 9,765,933 shares of Common Stock, at an offering price
of $1.85 per share or, at the election of each investor, Pre-Funded Warrants, and (ii) for each share of Common Stock (or for
each Pre-Funded Warrant, as applicable) purchased in the private placement, an Investor Warrant to purchase one share of Common
Stock, for gross proceeds of approximately $18.1 million before the deduction of placement agent fees and expenses and estimated
offering expenses.
The
Private Placement closed on November 17, 2020, and we issued an aggregate of 8,725,393 shares of Common Stock, Pre-Funded Warrants
to purchase 1,040,540 shares of Common Stock, and Investor Warrants to purchase 9,765,933 shares of Common Stock. On February
11, 2021, a Purchaser an investor exchanged 932,432 shares of common stock purchased in the Private Placement into Pre-Funded
Warrants to purchase 932,432 shares of common stock.
The
Securities Purchase Agreement provided that (i) following the date that we first file a proxy statement with the SEC in connection
with the Merger (including by means of a registration statement on Form S-4), we shall file a registration statement under the
Securities Act for the resale of all of the shares of Common Stock issued in the Private Placement and the by the Purchasers and
(ii) we shall use commercially reasonable efforts to cause such registration statement to be declared effective within 60 days
of the filing thereof (or 90 days in the event of a full review); provided, however, that we shall not be required to register
any shares of Common Stock issued in the Private Placement or the shares of Common Stock issuable upon exercise of Investor Warrant
Shares or Pre-Funded Warrant Shares that are eligible for resale pursuant to Rule 144 under the Securities Act (assuming cashless
exercise of the Investor Warrants or Pre-Funded Warrants).
At
closing of the Private Placement, Akers issued to Katalyst and its designees as partial compensation for its services as a placement
agent the Katalyst Warrants to purchase up to 390,368 shares of Common Stock at an exercise price of $1.85.
We
paid approximately $1.2 million of the proceeds from the Private Placement to three of the former members of Cystron and recorded
a liability of $602,172 to the fourth former member of Cystron pursuant to the MIPA. In addition, we paid a cash fee of $501,500
and issued the November HCW Warrants to purchase an aggregate of 255,135 shares of common stock to the designees of HCW, pursuant
to a side letter by and between us and HCW, dated November 23, 2020, regarding certain tail fees provided in two engagement letters
(one dated October 18, 2019 and the other dated April 7, 2020) entered into in connection with prior offerings by and between
us and HCW. Such November HCW Warrants issued were in the same form as the Investor Warrants except that the November HCW Warrants
have an exercise price of $2.3125 per share.
Investor
Warrants
Each
Investor Warrant issued in the Private Placement has an initial exercise price equal to $2.06 per share of Common Stock. The Investor
Warrants are immediately exercisable and will terminate five and a half years following issuance. If, at any time following the
six-month anniversary of November 17, 2020, there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Investor Warrant Shares to the holder, then the Investor Warrants may also be
exercised, in whole or in part, at such time by means of a “cashless exercise” in which the holder shall be entitled
to receive a number of Investor Warrant Shares according to a formula set forth in the Investor Warrants.
A
holder (together with its affiliates) may not exercise any portion of the Investor Warrant or the Pre-Funded Warrant to the extent
that the holder would own more than 4.99% (or, at the election of a holder prior to the date of issuance, 9.99%) of the outstanding
our Common Stock immediately after exercise; provided, however, that upon notice to us, the holder may increase or decrease the
beneficial ownership limitation, provided that in no event shall the beneficial ownership limitation exceed 9.99% and any increase
in the beneficial ownership limitation will not be effective until 61 days following notice of such increase from the holder to
us.
In
the event of a fundamental transaction, as described in the Investor Warrants and generally including any reorganization, recapitalization
or reclassification of our Common Stock, the sale, transfer or other disposition of all or substantially all of Akers’ properties
or assets, Akers’ consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding
Common Stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding Common
Stock, the holders of the Investor Warrants will be entitled to receive upon exercise of such warrants the kind and amount of
securities, cash or other property that the holders would have received had they exercised the Investor Warrants immediately prior
to such fundamental transaction. The Merger shall not be deemed a fundamental transaction as defined in the Investor Warrants.
The
Pre-Funded Warrants
At
the request of an investor, in lieu of Akers common stock, certain investors received Pre-Funded Warrants. The Pre-Funded Warrants
are exercisable at any time immediately upon issuance and until such warrant is exercised in full. The exercise price of the Pre-Funded
Warrants is $0.01 per share of our Common Stock, and, in lieu of making the cash payment otherwise contemplated to be made to
us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either
in whole or in part) the net number of shares of our Common Stock determined according to a formula set forth in the Pre-Funded
Warrants.
A
holder (together with its affiliates) may not exercise any portion of the Pre-Funded Warrants to the extent that the holder would
own more than 4.99% (or, at the election of a holder prior to the date of issuance, 9.99%) of the outstanding Akers common stock
immediately after exercise; provided, however, that upon notice to Akers, the holder may increase or decrease the beneficial ownership
limitation, provided that in no event shall the beneficial ownership limitation exceed 9.99% and any increase in the beneficial
ownership limitation will not be effective until 61 days following notice of such increase from the holder to Akers.
Katalyst
Warrants
In
connection with the Private Placement and pursuant to an engagement letter dated October 31, 2020, entered into by and among Katalyst
and us, we issued to Katalyst and its designees the Katalyst Warrants to purchase up to 390,368 shares of our Common Stock at
an exercise price of $1.85, exercisable at any time and from time to time, in whole or in part, following the date of issuance
and for a term of five and a half years.
November
HCW Warrants
We
issued the November HCW Warrants to purchase an aggregate of 255,135 shares of common stock to the designees of HCW, pursuant
to a side letter by and between us and HCW, dated November 23, 2020, regarding certain tail fees provided in two engagement letters
(one dated October 18, 2019 and the other dated April 7, 2020) entered into in connection with prior offerings by and between
us and HCW. Such November HCW Warrants issued were in the same form as the Investor Warrants except that the NovemberHCW Warrants
have an exercise price of $2.3125 per share. The November HCW Warrants are immediately exercisable and will terminate five and
a half years following issuance.
August
2020 Offering and the August HCW Warrants
On
August 13, 2020 (the “August 2020 Offering”), we closed a registered direct equity offering pursuant to a securities
purchase agreement with certain institutional and accredited investors, dated August 11, 2020, and issued and sold an aggregate
of 1,207,744 shares of Common Stock, at an offering price of $5.67 per share, for gross proceeds of approximately $6.8 million
before the deduction of placement agent fees and offering expenses. Upon closing of the August 2020 Offering as partial compensation
to HCW for serving as our placement agent, we issued to HCW designees the August HCW Warrants to purchase up to 96,620 shares
of common stock at an exercise price of $7.0875, subject to certain adjustments as set forth in the August HCW Warrants. The August
HCW Warrants are exercisable at any time and from time to time, in whole or in part, following the date of issuance and expires
on August 11, 2025.
Each
holder of the August HCW Warrants is prohibited from exercising the August HCW Warrants if, as a result of such conversion, any
such holder, together with its affiliates, would own more than 4.99% of the total number of shares of our common stock then issued
and outstanding. This limitation may be increased or decreased, but in no event exceed 9.99%, with respect to a holder upon such
holder’s provision of not less than 61 days’ prior written notice to us. If at any time of exercise of the August
HCW Warrants, there is no effective registration statement under the Securities Act registering the resale of the common stock
underlying the August HCW Warrants by the selling stockholders, then the warrants may also be exercised, in whole or in part,
by means of a cashless exercise.
Pursuant
to Rule 5110(g) of the Financial Industry Regulatory Authority, or FINRA, the August HCW Warrants and any shares issued upon exercise
thereof will not be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the effective economic disposition of the securities by any person, for a period
of 180 days immediately following the date of effectiveness or commencement of sales in the offering, except: (i) the transfer
of any security by operation of law or by reason of our reorganization; (ii) the transfer of any security to any FINRA member
firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the
lock-up restriction set forth above for the remainder of the time period; (iii) the transfer of any security if the aggregate
amount of our securities held by the placement agent or related persons do not exceed 1% of the securities being offered; (iv)
the transfer of any security that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided
that no participating member manages or otherwise directs investments by the fund and the participating members in the aggregate
do not own more than 10% of the equity in the fund; or (v) the exercise or conversion of any security, if all securities remain
subject to the lock-up restriction set forth above for the remainder of the time period.
Relationship
with the Selling Stockholders
Except
as described below, none of the selling stockholders has, or within the past three years has had, any position, office or other
material relationship with us.
Iroquois
Master Fund Ltd. (“IMF”), and its affiliate, Iroquois Capital Investment Group, LLC (“ICIG”)
In
connection with the Private Placement, IMF, and its affiliate, ICIG, received an aggregate of 1,040,540 shares of Akers common
stock, 1,040,540 Pre-Funded Warrants and 2,081,080 Investor Warrants. Iroquois Capital Management, LLC (“Iroquois Capital”)
is the investment advisor for IMF, and ICIG is affiliated with IMF and Iroquois Capital. Based on a Schedule 13G/A filed with
the SEC on February 22, 2021, by Iroquois Capital, Iroquois Capital beneficially owns 9.99% of Common Stock, giving effect to
the beneficial ownership limitations under the terms of certain securities Iroquois Capital owns.
In
connection with the Private Placement, each of IMF and ICIG entered into a lock-up and support agreement with us, pursuant to
which such investors agreed, from the date of the lock-up and support agreement until May 31, 2021, to vote such investors’
shares of Common Stock in favor of each matter proposed and recommended for approval by our board of directors or management at
every stockholders’ meeting.
Intracoastal
Capital LLC (“Intracoastal”)
Intracoastal
participated in the Private Placement.
Based
on a Schedule 13G/A filed with the SEC on January 29, 2021, by Intracoastal, Intracoastal beneficially owns 7.97% of Common Stock,
giving effect to the beneficial ownership limitations under the terms of certain securities Iroquois Capital owns.
Affiliates
of HCW
Each
of Noam Rubinstein, Charles Worthman, Michael Vasinkevich and Craig Schwabe are affiliated with HCW, which served as our placement
agent for our public offering we consummated in December 2019, our registered direct equity offering that closed on April 8, 2020
(the “April 2020 Offering”), our registered direct equity offering that closed on May 18, 2020 (the “May 2020
Offering”) and the August 2020 Offering, for which it received cash and/or warrant compensation. In connection with all
or certain of the prior offerings HCW served as a placement agent, each of Noam Rubinstein, Charles Worthman, Michael Vasinkevich,
and Craig Schwabe, as a designee of HCW, has received warrants to purchase shares of our common stock.
In
addition, approximately one-third of Cystron was owned by two entities, each of which is controlled by an associated person of
HCW (the “Associated Persons”). Pursuant to MIPA, as consideration for the membership interests in Cystron purchased
from the Associated Persons, the Associated Persons were paid approximately one-third of the consideration paid at closing and
are entitled to the same percentage of any future consideration under the MIPA. Upon closing of the acquisition of Cystron, we
delivered to the Associated Persons, collectively: (x) 142,259 shares of our Common Stock and 65,369 shares of Preferred Stock,
and (y) approximately $299,074. In connection with the April 2020 Offering, the Associated Persons received approximately $83,333
pursuant to the MIPA. The closing of the May 2020 Offering triggered an accrued payment to the Associated Persons of approximately
$297,470 pursuant to the MIPA, and the closing of the August 2020 Offering triggered an accrued payment to the Associated Persons
of approximately $220,241 pursuant to the MIPA, which was paid on September 24, 2020. After the closing of the Private Placement
in November 2020, we paid approximately $602,172 of the proceeds from the Private Placement to the Associated Persons pursuant
to the MIPA.
The
Cystron Seller owned by the two entities controlled by the Associated Persons is also a party to the Contribution and Assignment
Agreement, and subject to closing of the Contribution Transaction, will be a stockholder of Oravax. We, Oravax, the Cystron Sellers
and Oramed will enter into a mutually acceptable stockholders’ agreement which we expect will contain certain board of directors
designation rights and customary terms and conditions.
Information
About Selling Stockholders Offering
The
shares of Common Stock being offered by the selling stockholders are those previously issued to the selling stockholders and those
issuable to the selling stockholders upon the exercise of the Warrants. For additional information regarding the issuances of
those shares of Common Stock, see “—Private Placement” above. We are registering the shares of Common Stock
in order to permit the selling stockholders to offer the shares for resale from time to time.
The
table below lists the selling stockholders and other information regarding the ownership of the shares of Common Stock by each
of the selling stockholders. The second column lists the number of shares of Common Stock owned by each selling stockholder, based
on its ownership of the shares of Common Stock and securities convertible into shares of Common Stock, as of March 25,
2021, assuming exercise of the securities convertible into shares of Common Stock held by the selling stockholders on that date,
without regard to any limitations on exercises. Percentage of common stock ownership is based on 16,652,829 shares of common stock
issued and outstanding as of March 25, 2021.
The
third column lists the shares of Common Stock being offered by this prospectus by the selling stockholders.
In
accordance with the terms of the Securities Purchase Agreement, this prospectus generally covers the resale of the sum of (i)
the Shares issued to the selling stockholders, (ii) the maximum number of Investor Warrant Shares, and (iii) the maximum number
of Pre-Funded Warrant Shares. In addition, this prospectus covers the maximum number of Katalyst Warrant Shares, November HCW
Warrant Shares and August HCW Warrant Shares. The table below assumes that the outstanding Warrants were exercised in full as
of the trading day immediately preceding the date this registration statement was initially filed with the SEC, each as of the
trading day immediately preceding the applicable date of determination and all subject to adjustment as provided in the Securities
Purchase Agreement, without regard to any limitations on the exercise of the Warrants. The fourth column assumes the sale of all
of the shares offered by the selling stockholders pursuant to this prospectus. The fifth column lists the percentages of shares
of Common Stock owned by the selling stockholders after this offering, taking account of any limitations on exercise set forth
in the applicable convertible securities.
Under
the terms of the Warrants, a selling stockholder may not exercise the Warrants to the extent such exercise would cause such selling
stockholder, together with its affiliates and attribution parties, to beneficially own a number of shares of Common Stock which
would exceed 4.99% or 9.99%, as applicable, of our then outstanding Common Stock following such exercise, excluding for purposes
of such determination shares of Common Stock issuable upon the exercise of the Warrants, which have not been exercised. The number
of shares in the second column does not reflect this limitation. The selling stockholders may sell all, some or none of their
shares in this offering. See “Plan of Distribution.”
Name
of Selling Stockholder
|
|
Number
of Shares of Common Stock Owned Prior to Offering
|
|
|
Maximum
Number of Shares of Common Stock to be Sold Pursuant to this Prospectus
|
|
|
Number
of Shares of Common Stock Owned After Offering
|
|
|
Percentage
of Common Stock Owned After Offering
|
|
Iroquois
Master Fund Ltd. (1)
|
|
|
3,087,763
|
(41)
|
|
|
3,081,080
|
(42)
|
|
|
6,682
|
|
|
|
+
|
|
Iroquois
Capital Investment Group LLC (1)
|
|
|
1,089,760
|
(43)
|
|
|
1,081,080
|
(44)
|
|
|
8,680
|
|
|
|
+
|
|
Intracoastal
Capital, LLC (2)
|
|
|
1,459,653
|
(45)
|
|
|
1,459,458
|
(46)
|
|
|
195
|
|
|
|
+
|
|
FBH
Investment Holdings LLC (3)
|
|
|
956,756
|
*
|
|
|
956,756
|
*
|
|
|
0
|
|
|
|
—
|
|
Mainfield
Enterprises Inc. (4)
|
|
|
2,162,162
|
*
|
|
|
2,162,162
|
*
|
|
|
0
|
|
|
|
—
|
|
Scot
Cohen
|
|
|
972,972
|
*
|
|
|
972,972
|
*
|
|
|
0
|
|
|
|
—
|
|
V4
Global LLC (5)
|
|
|
1,621,620
|
*
|
|
|
1,621,620
|
*
|
|
|
0
|
|
|
|
—
|
|
Empire
Group Ltd. (6)
|
|
|
378,378
|
*
|
|
|
378,378
|
*
|
|
|
0
|
|
|
|
—
|
|
Shay
Capital, LLC (7)
|
|
|
1,864,864
|
*
|
|
|
1,864,864
|
*
|
|
|
0
|
|
|
|
—
|
|
Stormy Monday
LLC (8)
|
|
|
270,270
|
*
|
|
|
270,270
|
*
|
|
|
0
|
|
|
|
—
|
|
The
Hewlett Fund LP (9)
|
|
|
216,216
|
*
|
|
|
216,216
|
*
|
|
|
0
|
|
|
|
—
|
|
Gregg
Smith
|
|
|
58,378
|
*
|
|
|
58,378
|
*
|
|
|
0
|
|
|
|
—
|
|
JD
Advisors, LLC (10)
|
|
|
216,216
|
*
|
|
|
216,216
|
*
|
|
|
0
|
|
|
|
—
|
|
Anson
Investments Master Fund LP (11)
|
|
|
540,540
|
*
|
|
|
540,540
|
*
|
|
|
0
|
|
|
|
—
|
|
Frank
Curzio
|
|
|
81,080
|
*
|
|
|
81,080
|
*
|
|
|
0
|
|
|
|
—
|
|
Kent
Building Services, LLC (12)
|
|
|
108,108
|
*
|
|
|
108,108
|
*
|
|
|
0
|
|
|
|
—
|
|
Alexander
Team Investments LLC (13)
|
|
|
162,162
|
*
|
|
|
162,162
|
*
|
|
|
0
|
|
|
|
—
|
|
Louis
Springer
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
Scot
Cohen and Carolina Oliva JT Ten (14)
|
|
|
108,108
|
*
|
|
|
108,108
|
*
|
|
|
0
|
|
|
|
—
|
|
Shaar
Hazuhov, LLC (15)
|
|
|
513,512
|
*
|
|
|
513,512
|
*
|
|
|
0
|
|
|
|
—
|
|
Will
Febbo
|
|
|
108,108
|
*
|
|
|
108,108
|
*
|
|
|
0
|
|
|
|
—
|
|
Jeremy
S. Bronfman 1989 Trust (16)
|
|
|
108,108
|
*
|
|
|
108,108
|
*
|
|
|
0
|
|
|
|
—
|
|
Brio
Capital Master Fund Ltd. (17)
|
|
|
216,216
|
*
|
|
|
216,216
|
*
|
|
|
0
|
|
|
|
—
|
|
Lee
Harrison Corbin
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
Albert
& Hiedi Gentile
|
|
|
108,108
|
*
|
|
|
108,108
|
*
|
|
|
0
|
|
|
|
—
|
|
Richard
Gonda
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
Hummel,
Daniel W. and Allaire, JTWROS (18)
|
|
|
43,242
|
*
|
|
|
43,242
|
*
|
|
|
0
|
|
|
|
—
|
|
Kyle
A. McGurk
|
|
|
32,432
|
*
|
|
|
32,432
|
*
|
|
|
0
|
|
|
|
—
|
|
Thomas
A. McGurk, Jr.
|
|
|
32,432
|
*
|
|
|
32,432
|
*
|
|
|
0
|
|
|
|
—
|
|
Peter
Ohler
|
|
|
108,108
|
*
|
|
|
108,108
|
*
|
|
|
0
|
|
|
|
—
|
|
Pauline
M. Howard Trust dtd 01.02.98
Candy D’Azevedo Trust (19)
|
|
|
27,026
|
*
|
|
|
27,026
|
*
|
|
|
0
|
|
|
|
—
|
|
Clayton
A. Struve
|
|
|
108,108
|
*
|
|
|
108,108
|
*
|
|
|
0
|
|
|
|
—
|
|
John
V. Wagner, Jr.
|
|
|
43,242
|
*
|
|
|
43,242
|
*
|
|
|
0
|
|
|
|
—
|
|
Whited
Family Trust (20)
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
Willis,
Michael L. and Sharon D., JTWROS (21)
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
Thomas
Zahavi
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
The
Special Equities Opportunity Fund, LLC (22)
|
|
|
486,486
|
*
|
|
|
486,486
|
*
|
|
|
0
|
|
|
|
—
|
|
SP
Capital Partners, LLC (23)
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
Peter
K. Janssen
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
Peter
W. Janssen
|
|
|
60,000
|
*
|
|
|
60,000
|
*
|
|
|
0
|
|
|
|
—
|
|
One44
Capital LLC (24)
|
|
|
486,486
|
*
|
|
|
486,486
|
*
|
|
|
0
|
|
|
|
—
|
|
Christopher
Cozzolino
|
|
|
40,540
|
*
|
|
|
40,540
|
*
|
|
|
0
|
|
|
|
—
|
|
Lee
J. Seidler Revocable Trust dtd 4.12.1990 (25)
|
|
|
108,108
|
*
|
|
|
108,108
|
*
|
|
|
0
|
|
|
|
—
|
|
Michael
J. Mathieu
|
|
|
32,432
|
*
|
|
|
32,432
|
*
|
|
|
0
|
|
|
|
—
|
|
Casimir
S. Skrzypczak
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
Joel
Yanowitz
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
Gerald
Yanowitz
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
James
David Conrod
|
|
|
32,432
|
*
|
|
|
32,432
|
*
|
|
|
0
|
|
|
|
—
|
|
Eric
Fosselman
|
|
|
48,648
|
*
|
|
|
48,648
|
*
|
|
|
0
|
|
|
|
—
|
|
Willis
Welch
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
Ustica
Holdings Ltd. (26)
|
|
|
194,594
|
*
|
|
|
194,594
|
*
|
|
|
0
|
|
|
|
—
|
|
Arcade
Venture Opportunities Fund (27)
|
|
|
162,162
|
*
|
|
|
162,162
|
*
|
|
|
0
|
|
|
|
—
|
|
Arcade
Dynamic Fund Ltd. (28)
|
|
|
54,054
|
*
|
|
|
54,054
|
*
|
|
|
0
|
|
|
|
—
|
|
Gamma
Endurance Fund Ltd. (29)
|
|
|
129,728
|
*
|
|
|
129,728
|
*
|
|
|
0
|
|
|
|
—
|
|
Michael
Silverman
|
|
|
471,455
|
(31)
|
|
|
471,455
|
(31)
|
|
|
0
|
|
|
|
—
|
|
Christopher
Cozzolino
|
|
|
5,140
|
(30)
|
|
|
5,140
|
(30)
|
|
|
0
|
|
|
|
—
|
|
John
Fosselman
|
|
|
2,025
|
(30)
|
|
|
2,025
|
(30)
|
|
|
0
|
|
|
|
—
|
|
Jesse
Janssen
|
|
|
1,710
|
(30)
|
|
|
1,710
|
(30)
|
|
|
0
|
|
|
|
—
|
|
Stephen
Renaud
|
|
|
115,996
|
(32)
|
|
|
115,996
|
(32)
|
|
|
0
|
|
|
|
—
|
|
EFD
Capital Inc.
|
|
|
3,500
|
(30)
|
|
|
3,500
|
(30)
|
|
|
0
|
|
|
|
—
|
|
Jeffrey
Berman
|
|
|
50,000
|
(30)
|
|
|
50,000
|
(30)
|
|
|
0
|
|
|
|
—
|
|
Michael
Vasinkevich
|
|
|
437,697
|
(33)
|
|
|
225,563
|
(34)
|
|
|
212,134
|
|
|
|
1.26
|
%
|
Noam
Rubinstein
|
|
|
214,716
|
(35)
|
|
|
110,803
|
(36)
|
|
|
103,913
|
|
|
|
+
|
|
Craig
Schwabe
|
|
|
17,632
|
(37)
|
|
|
11,872
|
(38)
|
|
|
5,760
|
|
|
|
+
|
|
Charles
Worthman
|
|
|
6,815
|
(39)
|
|
|
3,517
|
(40)
|
|
|
3,298
|
|
|
|
+
|
|
*
Half of this number represents shares of Common Stock issuable upon the exercise of Investor Warrants issued pursuant to the Private
Placement and the remaining half represents Shares issued pursuant to the Private Placement.
+
Less than 1%
(1)
Richard Abbe has the sole authority and responsibility
for the investments made on behalf of ICIG as its managing member. Mr. Abbe has voting control and investment discretion over
securities held by ICGC. As such, Mr. Abbe may be deemed to be the beneficial owner (as determined under Section 13(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of the securities held by ICGC.
Iroquois
Capital Management L.L.C. is the investment manager of IMF. Iroquois Capital Management, LLC has voting control and investment
discretion over securities held by IMF. As Managing Members of Iroquois Capital Management, LLC, Richard Abbe and Kimberly Page
make voting and investment decisions on behalf of Iroquois Capital Management, LLC in its capacity as investment manager to IMF.
As a result of the foregoing, Mr. Abbe and Mrs. Page may be deemed to have beneficial ownership (as determined under Section 13(d)
of the Exchange Act) of the securities held by Iroquois Capital Management and IMF.
(2)
Mitchell P. Kopin and Daniel B. Asher, each of whom are managers of Intracoastal Capital LLC, have shared voting control and investment
discretion over the securities reported herein that are held by Intracoastal Capital LLC. As a result, each of Mr. Kopin and Mr.
Asher may be deemed to have beneficial ownership (as determined under Section 13(d) of Exchange Act) of the securities reported
herein that are held by Intracoastal.
(3)
Sarah Rosenfeld has sole voting and dispositive power over the securities held for the account of this selling stockholder.
(4)
Idan Moskovich has sole voting and dispositive power over the securities held for the account of this selling stockholder.
(5)
Scot Cohen has sole voting and dispositive power over the securities held for the account of this selling stockholder.
(6)
Primeway S.A., Director of Empire Group Ltd., has sole voting and dispositive power over the securities held for the account of
this selling stockholder.
(7)
Michael Murray, President of Shay Capital LLC, and Sam Ginzburg, Chief Executive Officer, have equal voting and dispositive power
over the securities held for the account of this selling stockholder.
(8)
Bruce Bernstein, Member of Stormy Monday LLC, has sole voting and dispositive power over the securities held for the account of
this selling stockholder.
(9)
Martin Chopp, General Partner, has sole voting and dispositive power over the securities held for the account of this selling
stockholder.
(10)
Daniel and James Altucher, Co-Managers of JD Advisors, LLC, have equal voting and dispositive power over the securities held for
the account of this selling stockholder.
(11)
Anson Advisors Inc. and Anson Funds Management LP, the Co-Investment Advisers of Anson Investments Master Fund LP (“Anson”),
hold voting and dispositive power over the Common Shares held by Anson. Bruce Winson is the managing member of Anson Management
GP LLC, which is the general partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors
Inc. Mr. Winson, Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership of these Common Shares except to the extent of their
pecuniary interest therein. has sole voting and dispositive power over the securities held for the account of this selling stockholder.
(12)
Alon Alexander (President & Managing Member), Gil Neuman (CEO & Managing Member), and Orly Alexander (CFO & Member)
have equal voting and dispositive power over the securities held for the account of this selling stockholder.
(13)
Tal Alexander (Officer) and Oren Alexander (Officer) have equal voting and dispositive power over the securities held for the
account of this selling stockholder.
(14)
Scot Cohen and Carolina Oliva have equal voting and dispositive power over the securities held for the account of this selling
stockholder.
(15)
Ahron Gold is the control person of Shaar Hazuhov, LLC has sole voting and dispositive power over the securities held for the
account of this selling stockholder.
(16)
Jeremy S. Bronfman has sole voting and dispositive power over the securities held for the account of this selling stockholder.
(17)
Shaye Hirsch has sole voting and dispositive power over the securities held for the account of this selling stockholder.
(18)
Daniel and Allaire Hummel are joint tenants with a right of survivorship and have equal voting and dispositive power over the
securities held for the account of this selling stockholder.
(19)
Candy D’Azevedo Bathon has sole voting and dispositive power over the securities held for the account of this selling stockholder.
(20)
Craig R. Whited or Gilda Whited has sole voting and dispositive power over the securities held for the account of this selling
stockholder.
(21)
Michael L. Willis and Sharon D. Willis have equal voting and dispositive power over the securities held for the account of this
selling stockholder.
(22)
Jonathan Schechter, Joseph Reda and Andrew Arno are Members and have equal voting and dispositive power over the securities held
for the account of this selling stockholder.
(23)
Stan Rabinovich and Philip Rabinovich are the control persons of SP Capital Partners, LLC and have sole voting and dispositive
power over the securities held for the account of this selling stockholder.
(24)
Ahron Fraiman (Manager), Daniel Rosenblatt (Trader), Ellie Klein (Member) and Yaakov Weiser (Member) have equal voting and dispositive
power over the securities held for the account of this selling stockholder.
(25)
Lee J. Seidler is the Trustee of Lee J. Seidler Revocable Trust dtd 4.12.1990 has sole voting and dispositive power over the securities
held for the account of this selling stockholder.
(26)
Alessandro Russo has sole voting and dispositive power over the securities held for the account of this selling stockholder.
(27)
Alessandro Russo and Simone Zambelli equally share voting and dispositive power over the securities held for the account of this
selling stockholder.
(28)
Alessandro Russo and Katra Armstrong equally share voting and dispositive power over the securities held for the account of this
selling stockholder.
(29)
Alessandro Russo and Simone Zambelli equally share voting and dispositive power over the securities held for the account of this
selling stockholder.
(30)
Represents shares of Common Stock issuable upon exercise of Katalyst Warrants issued to Katalyst or its designee.
(31)
Represents: (i) 309,293 shares of Common Stock issuable upon exercise of Katalyst Warrants, (ii) 81,081 shares of
Common Stock issuable under the exercise of Investor Warrants issued pursuant to the Private Placement, (iii) and 81,081 shares
issued pursuant to the Private Placement.
(32)
Represents: (i) 18,700 shares of Common Stock issuable upon exercise of Katalyst Warrants, (ii) 48,648 shares of
Common Stock issuable under the exercise of Investor Warrants issued pursuant to the Private Placement, (iii) and 48,648 shares
issued pursuant to the Private Placement.
(33)
Represents (i) shares of Common Stock issuable upon warrants, (ii) 163,605 shares of Common Stock issuable upon the exercise of
the November HCW Warrants, (iii) 61,958 shares of Common Stock issuable upon the exercise of the August HCW Warrants.
(34)
Consists of 163,605 shares of Common Stock issuable upon the exercise of the November HCW Warrants, and 61,958 shares of Common
Stock issuable upon the exercise of the August HCW Warrants.
(35)
Represents (i) 103,913 shares of Common Stock issuable upon warrants, (ii) 80,368 shares of Common Stock issuable upon the exercise
of the November HCW Warrants, and (iii) 30,435 shares of Common Stock issuable upon the exercise of the August HCW Warrants.
(36)
Consists of 80,368 shares of Common Stock issuable upon the exercise of the November HCW Warrants, and 30,435 shares of Common
Stock issuable upon the exercise of the August HCW Warrants.
(37)
Represents (i) 5,760 shares of Common Stock issuable upon warrants, (ii) 3,261 shares of Common Stock issuable upon the exercise
of the November HCW Warrants, and (iii) 8,611 shares of Common Stock issuable upon the exercise of the August HCW Warrants.
(38)
Consists of 3,261 shares of Common Stock issuable upon the exercise of the November HCW Warrants, and 8,611 shares of Common Stock
issuable upon the exercise of the August HCW Warrants.
(39)
Represents (i) 3,298 shares of Common Stock issuable upon warrants, (ii) 2,551 shares of Common Stock issuable upon the exercise
of the November HCW Warrants, and (iii) 966 shares of Common Stock issuable upon the exercise of the August HCW Warrants.
(40)
Consists of 2,551 shares of Common Stock issuable upon the exercise of the November HCW Warrants, and 966 shares of Common Stock
issuable upon the exercise of the August HCW Warrants.
(41)
Represents (i) 771,165 Shares, (ii) 770,270 shares of Common Stock issuable upon the exercise of the Pre-Funded Warrants, (iii)
1,540,540 shares of Common Stock issuable upon the exercise of the Investor Warrants, and (iv) 5,788 shares of Common Stock issuable
upon a warrant, subject to a 4.99% beneficial ownership blocker.
(42)
Consists of (i) 770,270 Shares, (ii) 770,270 shares of Common Stock issuable upon the exercise of the Pre-Funded Warrants, and
(iii) 1,540,540 shares of Common Stock issuable upon the exercise of the Investor Warrants.
(43)
Represents (i) 270,270 Shares, (ii) 270,270 shares of Common Stock issuable upon the exercise of the Pre-Funded Warrants, (iii)
540,540 shares of Common Stock issuable upon the exercise of the Investor Warrants and (iv) 8,681 shares of Common Stock issuable
upon a warrant, subject to a 4.99% beneficial ownership blocker.
(44)
Consists of (i) 270,270 Shares, (ii) 270,270 shares of Common Stock issuable upon the exercise of the Pre-Funded Warrants, and
(iii) 540,540 shares of Common Stock issuable upon the exercise of the Investor Warrants.
(45)
Represents (i) 729,729 Shares, (ii) 729,729 shares of Common Stock issuable upon the exercise of the Investor Warrants, and (iii)
196 shares of Common Stock issuable upon a warrant, subject to a 4.99% beneficial ownership blocker.
(46)
Consists of (i) 729,729 Shares, and (ii) 729,729 shares of Common Stock issuable upon the exercise of the Investor Warrants.
PLAN
OF DISTRIBUTION
Each
selling stockholder of the shares of Common Stock and any of their pledgees, assignees and successors-in-interest may, from time
to time, sell any or all of their shares of Common Stock covered hereby on NASDAQ or any other stock exchange, market or trading
facility on which the shares of Common Stock are traded or in private transactions. These sales may be at fixed or negotiated
prices. A selling stockholder may use any one or more of the following methods when selling securities:
|
●
|
ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers;
|
|
|
|
|
●
|
block
trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the
block as principal to facilitate the transaction;
|
|
|
|
|
●
|
purchases
by a broker-dealer as principal and resale by the broker-dealer for its account;
|
|
|
|
|
●
|
an
exchange distribution in accordance with the rules of the applicable exchange;
|
|
|
|
|
●
|
privately
negotiated transactions;
|
|
|
|
|
●
|
settlement
of short sales;
|
|
|
|
|
●
|
in
transactions through broker-dealers that agree with the selling stockholders to sell a specified number of such shares of
Common Stock at a stipulated price per security;
|
|
|
|
|
●
|
through
the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
|
|
|
|
|
●
|
a
combination of any such methods of sale; or
|
|
|
|
|
●
|
any
other method permitted pursuant to applicable law.
|
The
selling stockholders may also sell shares of Common Stock under Rule 144 or any other exemption from registration under the Securities
Act, if available, rather than under this prospectus.
Broker-dealers
engaged by the selling stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of securities,
from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an
agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a
principal transaction a markup or markdown in compliance with FINRA IM-2440.
In
connection with the sale of shares of Common Stock or interests therein, the selling stockholders may enter into hedging transactions
with broker-dealers or other financial institutions, which may in turn engage in short sales of the shares of Common Stock in
the course of hedging the positions they assume. The selling stockholders may also sell shares of Common Stock short and deliver
these securities to close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell
these shares of Common Stock. The selling stockholders may also enter into option or other transactions with broker-dealers or
other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other
financial institution of shares of Common Stock offered by this prospectus, which shares of Common Stock such broker-dealer or
other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The
selling stockholders and any broker-dealers or agents that are involved in selling the shares of Common Stock may be deemed to
be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any commissions
received by such broker-dealers or agents and any profit on the resale of the shares of Common Stock purchased by them may be
deemed to be underwriting commissions or discounts under the Securities Act. Each selling stockholder has informed us that it
does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities.
We
are required to pay certain fees and expenses incurred by us incident to the registration of the shares of Common Stock. We have
agreed to indemnify the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under
the Securities Act.
Under
applicable rules and regulations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), any person
engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect to
the Common Stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution.
In addition, the selling stockholders will be subject to applicable provisions of the Exchange Act and the rules and regulations
thereunder, including Regulation M, which may limit the timing of purchases and sales of the Common Stock by the selling stockholders
or any other person. We will make copies of this prospectus available to the selling stockholders and have informed them of the
need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with
Rule 172 under the Securities Act).
LEGAL
MATTERS
The
validity of the securities offered by this prospectus will be passed upon for us by Haynes and Boone, LLP, New York, New York.
EXPERTS
Morison
Cogen LLP, independent registered public accounting firm, has audited our consolidated financial statements included in our Annual
Report on Form 10-K for the year ended December 31, 2020, as filed on March 1, 2021, as set forth in their report which
is incorporated by reference in this prospectus and elsewhere in the registration statement. Our consolidated financial statements
are incorporated by reference in reliance on Morison Cogen LLP’s report, given on their authority as experts in accounting
and auditing.
The
consolidated financial statements for MyMD Pharmaceuticals, Inc. and Supera Pharmaceuticals, Inc. as of and for the years ended December
31, 2020 and 2019, included in the Form S-4 and incorporated herein by reference, have been audited by Cherry Bekaert LLP, independent
registered public accounting firm, as set forth in their report thereon, which are incorporated by reference in this prospectus
and elsewhere in the registration statement, and upon the authority of said firm as experts in accounting and auditing.
WHERE
YOU CAN FIND ADDITIONAL INFORMATION
We
are subject to the informational requirements of the Exchange Act, and in accordance therewith file annual, quarterly and current
reports, proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information
statements and other information regarding registrants that file electronically with the SEC. The address of the SEC’s website
is www.sec.gov.
We
make available free of charge on or through our website at www.akersbio.com, our Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d)
of the Exchange Act, as soon as reasonably practicable after we electronically file such material with or otherwise furnish it
to the SEC.
We
have filed with the SEC a registration statement under the Securities Act of 1933, as amended, relating to the offering of these
securities. The registration statement, including the attached exhibits, contains additional relevant information about us and
the securities. This prospectus does not contain all of the information set forth in the registration statement. You can obtain
a copy of the registration statement for free at www.sec.gov. The registration statement and the documents referred to below under
“Incorporation of Documents By Reference” are also available on our website, www.akersbio.com.
We
have not incorporated by reference into this prospectus the information on our website, and you should not consider it to be a
part of this prospectus.
INCORPORATION
OF DOCUMENTS BY REFERENCE
We
are “incorporating by reference” in this prospectus certain documents we file with the SEC, which means that we can
disclose important information to you by referring you to those documents. The information in the documents incorporated by reference
is considered to be part of this prospectus. Statements contained in documents that we file with the SEC and that are incorporated
by reference in this prospectus will automatically update and supersede information contained in this prospectus, including information
in previously filed documents or reports that have been incorporated by reference in this prospectus, to the extent the new information
differs from or is inconsistent with the old information. We have filed or may file the following documents with the SEC and they
are incorporated herein by reference as of their respective dates of filing.
|
1.
|
Our
Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 1, 2021;
|
|
2.
|
Our
Current Reports on Form 8-K filed with the SEC on March 18, 2021; and
|
|
3.
|
the
following sections from the Form S-4: “Risk Factors,” “Management of the Combined Company,” “Information About Akers,” “Information About MyMD,” “Principal Stockholders of Akers and the Combined Company,”
“Principal Stockholders of MyMD and the Combined Company,” “Related Party Transactions,” and “Description of Akers Capital Stock;” and
|
|
4.
|
The
description of our Common Stock contained in our Registration Statement on Form 8-A, filed on January 17, 2014 pursuant to
Section 12(b) of the Exchange Act, which incorporates by reference the description of the shares of our Common Stock contained
in the section entitled “Description of Securities” in our Registration Statement on Form S-1 (File No. 333-190456),
as initially filed with the SEC on August 7, 2013, as amended, as amended and supplemented by the description of our Common
stock Contained in the “Description of Akers Capital Stock” in the Form S-4, and any amendment or report filed
with the SEC for purposes of updating such description.
|
All
documents that we filed with the SEC pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act subsequent to the date
of this registration statement and prior to the filing of a post-effective amendment to this registration statement that indicates
that all securities offered under this prospectus have been sold, or that deregisters all securities then remaining unsold, will
be deemed to be incorporated in this registration statement by reference and to be a part hereof from the date of filing of such
documents.
Any
statement contained in a document incorporated or deemed to be incorporated by reference in this prospectus shall be deemed modified,
superseded or replaced for purposes of this prospectus to the extent that a statement contained in this prospectus, or in any
subsequently filed document that also is deemed to be incorporated by reference in this prospectus, modifies, supersedes or replaces
such statement. Any statement so modified, superseded or replaced shall not be deemed, except as so modified, superseded or replaced,
to constitute a part of this prospectus. None of the information that we disclose under Items 2.02 or 7.01 of any Current Report
on Form 8-K or any corresponding information, either furnished under Item 9.01 or included as an exhibit therein, that we may
from time to time furnish to the SEC will be incorporated by reference into, or otherwise included in, this prospectus, except
as otherwise expressly set forth in the relevant document. Subject to the foregoing, all information appearing in this prospectus
is qualified in its entirety by the information appearing in the documents incorporated by reference.
You
may request, orally or in writing, a copy of these documents, which will be provided to you at no cost (other than exhibits, unless
such exhibits are specifically incorporate by reference), by contacting Akers Biosciences, Inc., at 1185 Avenue of the Americas,
3rd Floor, New York, New York 10036. Our telephone number is (856) 848-8698. Information about us is also available at our website
at http://www.akersbio.com. However, the information in our website is not a part of this prospectus and is not incorporated
by reference.
20,273,989
Shares
COMMON
STOCK
PROSPECTUS
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
14. Other Expenses of Issuance and Distribution.
The
Company is paying all expenses of the offering. The following table sets forth all expenses to be paid by the registrant. All
amounts shown are estimates except for the registration fee.
SEC registration fee
|
|
$
|
18,188
|
|
FINRA fee
|
|
$
|
15,500
|
|
Legal fees and expenses
|
|
$
|
80,000
|
|
Accounting fees and expenses
|
|
$
|
10,000
|
|
Printing Fees and Expenses
|
|
$
|
2,500
|
|
Transfer Agent Fees and Expenses
|
|
$
|
7,500
|
|
Miscellaneous
|
|
$
|
10,000
|
|
Total
|
|
$
|
143,688
|
|
Item
15. Indemnification of Directors and Officers.
New
Jersey Law and Akers’ Governing Documents
Section
14A:2-7(3) of the New Jersey Business Corporation Act permits a corporation to provide in its certificate of incorporation that
a director or officer shall not be personally liable, or shall be liable only to the extent therein provided, to the corporation
or its shareholders for damages for breach of any duty owed to the corporation or its shareholders, except that such provision
shall not relieve a director or officer from liability for any breach of duty based upon an act or omission (a) in breach of such
person’s duty of loyalty to the corporation or its shareholders, (b) not in good faith or involving a knowing violation
of law or (c) resulting in receipt by such person of an improper personal benefit. Akers Biosciences, Inc.’s certificate
of incorporation provides for such limitation of liability.
Section
14A:3-5 of the New Jersey Business Corporation Act empowers a corporation to indemnify any current or former director or officer
made a party to a proceeding because he or she is or was a director or officer against liability incurred in the proceeding; provided
that such director or officer acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
of the corporation and, with respect to any criminal proceeding, such director or officer had no reasonable cause to believe his
conduct was unlawful.
Akers
Biosciences, Inc.’s certificate of incorporation provides that the corporation must indemnify its directors and officers
to the fullest extent authorized by law. Akers Biosciences, Inc. is also expressly required to advance certain expenses to its
directors and officers. Akers Biosciences, Inc. believes that these indemnification provisions are useful to attract and retain
qualified directors and executive officers.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons
controlling Akers Biosciences, Inc. pursuant to the foregoing provisions, Akers Biosciences Inc. has been informed that, in the
opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore
unenforceable
Item
16. Exhibits.
The
following exhibits are filed with this Registration Statement.
Exhibit
|
|
|
Number
|
|
Description
of Document
|
|
|
|
1.1*
|
|
Form
of Underwriting Agreement
|
2.1
|
|
Agreement and Plan of Merger and Reorganization, dated November 11, 2020, by and among Akers Biosciences, Inc., XYZ Merger Sub Inc., and MYMD Pharmaceuticals, Inc. (incorporated by reference to Exhibit 2.1 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 12, 2020)
|
2.2
|
|
Amendment
No.1 to Agreement and Plan of Merger and Reorganization, dated March 16, 2021, by and among Akers Biosciences, Inc., XYZ Merger
Sub Inc., and MyMD Pharmaceuticals, Inc. (incorporated by reference to Exhibit 2.2 to Akers Biosciences, Inc.’s Registration
Statement on Form S-4/A filed with the Securities and Exchange Commission on March 19, 2021).
|
4.1*
|
|
Form
of Warrant Agreement and Warrant Certificate
|
4.2*
|
|
Form
of Unit Agreement
|
4.3
|
|
Form of Underwriters’ Warrant (incorporated by reference to Exhibit 4.1 to Akers Biosciences, Inc.’s Registration Statement on Form S-1 filed with the Securities Exchange Commission on November 18, 2013).
|
4.4
|
|
Form of Warrant (incorporated herein by reference to Exhibit 4.1 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 10, 2017).
|
4.5
|
|
Form of Purchaser Warrant (incorporated herein by reference to Exhibit 4.1 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 5, 2017).
|
4.6
|
|
Form of Placement Agent Warrant (incorporated herein by reference to Exhibit 4.2 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 5, 2017).
|
4.7
|
|
Form of Purchaser Warrant (incorporated herein by reference to Exhibit 4.1 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 13, 2017).
|
4.8
|
|
Form of Underwriter’s Warrant (incorporated herein by reference to Exhibit 4.1 to Akers Biosciences, Inc.’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on December 15, 2017).
|
4.9
|
|
Form of Common Stock Purchase Warrant (incorporated herein by reference to Exhibit 4.7 to Akers Biosciences, Inc.’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on December 15, 2017).
|
4.10
|
|
Form of Warrant (incorporated herein by reference to Exhibit 4.1 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 31, 2018).
|
4.11
|
|
Form of Series C Convertible Preferred Stock Warrant Certificate (incorporated herein by reference to Exhibit 4.9 to Akers Biosciences, Inc.’s Registration Statement on Form S-1/A filed with the Securities and Exchange Commission on November 29, 2019).
|
4.12
|
|
Form of Pre-Funded Warrant Certificate (incorporated herein by reference to Exhibit 4.10 to Akers Biosciences, Inc.’s Registration Statement on Form S-1/A filed with the Securities and Exchange Commission on November 29, 2019).
|
4.13
|
|
Form of Placement Agent Warrant Certificate (incorporated herein by reference to Exhibit 4.11 to Akers Biosciences, Inc.’s Registration Statement on Form S-1/A filed with the Securities and Exchange Commission on November 29, 2019).
|
4.14
|
|
Form of Placement Agent Warrant (incorporated herein by reference to Exhibit 4.1 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 8, 2020).
|
4.15
|
|
Form of Placement Agent Warrant (incorporated herein by references to Exhibit 4.1 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 15, 2020).
|
4.16
|
|
Form of Placement Agent Warrant (incorporated herein by reference to Exhibit 4.1 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 13, 2020).
|
4.17
|
|
Form of Placement Agent Warrant (incorporated herein by reference to Exhibit 4.1 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 18, 2020).
|
4.18
|
|
Rights Agreement dated as of September 9, 2020 between Akers Biosciences, Inc. and VStock Transfer, LLC as Rights Agent (incorporated herein by reference to Exhibit 4.1 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 9, 2020).
|
4.19
|
|
Amendment No. 1 to Rights Agreement, dated as of March 18, 2021, by and between Akers Biosciences, Inc. and VStock Transfer, LLC, as Rights Agent. (incorporated herein by reference to Exhibit 4.19 to Akers Biosciences, Inc.’s Registration Statement on Form S-4/A filed with the Securities and Exchange Commission on March 19, 2021).
|
4.20
|
|
Form of Pre-Funded Warrant. of Akers Biosciences, Inc. (incorporated herein by reference to Exhibit 4.1 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 12, 2020).
|
4.21
|
|
Form of Investor Warrant. of Akers Biosciences, Inc. (incorporated herein by reference to Exhibit 4.2 to Akers Biosciences, Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 12, 2020).
|
*
|
To
be filed as an exhibit to a Current Report of the registrant on Form 8-K or other document to be incorporated herein by reference
|
**
|
Filed
herewith
|
Item
17. Undertakings.
(a)
The undersigned Registrant hereby undertakes:
(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 of 1933;
(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 Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% 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;
provided,
however, that paragraphs (1)(i), (1)(ii) and (1)(iii) do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement,
or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, 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 of 1933 to any purchaser:
(i)
If the registrant is relying on Rule 430B (§230.430B of this chapter):
(A)
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
(B)
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 of 1933 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 registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
(ii)
If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating
to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A,
shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.
Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part
of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such date of first use.
(5)
That, for the purpose of determining liability of the registrant under the Securities Act of 1933 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.
(b)
The undersigned registrant hereby undertakes that, for purposes of determining any liability of the registrant under the Securities
Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to section
15(d) of the Securities Exchange Act of 1934) 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.
(c)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 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 Securities and Exchange Commission 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 of 1933 and will be governed by the final adjudication of such issue.
(d)
The undersigned registrant hereby undertakes that:
(1)
For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus
filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement
as of the time it was declared effective.
(2)
For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form
of prospectus 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.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the State of New Jersey, on this March 25, 2021.
|
AKERS
BIOSCIENCES, INC.
|
|
|
|
By:
|
/s/
Christopher C. Schreiber
|
|
|
Christopher
C. Schreiber
|
|
|
President
and Chief Executive Officer
|
KNOW
ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below hereby constitutes and appoints Christopher C.
Schreiber as his or her true and lawful attorney-in-fact and agent with full power of substitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments,
to this registration statement, and to sign any registration statement for the same offering covered by this registration statement
that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933 increasing the number
of shares for which registration is sought, and all post-effective amendments thereto, and to file the same, with all exhibits
thereto and all documents in connection therewith, making such changes in this registration statement as such attorney-in-fact
and agent so acting deem appropriate, with the SEC, granting unto said attorney-in-fact and agent, and each of them, full power
and authority to do and perform each and every act and thing requisite and necessary to be done with respect to the offering of
securities contemplated by this registration statement, as fully to all intents and purposes as he or she might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his, her or their substitute or substitutes,
may lawfully do or cause to be done or by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/
Christopher C. Schreiber
|
|
President,
Chief Executive Officer, Director
|
|
March
25, 2021
|
Christopher
C. Schreiber
|
|
(Principal
Executive Officer)
|
|
|
|
|
|
|
|
/s/
Ian Rhodes
|
|
Interim
Chief Financial Officer
|
|
March
25, 2021
|
Ian
Rhodes
|
|
(Principal
Financial Officer and Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/
Joshua Silverman
|
|
Chairman
of the Board
|
|
March
25, 2021
|
Joshua
Silverman
|
|
|
|
|
|
|
|
|
|
/s/
Bill J. White
|
|
Director
|
|
March
25, 2021
|
Bill
J. White
|
|
|
|
|
|
|
|
|
|
/s/
Robert C. Schroeder
|
|
Director
|
|
March
25, 2021
|
Robert
C. Schroeder
|
|
|
|
|
Akers Biosciences (NASDAQ:AKER)
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