SELLING STOCKHOLDERS
On September 29, 2022, we entered into an agreement and plan of merger, dated as of September 29, 2022, or the Merger Agreement, by and among us, Greenland Merger Sub LLC, our wholly owned subsidiary, or Transitory Subsidiary, AavantiBio, Inc., or AavantiBio, and, solely in his capacity as equityholder representative, Doug Swirsky, providing for the acquisition of AavantiBio by us through the merger of Transitory Subsidiary into AavantiBio, with AavantiBio surviving as our wholly owned subsidiary. On December 2, 2022, we completed our acquisition of AavantiBio, or the Acquisition, in accordance with the terms of the Merger Agreement. At the closing of the Acquisition, we issued an aggregate of (i) $1,000 and (ii) 1,354,258 shares of our common stock to AavantiBio equityholders.
On September 29, 2022, we also entered into a securities purchase agreement, or the Purchase Agreement, with certain of the selling stockholders, or the PIPE investors, pursuant to which we issued and sold an aggregate of 10,638,290 shares of our common stock at a price of $7.05 per share in a private placement to accredited investors, which we refer to as the Private Placement. The closing of the issuance and sale of these securities was consummated on December 2, 2022.
In connection with the Private Placement, we entered into a registration rights agreement with certain of the selling stockholders, dated as of September 29, 2022, or the Registration Rights Agreement, pursuant to which we agreed to file a registration statement with the SEC covering the resale of the shares of common stock sold in the Private Placement. We agreed to file such registration statement within 60 days following the closing of the Private Placement. The Registration Rights Agreement includes customary indemnification rights in connection with the registration statement. On or prior to the closing of the Acquisition, the AavantiBio equityholders who received stock consideration in the Acquisition could elect to become a party to the Registration Rights Agreement. We refer to both the PIPE investors and the AavantiBio equityholders as selling stockholders in this prospectus. The registration statement of which this prospectus is a part has been filed in accordance with the Registration Rights Agreement.
The foregoing summary descriptions of the Merger Agreement, the Purchase Agreement and the Registration Rights Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of such documents, which were filed as exhibits to our Current Report on Form 8-K filed on September 30, 2022, and are incorporated by reference herein.
The table below sets forth, to our knowledge, information concerning the beneficial ownership of shares of our common stock by the selling stockholders as of January 3, 2023. The information in the table below with respect to the selling stockholders has been obtained from the selling stockholders. When we refer to the “selling stockholders” in this prospectus, we mean the selling stockholders listed in the table below as offering shares, as well as their respective pledgees, donees, transferees or other successors-in-interest. The selling stockholders may sell all, some or none of the shares of common stock subject to this prospectus. See “Plan of Distribution.”
The number of shares of common stock beneficially owned prior to the offering for each selling stockholder includes (i) all shares of common stock held by such selling stockholder as of January 3, 2023, (ii) all shares as to which such selling stockholder has the right to acquire within 60 days of January 3, 2023, (iii) all shares of common stock acquired by such selling stockholder in the Acquisition and (iv) all shares of common stock purchased by such selling stockholder in the Private Placement. The percentages of shares owned before and after the offering are based on 19,556,732 shares of common stock outstanding as of January 3, 2023, which includes the outstanding shares of common stock offered by this prospectus. In computing the number of shares of common stock beneficially owned by a person and the percentage ownership of that person, we deemed outstanding shares of common stock issuable upon the exercise of options held by that selling stockholder that are exercisable within 60 days of January 3, 2023. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person.
Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to shares. Unless otherwise indicated below, to our knowledge, each selling stockholder
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