Item 1.01. Entry into a Material Definitive Agreement.
Sales Agreement
On
Subject to the terms and conditions of the Sales Agreement, the Agents will use their commercially reasonable efforts to sell the Shares from time to time, based upon the Company's instructions. Under the Sales Agreement, the Agents may sell the Shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the "Securities Act").
The Agents' obligations to sell shares under the Sales Agreement are subject to
the satisfaction of certain conditions, including the continued effectiveness of
the registration statement on Form S-3 (File No. 333-252682), declared effective
by the
The Company has no obligation to sell any of the Shares, and may at any time suspend offers under the Sales Agreement. The Sales Agreement may be terminated upon (a) the election of the Agent upon the occurrence of certain adverse events, (b) ten days' advance notice from one party to the other, or (c) the sale of all of the Shares.
Under the terms of the Sales Agreement, the Agents will be entitled to a
commission at a fixed rate of four percent (4.0%) of the gross proceeds from
each sale of Shares under the Sales Agreement. The Company will also reimburse
the Agents for certain expenses incurred in connection with the Sales Agreement
not to exceed
The foregoing description of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Sales Agreement, a copy of which is filed as Exhibit 1.1 hereto and is incorporated herein by reference.
This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy the Shares, nor shall there be any offer, solicitation or sale of the Shares in any state or country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or country.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits
Exhibit No. Description of Exhibit Sales Agreement datedApril 20, 2022 by and betweenOrbital Energy 1.1Group, Inc. , A.G.P./Alliance Global Partners andCraig-Hallum Capital Group LLC 5.1 Opinion ofJohnson, Pope, Bokor, Ruppel & Burns, LLP . 23.1 Consent ofJohnson. Pope, Bokor, Ruppel & Burns, LLP (included in Exhibit 5.1) 104 Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)
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