SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): April 7, 2009
OXIS INTERNATIONAL,
INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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94-1620407
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(State
or Other Jurisdiction of
Incorporation
or Organization)
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(I.R.S.
Employer
Identification
No.)
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468 N. Camden Dr., 2nd
Floor, Beverly Hills, CA 90210
(Address
of principal executive offices and Zip Code)
Registrant's
telephone number, including area code: 310-860-5184
Copies
to:
Stephen
M. Fleming, Esq.
Law
Offices of Stephen M. Fleming PLLC
110 Wall
Street
11th
Floor
New York,
NY 10005
Phone:
(516) 833-5034
Fax:
(516) 977-1209
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
1.01 Entry into a Material Definitive Agreement
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
Item
3.02 Unregistered Sales of Equity Securities.
On April
7, 2009, Oxis International, Inc. (the “Company”) entered into a convertible
demand promissory note with Bristol Investment Fund, Ltd. (“Bristol”) pursuant
to which Bristol purchased an aggregate principal amount of $156,875.00 of
convertible demand promissory notes for an aggregate purchase price of $125,000
(the “Bristol Note”). The Bristol Note will be convertible at the option of the
holder at any time into shares of common stock (the “Conversion Shares”), at a
price equal to the lesser of (i) $0.01 and (ii) 60% of the average of the three
(3) lowest trading prices occurring at any time during the twenty (20) trading
days preceding the date that Bristol notifies the Company that it elects to
effectuate a conversion (the “Conversion Price”).
Simultaneously
with the issuance of the Bristol Note, the Company issued Bristol a warrant (the
“Warrant”) to purchase such number of shares of common stock of the Company
equal to the number of Conversion Shares issuable upon full conversion of the
principal amount of the Bristol Note at a price equal to the lesser of (i) $0.01
and (ii) 60% of the average of the three (3) lowest trading prices occurring at
any time during the 20 trading days preceding the issue date of the Bristol Note
(the “Exercise Price”). Bristol may exercise the Warrant on a cashless
basis if the shares of common stock underlying the Warrant are not then
registered pursuant to an effective registration statement. In the event Bristol
exercises the Warrant on a cashless basis, we will not receive any
proceeds.
The
Conversion Price and the Exercise Price are subject to full ratchet and
anti-dilution adjustment for subsequent lower price issuances by the Company, as
well as customary adjustments provisions for stock splits, stock dividends,
recapitalizations and the like.
The
Company shall have the ability to pay the entire outstanding principal balance
under the Bristol Note, together with all accrued and unpaid interest thereon,
at anytime, in the Company’s sole discretion, on or before the date that Bristol
makes demand without penalty.
Simultaneously
with the issuance of the Bristol Note, the Company assigned to Bristol all of
the Company’s rights, title and interest under a 6% Secured Promissory Note in
the principal amount of $250,000 (the “Percipio Note”) issued by Percipio
Biosciences, Inc. (“Percipio”) to the Company in connection with that certain
Asset Purchase Agreement, dated December 11, 2008, by and between the Company
and Percipio.
The
Company has agreed to grant “piggyback” registration rights to Bristol such that
at any time the Company determines to file with the Securities
and Exchange Commission a registration statement relating to an
offering for its own account or the account of others under
the Securities Act of 1933, as amended
(the "Securities Act"), of any of its equity securities (other than
on Form S-4, Form S-8 or their then equivalents), the Company shall
provide Bristol with written notice of such determination and, if requested by
Bristol, the Company shall include in such registration statement all of the
Conversion Shares.
Bristol
has contractually agreed to restrict its ability to exercise the Warrant such
that the number of shares of the Company common stock held by the Bristol and
its affiliates after such conversion or exercise does not exceed 4.99% of the
Company’s then issued and outstanding shares of common stock.
The
securities were offered and sold to Bristol in a private placement transaction
made in reliance upon exemptions from registration pursuant to Section 4(2)
under the Securities Act of 1933 and Rule 506 promulgated under Regulation D
thereunder. Bristol is an accredited investor as defined in Rule 501 of
Regulation D promulgated under the Securities Act of 1933.
The
foregoing information is a summary of each of the agreements involved in the
transactions described above, is not complete, and is qualified in its entirety
by reference to the full text of those agreements, each of which is attached an
exhibit to this Current Report on Form 8-K. Readers should review
those agreements for a complete understanding of the terms and conditions
associated with this financing transaction.
Item
9.01 Financial Statements and Exhibits.
Exhibit
Number
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Description
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4.1
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Convertible
Demand Promissory Note, dated April 7, 2009 issued in the name of Bristol
Investment Fund, Ltd.
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4.2
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Warrant,
dated April 7, 2009, issued in the name of Bristol Investment Fund,
Ltd.
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99.1
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Assignment
and Assumption Agreement, dated April 7, 2009, by and between Oxis
International, Inc. and Bristol Investment Fund,
Ltd.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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OXIS INTERNATIONAL,
INC.
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Date:
April 10, 2009
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By:
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/s/ Anthony
Cataldo
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Anthony
Cataldo
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Chief
Executive Officer
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