March
1, 2018
|
|
GT
Biopharma, Inc.
1825 K
Street NW, Suite 510
Washington,
DC 20006
|
|
Re:
Registration
Statement on Form S-3
Ladies
and Gentlemen:
We
serve as counsel to GT Biopharma, Inc., a Delaware corporation (the
“Company”), and
have been requested to render this opinion in connection with the
Registration Statement on Form S-3 of the Company (as amended, the
“Registration
Statement”), filed with the Securities and Exchange
Commission (the “Commission”)
on March 1, 2018, including the preliminary prospectus included
therein at the time the Registration Statement is declared
effective (the “Prospectus”),
under the Securities Act of 1933, as amended (the
“Securities
Act”), for registration by the Company of Securities
(as defined below).
As used
herein, the term “Securities”
includes (i) shares of common stock of the Company (the
“Common
Stock”), (ii) shares of preferred stock of the Company
(the “Preferred
Stock”), (iii) debt securities as either senior or
subordinated debt or as senior or subordinated convertible debt
(the “Debt
Securities”) (iv) warrants to purchase Common Stock,
Preferred Stock or Debt Securities (the “Warrants”),
(v) shares of Common Stock issuable upon conversion or exercise as
the case may be of the Preferred Stock, the Debt Securities and/or
the Warrants (the “Issuable Common
Stock”), and (vi) shares of Preferred Stock issuable
upon conversion or exercise as the case may be of the Debt
Securities and/or the Warrants (the “Issuable Preferred
Stock”). The Registration Statement
provides that the Securities may be offered separately or together,
in separate series, in amounts, at prices and on terms to be set
forth in one or more supplements to the Prospectus (each, a
“Prospectus
Supplement”) or any related free writing prospectus
(each, a “Free Writing
Prospectus”).
The
Securities may be issued from time to time on a delayed or
continuous basis pursuant to Rule 415 of the Rules and Regulations
promulgated under the Securities Act, at a maximum aggregate
offering price of $125,000,000.
In
rendering the opinion expressed herein, we have reviewed originals
or copies, certified or otherwise identified to our satisfaction,
of the following documents (the “Documents”):
(i) the Registration Statement; (ii) the certificate of
incorporation (the “Charter”) and
by-laws (the “By-Laws”),
each as amended, of the Company, certified as true, accurate and
complete by an officer of the Company (collectively, the
“Organizational
Documents”); (iii) a Unanimous Written Consent of the
Board of Directors of the Company, dated March 1, 2018, certified
as true, accurate and complete, and in full force and effect, by an
officer of the Company; and (iv) such other certificates, documents
and matters as we have deemed necessary and appropriate to render
the opinions set forth in this opinion, subject to the limitations,
assumptions, and qualifications noted below.
In
examining the Documents, we have assumed, without independent
investigation, the genuineness of all signatures, the legal
capacity of all individuals who have executed any of the aforesaid
documents, the authenticity of all documents submitted to us as
originals, and the conformity with originals of all documents
submitted to us as copies (and the authenticity of the originals of
such copies), the absence of other agreements or understandings
among the parties that would modify the terms of the proposed
transactions or the respective rights or obligations of the parties
thereunder and the accuracy and completeness of all public records
reviewed by us. In making our examination of documents
executed by parties other than the Company, we have assumed that
such parties had the power and authority (corporate, trust,
partnership or other) to enter into and perform all obligations
thereunder, and we have also assumed the due authorization by all
requisite action (corporate, trust, partnership or other) and the
valid execution and delivery by such parties of such documents and
the validity, binding effect and enforceability thereof with
respect to such parties. Insofar as this opinion relates
to factual matters, we have assumed without independent
investigation that the statements of the Company contained in the
Registration Statement are true, correct and complete as to all
factual matters stated therein.
We
further assume that:
(1)
The issuance, sale,
amount and terms of the Securities to be offered from time to time
by the Company will be authorized and determined by proper action
of the Board of Directors of the Company (each, a
“Board
Action”) in accordance with the Company’s
Charter, By-Laws and applicable law, in each case so as not to
result in a default under or breach of any instrument, document or
agreement binding upon the Company and so as to comply with any
requirement or restriction imposed by any court or governmental or
regulatory body having jurisdiction over the Company.
(2)
The Company will
not issue any Securities in excess of the number or amount
authorized by a Board Action or in excess of the maximum aggregate
offering price of $125,000,000.
(3)
Prior to the
issuance of any shares of Preferred Stock (including Issuable
Preferred Stock), or Common Stock (including Issuable Common
Stock), there will exist, under the Company’s Charter, the
requisite number of authorized but unissued shares of Preferred
Stock (and securities of any class into which any of the Preferred
Stock may be convertible), or Common Stock, as the case may be, and
that all actions necessary to the creation of any such Preferred
Stock (and securities of any class into which any Preferred Stock
may be convertible), whether by certificates of designation or by
classification or reclassification of existing capital stock and
the filing of amendments to the Company’s Charter, will have
been taken.
(4)
For shares of
Preferred Stock or Common Stock represented by certificates
(“Certificates”),
appropriate Certificates representing shares of Preferred Stock or
Common Stock will be executed and delivered upon issuance and sale
of any such shares of Preferred Stock or Common Stock, as the case
may be, and will comply with the Company’s Charter and
By-Laws and applicable law. For shares of Preferred
Stock or Common Stock not represented by certificates, the
applicable Board Action shall have been taken and, upon request of
a stockholder of the Company, appropriate written statements
(“Written
Statements”) will be prepared and delivered to such
stockholder upon issuance and sale of any such shares of Preferred
Stock or Common Stock, as the case may be, and will comply with the
Company’s Charter and By-Laws and applicable
law.
(5)
Any Debt Securities
will be issued under a valid and legally binding indenture (an
“Indenture
Agreement”) that conforms to the description thereof
set forth in the Prospectus, the applicable Prospectus Supplement
and any related Free Writing Prospectus and will comply with the
Company’s Charter and By-Laws and applicable
law.
(6)
Any Warrants will
be issued under a valid and legally binding warrant agreement (a
“Warrant
Agreement”) that conforms to the description thereof
set forth in the Prospectus, the applicable Prospectus Supplement
and any related Free Writing Prospectus and will comply with the
Company’s Charter and By-Laws and applicable
law.
(7)
The underwriting or
other agreements for offerings of the Securities (each, an
“Underwriting
Agreement,” and collectively, the “Underwriting
Agreements”) will be valid and legally binding
contracts that conform to the description thereof set forth in the
Prospectus, the applicable Prospectus Supplement and any related
Free Writing Prospectus.
(8)
The Registration
Statement will be declared effective and will remain effective
under the Securities Act and appropriate Prospectus Supplements
will have been prepared and filed with the Commission in accordance
with the Securities Act and the Rules and Regulations promulgated
thereunder describing the terms of each particular issue of
Securities offered and the terms of the offering
thereunder.
(9)
All Securities will
be issued and sold in compliance with applicable federal and state
securities laws and in the manner stated in the Registration
Statement and the applicable Prospectus Supplement and any related
Free Writing Prospectus.
Based
upon the foregoing, and subject to the assumptions, limitations and
qualifications stated herein, it is our opinion that:
(a) With
respect to the Common Stock, when (i) specifically authorized for
issuance by a Board Action, (ii) the terms of the sale of the
Common Stock have been duly established in conformity with the
Organizational Documents and assuming such terms and sale do not
violate any applicable law and comply with any requirement or
restriction imposed by any court or governmental body having
jurisdiction over the Company, (iii) the Common Stock has been
issued and sold as contemplated by the Registration Statement, the
Prospectus, the applicable Prospectus Supplement and any related
Free Writing Prospectus, and, if applicable, an Underwriting
Agreement, and (iv) the Company has received the consideration
provided for in the authorizing Board Action and such consideration
per share is not less than the par value per share of the Common
Stock, such shares of Common Stock will be validly issued, fully
paid and non-assessable.
(b) With
respect to the Preferred Stock, when (i) specifically authorized
for issuance by a Board Action, (ii) appropriate Certificate(s) of
Designation relating to a class or series of the Preferred Stock to
be sold under the Registration Statement have been duly authorized
and adopted and filed and become effective with the Secretary of
State of the State of Delaware, (iii) the terms of the issuance and
sale of shares of such class or series of Preferred Stock have been
duly established in conformity with the Organizational Documents
and assuming such terms and sale do not violate any applicable law
and comply with any requirement or restriction imposed by any court
or governmental body having jurisdiction over the Company, (iv)
shares of such class or series of Preferred Stock have been duly
issued and sold as contemplated by the Registration Statement, the
Prospectus, the applicable Prospectus Supplement and any related
Free Writing Prospectus, and, if applicable, an Underwriting
Agreement, and (v) the Company has received the consideration
provided for in the authorizing Board Action and such consideration
per share is not less than the par value per share of the Preferred
Stock, such Preferred Stock will be validly issued, fully paid and
non-assessable.
(c) With
respect to the Debt Securities, when (i) specifically authorized
for issuance by a Board Action, (ii) the Indenture Agreement
relating to the Debt Securities has been duly authorized, executed
and delivered, (iii) the terms of the Debt Securities and of their
issuance and sale have been duly established in conformity with the
Indenture Agreements and assuming such terms and sale do not
violate any applicable law and comply with any requirement or
restriction imposed by any court or governmental body having
jurisdiction over the Company, (iv) the Debt Securities have been
duly executed and countersigned in accordance with the Indenture
Agreement and issued and sold as contemplated by the Registration
Statement, the Prospectus, the applicable Prospectus Supplement and
any related Free Writing Prospectus, and, if applicable, an
Underwriting Agreement, and (v) the Company has received the
consideration provided for in the authorizing Board Action the Debt
Securities will constitute valid and binding obligations of the
Company in accordance with the Indenture Agreement’s
terms.
(d) With
respect to the Warrants, when (i) specifically authorized for
issuance by a Board Action, (ii) the Warrant Agreement relating to
the Warrants has been duly authorized, executed and delivered,
(iii) the terms of the Warrants and of their issuance and sale have
been duly established in conformity with the Warrant Agreements and
assuming such terms and sale do not violate any applicable law and
comply with any requirement or restriction imposed by any court or
governmental body having jurisdiction over the Company, (iv) the
Warrants have been duly executed and countersigned in accordance
with the Warrant Agreement and issued and sold as contemplated by
the Registration Statement, the Prospectus, the applicable
Prospectus Supplement and any related Free Writing Prospectus, and,
if applicable, an Underwriting Agreement, and (v) the Company has
received the consideration provided for in the authorizing Board
Action the Warrants will constitute valid and binding obligations
of the Company in accordance with the Warrant Agreement’s
terms.
In
addition to the qualifications assumptions and limitations set
forth above, the foregoing opinion is further qualified as
follows:
(1) We
express no opinion other than as to the federal laws of the United
States of America and the Delaware General Corporation Law
(including the statutory provisions, the applicable provisions of
the Delaware Constitution and reported judicial decisions
interpreting the foregoing).
(2) We
express no opinion as to compliance with the securities (or
“blue sky”), broker licensing, real estate syndication
or mortgage lending laws of any jurisdiction.
(3) The
opinion stated herein relating to the validity and binding nature
of obligations of the Company is subject to (i) the effect of
any applicable bankruptcy, insolvency (including, without
limitation, all laws relating to fraudulent transfers),
reorganization, fraudulent conveyance, moratorium or
similar laws affecting creditors’ rights generally and
(ii) the effect of general principles of equity (regardless of
whether considered in a proceeding in equity or at
law).
This
opinion is to be used only in connection with the offer and sale of
the Securities while the Registration Statement is in effect and
many not be used, quoted or relied upon for any other purpose nor
may this opinion be furnished to, quoted to or replied upon by any
other person or entity, for any purpose, without our prior written
consent.
We
hereby consent to the filing of this opinion with the Commission as
Exhibit 5.1 to the Registration Statement and to the reference
to our firm under the heading “Legal Matters” in the
Registration Statement. In giving our consent, we do not
thereby admit that we are within the category of persons whose
consent is required under Section 7 of the Act or the rules and
regulations promulgated thereunder.
|
|
Very
truly yours,
/s/ DLA
Piper LLP (US)
DLA PIPER LLP (US)
|