ONVO has entered into an agreement with Cantor to sell up to $33MM of its shares on the open market (approx. 5MM shares at current prices.) This would be a dilution of approx. 6.25% if all shares were sold.
Prime reason for selling shares is payment of taxes on options currently held by officers if they elect under current terms. Secondary reason is for working capital.
"The Company intends to use discretion in initiating sales, if any, under the Sales Agreement. As previously disclosed, the Company granted restricted stock units (“RSUs”) to certain of its executive officers in August 2012 in connection with becoming a publicly traded company. These RSUs vest based on the executive officers’ achievement of performance milestones or the satisfaction of continued service requirements through 2016. Under these awards, the executive officers can elect to pay the applicable federal and state withholding taxes due upon the vesting of their RSUs by surrendering fully-vested shares to the Company. The Company then pays the tax withholdings directly to the Internal Revenue Service (IRS) in an amount equal to the value of the shares surrendered by the executive officer. The Company expects, from time to time, to make sales under the Sales Agreement equal to the number of shares that its executive officers have and may continue to surrender through 2016 to pay for tax withholdings under their RSUs."
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