Vericel Corp. (VCEL)

[hurley cruppers]

lasers, Does it seem like Cowen is still busy with the ATM? I am just trying to figure out what is going on.

Reading page S-10 of the Cowen agreement

http://secfilings.nasdaq.com/filingFrameset.asp?FilingID=11629591&RcvdDate=10/11/2016&CoName=VERICEL%20CORP&FormType=424B5&View=html

Page S-10

Cowen will offer our common stock subject to the terms and conditions of the sales agreement on a daily basis or as otherwise agreed upon by us and Cowen. We will designate the maximum amount of common stock to be sold through Cowen on a daily basis or otherwise determine such maximum amount together with Cowen. Subject to the terms and conditions of the sales agreement, Cowen will use its commercially reasonable efforts to sell on our behalf all of the shares of common stock requested to be sold by us. We may instruct Cowen not to sell common stock if the sales cannot be effected at or above the price designated by us in any such instruction. Cowen or we may suspend the offering of our common stock being made through Cowen under the sales agreement upon proper notice to the other party. Cowen and we each have the right, by giving written notice as specified in the sales agreement, to terminate the sales agreement in each party’s sole discretion at any time.