Was too much earlier to do on my phone. These are the reasons PPS is so low.
On July 28, 2015, the Compensation Committee of the Board of Directors of Unilife Corporation (the “Company”) approved the payment of cash bonuses to Dr. Ramin Mojdeh, Ph.D., our President and Chief Operating Officer and Mr. Mark V. Iampietro, our Vice President, Corporate Quality & Regulatory Affairs and Chief Compliance Officer in the amounts of $125,000 and $50,000, respectively. Dr. Mojdeh’s bonus was in recognition of, among other things, the successful development of a new product category. Mr. Iampietro’s bonus was in recognition of, among other things, his successful leadership in providing quality and regulatory compliance support for new product development and product sales to customers.
This prospectus supplement relates to the issuance and sale of up to $45,900,000 in shares of our common stock to Lincoln Park Capital Fund, LLC, or Lincoln Park, under a Purchase Agreement entered into on July 29, 2015, or the Purchase Agreement.
The shares offered include:
• $5,000,000 of shares of common stock that we are selling to Lincoln Park under the Purchase Agreement on the date hereof at a purchase price of $1.79 per share, or the Initial Sale;
• up to $40,000,000 of shares of common stock that may be sold from time to time, at our sole discretion, to Lincoln Park over the next 24 months in accordance with the Purchase Agreement; and
• 451,354 shares of common stock to be issued to Lincoln Park as Commitment Shares, in consideration for entering into the Purchase Agreement, valued at approximately $1.99 per share.
This prospectus supplement and the accompanying prospectus also cover the sale of these shares by Lincoln Park to the public.
Our common stock is traded on the NASDAQ Global Market under the symbol “UNIS.” On July 29, 2015, the last reported sales price for our common stock was $1.87 per share.