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Subsequent Events
 6 Months Ended
Jan. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 18 – SUBSEQUENT EVENTS

 

Issuance of Restricted Stock to Executives

 

On February 1, 2022, the Company issued 986,835 shares of Class B restricted stock to two members of the executive team. Approximately 24% of the restricted stock shares vest in December 2022, with the remaining shares vesting ratably each quarter through December 2025.

 

Withdrawal of Registration Statement

 

On February 2, 2022, the Company withdrew its Registration Statement on Form S-4, which terminated the Merger Agreement with Rafael Pharmaceuticals pursuant to certain sections of the Merger Agreement, effective immediately.

 

On February 15, 2022, the Company filed a Registration Statement on Form S-3 (as amended on March 2, 2022) registering the resale by the Institutional Investors of the shares purchased by them. The Registration Statement was declared effective on March 7, 2022.

 

Severance Payment

 

During February 2022, the Company paid approximately $5 million, from the restricted cash balance, in severance pay to Ameet Mallik, former CEO, in accordance with his separation and release agreement.