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Subsequent Events
9 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

NOTE 14 – Subsequent Events

 

Third Amendment to Exclusive Development and Distribution Agreement with Zimmer, Inc.

 

On August 2, 2022, the Company entered into a Third Amendment to Exclusive Development and Distribution Agreement (the “Zimmer Amendment”) with Zimmer. Pursuant to the terms and conditions of the Zimmer Amendment, Zimmer agreed to make a $3,500,000 payment to the Company within 10 business days of the execution of the Zimmer Amendment.

 

On August 2, 2022, in connection with the Zimmer Amendment, the Company issued Zimmer a Warrant to Purchase Common Stock (the “2022 Zimmer Warrant”).

 

The 2022 Zimmer Warrant will be exercisable for up to an aggregate of 350,000 shares of the Company’s common stock. The 2022 Zimmer Warrant will have an exercise price of $3.00 per share, will be exercisable commencing six months from the issuance date, and will expire on August 2, 2027 . Subject to limited exceptions, Zimmer will not have the right to exercise any portion of the 2022 Zimmer Warrant if Zimmer, together with its affiliates, would beneficially own in excess of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to such exercise provided, however, that upon prior notice to the Company, the holder may increase or decrease the Beneficial Ownership Limitation, provided further that in no event shall the Beneficial Ownership Limitation exceed 19.99% and any increase in the beneficial ownership limitation will not be effective until 61 days following notice to the Company.