<SEC-DOCUMENT>0001144204-16-137262.txt : 20161130
<SEC-HEADER>0001144204-16-137262.hdr.sgml : 20161130
<ACCEPTANCE-DATETIME>20161130163209
ACCESSION NUMBER:		0001144204-16-137262
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161123
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161130
DATE AS OF CHANGE:		20161130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cellectar Biosciences, Inc.
		CENTRAL INDEX KEY:			0001279704
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				043321804
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36598
		FILM NUMBER:		162025576

	BUSINESS ADDRESS:	
		STREET 1:		3301 AGRICULTURE DRIVE
		CITY:			MADISON
		STATE:			WI
		ZIP:			53716
		BUSINESS PHONE:		617-244-1616

	MAIL ADDRESS:	
		STREET 1:		3301 AGRICULTURE DRIVE
		CITY:			MADISON
		STATE:			WI
		ZIP:			53716

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVELOS THERAPEUTICS, INC.
		DATE OF NAME CHANGE:	20050617

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMON HORIZONS INC
		DATE OF NAME CHANGE:	20040211
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>v454207_8-k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
Washington, D.C. 20549</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">___________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">___________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report: November 23, 2016<BR>
(<I>Date of earliest event reported</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CELLECTAR BIOSCIENCES, INC.</B><BR>
(<I>Exact name of registrant as specified in its charter</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Delaware</B></P></TD>
    <TD STYLE="width: 34%; padding-right: 0.2in; padding-left: 0.2in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>1-36598</B></P></TD>
    <TD STYLE="width: 33%; padding-right: 0.2in; padding-left: 0.2in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>04-3321804</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(State or other jurisdiction</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>of incorporation)</I></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Commission</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>File Number)</I></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(IRS Employer</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Identification Number)</I></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3301 Agriculture Drive </B><BR>
<B>Madison, WI 53716</B><BR>
(<I>Address of principal executive offices</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(608) 441-8120</B><BR>
(<I>Registrant's telephone number, including area code</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 1.01</B></TD><TD><B>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 23, 2016, Cellectar Biosciences,
Inc. (the &ldquo;Company&rdquo;) entered into an Underwriting Agreement with Ladenburg Thalmann &amp; Co. Inc., as representative
of the several underwriters named therein (the &ldquo;Underwriter&rdquo;), in connection with the Company&rsquo;s Registration
Statement on Form S-1 filed with the Commission under the Securities Act of 1933 (File No. 333-214310). Pursuant to the Underwriting
Agreement, the Company agreed to sell to the Underwriter 800,000 shares of common stock, 68 shares of Series A preferred stock
convertible into 4,533,356 shares of common stock and Series C warrants to purchase 5,333,356 shares of common stock, plus up to
an additional 800,000 shares of common stock and Series C warrants to purchase up to an additional 800,000 shares of common stock
in the event of the exercise by the Underwriter of its over-allotment option. The public offering price of a share of common stock
together with a Series C warrant <FONT STYLE="background-color: white">to purchase one share of common stock</FONT> was $1.50<FONT STYLE="background-color: white">.
The public offering price to purchase one share of Series A preferred stock, each of which is convertible into 66,667 shares of
common stock, together with a Series C warrant to purchase 66,667 shares of common stock was $100,000.</FONT> The Series C warrants
have an exercise price of $1.50 per share, and are exercisable for five years from the date of issuance. The sale of securities
pursuant to the Underwriting Agreement, including the entire over-allotment option, closed on November&nbsp;29, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 7.01</B></TD><TD><B>REGULATION FD DISCLOSURE</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 29, 2016, the Company issued
a press release announcing the closing of its underwritten public offering of 1.6 million shares of its common stock and 68 shares
of its Series A preferred stock convertible into 4,533,356 shares of common stock, plus the issuance of Series C warrants to purchase
approximately 6.1 million shares of common stock, reflecting the exercise in full of the Underwriter&rsquo;s over-allotment option.
The gross proceeds of the offering amounted to $9.2 million, with net proceeds to the Company of approximately $8.3 million. Immediately
following the closing of the offering the Company had 6,968,235 shares of common stock outstanding. A copy of the press release
is furnished as Exhibit 99.1 and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 9.01</B></TD><TD><B>FINANCIAL STATEMENTS AND EXHIBITS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Exhibits</TD></TR></TABLE>

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<TR>
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Number</B></P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>Title</B></P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">99.1&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Press release dated November 29, 2016, entitled &ldquo;Cellectar Biosciences Announces Successful Completion of $9.2 Million Public Offering, Which Includes Full Exercise of $1.2 Million Over-Allotment Option&rdquo;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="font-size: 10pt">Dated: November 30, 2016</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>CELLECTAR BIOSCIENCES, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 32%; font-size: 10pt; border-bottom: Black 1pt solid"><I>/s/ Chad J. Kolean</I></TD>
    <TD STYLE="width: 15%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Name: Chad J. Kolean </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Title: Vice President and Chief Financial Officer</TD></TR>
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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 12pt"><B>Cellectar
Biosciences Announces Successful<BR>
Completion of $9.2 Million Public Offering, Which Includes<BR>
Full Exercise of $1.2 Million Over-Allotment Option</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Madison, WI (November 29,
2016) -- Cellectar Biosciences, Inc. (Nasdaq: CLRB) (&quot;Cellectar&quot; or the &quot;company&quot;), an oncology-focused, clinical
stage biotechnology company</FONT>, <FONT STYLE="font-size: 10pt">today announces the closing of its underwritten public offering
of 1.6 million shares of its common stock and 68 shares of its preferred stock, which includes the previously announced $8 million
offering and the underwriter&rsquo;s full exercise of their $1.2 million over-allotment option.</FONT></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT>
<FONT STYLE="font-size: 10pt">&ldquo;We view the outcome of this offering as evidence of investor confidence in the company&rsquo;s
strategic direction and the consistent delivery of meaningful milestones in a relatively short period of time. This is further
emphasized by the underwriter&rsquo;s exercise of their full over-allotment option, which elevates the total gross proceeds to
more than $9 million,&rdquo; said Jim Caruso, president and CEO of Cellectar Biosciences. &ldquo;These funds position the company
to further advance the clinical development of CLR 131 in multiple myeloma and other hematologic malignancies, including our NCI
supported Phase II study, as well as the continued development of our PDC Delivery Platform through in-house R&amp;D and partnered
collaborations.&rdquo;</FONT></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0">Gross offering proceeds to the company, including the exercise
of the $1.2 million over-allotment option, are $9.2 million, while net proceeds, after deducting underwriting discounts, commissions
and offering expenses, are estimated to be approximately $8.3 million. The company anticipates that these proceeds will be sufficient
to fund operations into the first quarter of 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0">The preferred stock was offered at $100,000 per share, and is
immediately convertible into 66,667 shares of common stock, for a total of approximately 4.5 million shares of common stock at
an effective price of $1.50 per share of common stock. For each share of common stock purchased directly or issuable upon conversion
of shares of preferred stock, investors also receive one five-year Series C warrant, which has an exercise price of $1.50 per share.
The warrants are immediately separable from the common or preferred stock. A total of approximately 6.1 million Series C warrants
were included in the offering. The Series C warrants, which are callable by the company under certain circumstances, will not trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0">The ratio (1 preferred share to 66,667 common shares) at which
the preferred stock converts and the exercise price ($1.50) of the Series C warrants remain fixed, and do not contain any variable
pricing features or any price-based anti-dilutive features. The preferred stock is non-voting, and has no dividend rights (except
to the extent dividends are also paid on common stock), liquidation preference, or other preferences over common stock. The preferred
stock and warrants include a beneficial ownership blocker. Ladenburg Thalmann &amp; Co. Inc., a subsidiary of Ladenburg Thalmann
Financial Services Inc. (NYSE MKT: LTS), is acting as sole bookrunner for the offering, and Aegis Capital Corp. is acting as co-manager.</P>

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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0">This press release shall not constitute an offer to sell or
the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. Copies of the final prospectus relating to this offering may be obtained
from Ladenburg Thalmann &amp; Co., Inc., 570 Lexington Avenue, 11<SUP>th</SUP> Fl., New York, NY 10022, (212) 409-2000 or by accessing
the SEC's website,&nbsp;www.sec.gov or by emailing Cellectar Biosciences, Inc. via ir@cellectar.com.</P>

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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Cellectar Biosciences, Inc.</B><BR>
Cellectar Biosciences is developing phospholipid drug conjugates (PDCs) designed to provide cancer-targeted delivery of diverse
oncologic payloads to a broad range of cancers and cancer stem cells. Cellectar's PDC platform is based on the company's proprietary
phospholipid ether analogs. These novel small-molecules have demonstrated highly selective uptake and retention in a broad range
of cancers. Cellectar's PDC pipeline includes product candidates for cancer therapy and cancer diagnostic imaging. The company's
lead therapeutic PDC, CLR 131, utilizes iodine-131, a cytotoxic radioisotope, as its payload. CLR 131 is currently being evaluated
under an orphan drug designated Phase I clinical study in patients with relapsed or refractory multiple myeloma. In addition, the
company plans to initiate a Phase II clinical study to assess efficacy in a range of B-cell malignancies in the first quarter of
2017. The company is also developing PDCs for targeted delivery of chemotherapeutics such as paclitaxel (CLR 1602-PTX), a preclinical
stage product candidate, and plans to expand its PDC chemotherapeutic pipeline through both in-house and collaborative R&amp;D
efforts. For more information please visit www.cellectar.com.</P>

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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0">This news release contains forward-looking statements. You can
identify these statements by our use of words such as &quot;may,&quot; &quot;expect,&quot; &quot;believe,&quot; &quot;anticipate,&quot;
&quot;intend,&quot; &quot;could,&quot; &quot;estimate,&quot; &quot;continue,&quot; &quot;plans,&quot; or their negatives or cognates.
These statements are only estimates and predictions and are subject to known and unknown risks and uncertainties that may cause
actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs
and expectations as to such future outcomes. Drug discovery and development involve a high degree of risk. Factors that might cause
such a material difference include, among others, uncertainties related to the ability to raise additional capital, uncertainties
related to the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful
preclinical development thereof, the completion of clinical trials, the FDA review process and other government regulation, our
pharmaceutical collaborators' ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical
companies, product pricing and third-party reimbursement. A complete description of risks and uncertainties related to our business
is contained in our periodic reports filed with the Securities and Exchange Commission including our Form 10-K for the year ended
December&nbsp;31, 2015, filed on March 11, 2016, as amended on July 18, 2016 and October 20, 2016. These forward-looking statements
are made only as of the date hereof, and we disclaim any obligation to update any such forward-looking statements.</P>

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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONTACT: </B><BR>
Jules Abraham<BR>
JQA Partners<BR>
917-885-7378<BR>
jabraham@jqapartners.com</P>

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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INVESTOR CONTACT:</B><BR>
Stephanie Prince<BR>
Managing Director<BR>
PCG Advisory Group<BR>
646-762-4518<BR>
sprince@pcgadvisory.com</P>

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