<SEC-DOCUMENT>0001213900-20-014833.txt : 20200612
<SEC-HEADER>0001213900-20-014833.hdr.sgml : 20200612
<ACCEPTANCE-DATETIME>20200612162630
ACCESSION NUMBER:		0001213900-20-014833
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200612
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200612
DATE AS OF CHANGE:		20200612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AYTU BIOSCIENCE, INC
		CENTRAL INDEX KEY:			0001385818
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				470883144
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38247
		FILM NUMBER:		20960510

	BUSINESS ADDRESS:	
		STREET 1:		373 INVERNESS PARKWAY
		STREET 2:		SUITE 206
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112
		BUSINESS PHONE:		(720) 437-6580

	MAIL ADDRESS:	
		STREET 1:		373 INVERNESS PARKWAY
		STREET 2:		SUITE 206
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AYTU BIOSCIENCE, INC.
		DATE OF NAME CHANGE:	20150609

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rosewind CORP
		DATE OF NAME CHANGE:	20070110
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ea122962-8k_aytubio.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
<B>June 12, 2020</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-38247</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>47-0883144</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>373 Inverness Parkway, Suite 206</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Englewood, CO 80112</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices, including
Zip Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(720) 437-6580</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed since
last report)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744; Written communications pursuant to Rule&nbsp;425 under
the Securities Act (17 CFR 230.425)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744; Soliciting material pursuant to Rule&nbsp;14a-12 under
the Exchange Act (17 CFR 240.14a-12)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744; Pre-commencement communications pursuant to
Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744; Pre-commencement communications pursuant to
Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Securities registered pursuant to Section 12(b)
of the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 34%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading Symbol(s)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of each exchange on which registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, par value $0.0001 per share</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">AYTU</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">The NASDAQ Stock Market LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">Emerging growth company &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. &#9744;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 8.01 Other Events.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On October 10, 2019, Aytu BioScience, Inc.
(&ldquo;Aytu&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo;) entered into an Asset Purchase Agreement with
Cerecor Inc. (&ldquo;Cerecor&rdquo;) pursuant to which we agreed to purchase certain assets, and assume certain liabilities,
from Cerecor (the &ldquo;Acquisition&rdquo;). In connection with the Acquisition, we agreed to pay Cerecor aggregate
consideration of approximately $32 million, consisting of: (i) $4.5 million in cash; (ii) $12.5 million in shares of Aytu
Series G Preferred Stock; and (iii) the assumption of $16.575 million of obligations owed by Cerecor. As a company with our
common stock listed on the Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;), we are subject to Nasdaq&rsquo;s stockholder
approval requirements as set forth in Nasdaq Rule 5635. In connection with the future convertibility of the Series G
Preferred Stock issued to Cerecor in connection with the Acquisition, we were required to obtain stockholder approval of the
convertibility of the Series G Preferred Stock under Nasdaq Rules 5635(d) and 5635(a)(2) (the &ldquo;Conversion
Proposal&rdquo;). The Acquisition was announced on October 10, 2019 and closed on October 31, 2019 and stockholder approval
of the Conversion Proposal was not a condition to the Acquisition. In the event that we did not receive stockholder approval
for the Conversion Proposal, the Series G Preferred Stock would not have converted into shares of our common stock but the
failure of our stockholders to approve the Conversion Proposal would not have the effect of unwinding the Acquisition.
Separately, on October 11, 2019, we entered into Securities Purchase Agreements (the &ldquo;Purchase Agreements&rdquo;)
providing for the issuance and sale of Series F Convertible Preferred Stock and warrants (the &ldquo;PIPE Warrants&rdquo;).
In connection with the issuance of the Series F Convertible Preferred Stock and the PIPE Warrants, we were required to obtain
stockholder approval of the convertibility of the Series F Convertible Preferred Stock and the exercisability of the PIPE
Warrants under Nasdaq Rule 5635(d) (the &ldquo;Nasdaq Proposal,&rdquo; and collectively with the Conversion Proposal, the
&ldquo;Proposals&rdquo;).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On November 4, 2019, we filed with the U.S. Securities and Exchange
Commission (&ldquo;SEC&rdquo;) a preliminary proxy statement (the &ldquo;Preliminary Proxy Statement&rdquo;) soliciting the requisite
stockholder approval of (i) the Proposals and (ii) an amendment to our Certificate of Incorporation to increase the number of our
issued and outstanding shares of common stock from 100,000,000 to 200,000,000 (the &ldquo;Charter Amendment&rdquo;). On November
18, 2019, we received a comment letter from the staff of the SEC&rsquo;s Division of Corporation Finance (the &ldquo;Staff&rdquo;)
requesting that we provide disclosure required by Items 11, 13 and 14 of Schedule 14A in the Preliminary Proxy Statement with respect
to the Acquisition. In response to the Staff&rsquo;s comment, and pursuant to Item 11 of Schedule 14A, we revised the disclosure
in the Preliminary Proxy Statement to clarify that the shares of common stock issuable upon the conversion of the Series G Preferred
Stock did not have preemptive rights. We also respectfully noted to the Staff that because the shares of common stock issuable
upon the conversion of the Series G Preferred Stock were the same class as our currently outstanding common stock, the information
called for by Item 202 of Regulation S-K was not required other than as set forth in Item 11(b) of Schedule 14A. We also noted
to the Staff that the disclosure in the Preliminary Proxy Statement, other than Item 13(a) of Schedule 14A, covers the requirements
of Item 11. With respect to Items 13 and 14 and Note A of Schedule 14A, we advised the Staff that we previously considered the
instruction in Note A to Schedule 14A in determining whether to include in the Preliminary Proxy Statement the disclosures required
by Items 13 and 14 of Schedule 14A in connection with the approval of mergers and acquisitions by stockholders. After review and
consideration, we determined, and continue to believe, that the instruction in Note A is inapplicable to the Proposals because
they do not involve a solicitation seeking stockholder approval of the authorization of additional securities which are to be used
to acquire another company; rather, the Proposals sought stockholder approval, in accordance with Nasdaq Listing Rule 5635.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Beginning on November 20, 2019, the members of our board of directors
were named as defendants in three purported stockholder class actions filed in the Delaware Court of Chancery (the &ldquo;Court&rdquo;)
by three of our stockholders: <I>Pliscott v. Disbrow, et al</I>., C.A. No. 2019-0933-AGB; <I>Kirschenbaum v. Aytu BioScience, Inc.,
et al</I>., C.A. No. 2019-0984-AGB; and <I>Sebree v. Disbrow, et al</I>., C.A. No. 2019-1011-AGB (collectively, the &ldquo;Actions&rdquo;).
The complaints alleged that our directors breached their fiduciary duties of care, loyalty, good faith and/or disclosure by failing
to disclose to our stockholders all material information necessary to make an informed decision regarding the Acquisition, Purchase
Agreements, Proposals, and Charter Amendment. Among other remedies, the plaintiffs sought to hold our directors liable for allegedly
breaching their fiduciary duties.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">After the complaints were filed, we determined to include minor
additional disclosures concerning the Acquisition, Purchase Agreements, Proposals, and Charter Amendment in a definitive proxy
statement (the &ldquo;Definitive Proxy&rdquo;) filed with the SEC on December 23, 2019 to moot plaintiffs&rsquo; claims. Although
we believed and continue to believe that the disclosure in the Preliminary Proxy Statement was sufficient as evidenced by the SEC&rsquo;s
completion of their review after we responded to their comment letter, we included the minor additional disclosures to settle the
plaintiffs&rsquo; claims due to the costs related to litigation. On February 5, 2020, the Court approved a notice under which the
plaintiffs voluntarily dismissed the Actions with prejudice as to themselves only, but without prejudice as to any other putative
class member. The Court retained jurisdiction solely for the purpose of adjudicating the anticipated application of plaintiffs&rsquo;
counsel for an award of attorneys&rsquo; fees and reimbursement of expenses in connection with the supplemental disclosures included
in the Definitive Proxy filed on December 23, 2019.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We subsequently agreed to pay $125,000 to plaintiffs&rsquo; counsel
for attorneys&rsquo; fees and expenses in full satisfaction of the claim for attorneys&rsquo; fees and expenses in the Actions.
The Court has not been asked to review, and will pass no judgment on, the payment of the attorneys&rsquo; fees and expenses or
their reasonableness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition, on June 9, 2020, we agreed to pay the plaintiff&rsquo;s
counsel for attorneys&rsquo; fees and expenses in full satisfaction of the claim for attorney&rsquo;s fees and expenses in the
Franchi v. Aytu BioScience Inc., et al.,, Case No. 1:19-cv-02204-LPS (D. Del.).We have now settled the outstanding litigation related
to the Preliminary Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5in; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">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: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">AYTU BIOSCIENCE, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Date: June 12, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>/s/ Joshua R. Disbrow</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Joshua R. Disbrow</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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