Form 8-K - Current report
06 Mars 2024 - 10:01PM
Edgar (US Regulatory)
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2024-02-29
2024-02-29
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 29, 2024
QUOIN
PHARMACEUTICALS LTD. |
(Translation of registrant’s name into English) |
State of Israel |
|
001-37846 |
|
92-2593104 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
42127 Pleasant Forest Court
Ashburn, VA |
|
20148-7349 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (703) 980-4182
Not applicable |
(Former name or former address, if changed since last report) |
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):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered
pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name of each exchange on which registered |
American Depositary Shares, each representing one (1) Ordinary Share, no par value per share |
|
QNRX |
|
The Nasdaq Stock Market LLC |
Ordinary Shares, no par value per share* |
|
|
|
N/A |
| * | Not for trading, but only in connection with the registration of the American Depositary Shares pursuant
to requirements of the Securities and Exchange Commission. |
Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
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. ¨
Item 8.01 Other Events.
Termination of
CVRs
Background.
On October 28, 2021, Cellect Biotechnology Ltd. (“Cellect”) completed the business combination with Quoin Inc. in accordance
with the terms of a merger agreement, by and among Cellect, Quoin Inc. and merger sub, which was a wholly-owned subsidiary of Cellect,
pursuant to which merger sub merged with and into Quoin Inc., with Quoin Inc. surviving as a wholly-owned subsidiary of Cellect (the “Merger”).
Immediately after completion of the Merger, Cellect changed its name to “Quoin Pharmaceuticals, Ltd.”
Concurrently
with the Merger, Cellect completed the sale of its subsidiary, Cellect Biotherapeutics Ltd., to EnCellX, Inc. (the “Share
Transfer”). In consideration for the Share Transfer the pre-closing Cellect shareholders received a contingent value right (“CVR”)
entitling the holders to earnouts comprised mainly of payments upon sale, milestone payments, license fees and exit fees realized by the
business spun out of Cellect prior to the Merger.
Quoin
Pharmaceuticals, Ltd. (the “Company”) was not entitled to receive any net proceeds from the CVRs. Therefore, no asset or liability
was recorded in the Company’s consolidated financial statements.
Termination.
On February 29, 2024, the acting Chief Executive Officer of EnCellX, Inc. certified that the CVRs distributed in connection
with the Share Transfer are terminated.
SIGNATURES
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.
Date: March 6, 2024 |
QUOIN PHARMACEUTICALS LTD. |
|
|
|
|
|
By: |
/s/ Gordon Dunn |
|
Name: |
Gordon Dunn |
|
Title: |
Chief Financial Officer |
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