COMMON STOCK PURCHASE WARRANT NOVAN, INC.Common Stock Purchase Warrant • March 3rd, 2020 • Novan, Inc. • Pharmaceutical preparations • New York
THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date set forth above (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on March 3, 2025 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Novan, Inc., a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).
PRE-FUNDED COMMON STOCK PURCHASE WARRANTWarrant Agreement • March 3rd, 2020 • Novan, Inc. • Pharmaceutical preparations • New York
THIS PRE-FUNDED COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date set forth above (the “Initial Exercise Date”) until this Warrant is exercised in full (the “Termination Date”) but not thereafter, to subscribe for and purchase from Novan, Inc., a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).
UNDERWRITER COMMON STOCK PURCHASE WARRANT NOVAN, INC.Underwriter Common Stock Purchase Warrant • March 3rd, 2020 • Novan, Inc. • Pharmaceutical preparations • New York
THIS UNDERWRITER COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date set forth above (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on March 3, 2025 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Novan, Inc., a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is issued pursuant to the Underwriting Agreement.
14,000,000 Shares of Common Stock ($0.0001 Par Value) Pre-Funded Warrants to Purchase 4,333,334 Shares of Common Stock Common Warrants to Purchase 18,333,334 Shares of Common Stock Novan, Inc. UNDERWRITING AGREEMENTUnderwriting Agreement • March 3rd, 2020 • Novan, Inc. • Pharmaceutical preparations
Novan, Inc., a Delaware corporation (the “Issuer”), proposes to sell to the several underwriters (the “Underwriters”) named in Schedule I hereto for whom H.C. Wainwright & Co., LLC is acting as representative (“you” or the “Representative”) an aggregate of (i) 14,000,000 shares (the “Firm Shares”) of the Issuer’s common stock, $0.0001 par value (the “Common Stock”), (ii) pre-funded warrants to purchase 4,333,334 shares of Common Stock at an exercise price of $0.0001 per share (the “Pre-Funded Warrants”) in the form attached hereto as Exhibit A and (iii) warrants to purchase 18,333,334 shares of Common Stock at an exercise price of $0.30 per share (the “Firm Warrants”) in the form attached hereto as Exhibit B. The shares of Common Stock underlying the Firm Warrants are hereinafter referred to as the “Firm Warrant Shares.” The shares of Common Stock underlying the Pre-Funded Warrants are hereinafter referred to as the “Pre-Funded Warrant Shares.” The Firm Shares, the Pre-Funded Warrants,
