Item 1.01. Entry into a Material Definitive Agreement.
On May 16, 2023, Acurx Pharmaceuticals, Inc.,
a Delaware corporation (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”)
with a single healthcare-focused U.S. institutional investor named therein (the “Investor”), pursuant to which the Company
agreed to issue and sell, in a registered direct offering by the Company directly to the Investor (the “Registered Offering”),
(i) an aggregate of 601,851 shares (the “Shares”) of common stock, par value $0.001 per share, of the Company (“Common
Stock”), at an offering price of $3.00 per share and (ii) an aggregate of 731,482 pre-funded warrants exercisable for shares of
Common Stock (the “Pre-Funded Warrants”) at an offering price of $2.9999 per Pre-Funded Warrant, for aggregate gross proceeds
from the Registered Offering of approximately $4.0 million before deducting the placement agent fee and related offering expenses.
The Pre-Funded Warrants were sold, in lieu of
shares of Common Stock, to the Investor whose purchase of shares of Common Stock in the Registered Offering would otherwise result in
such Investor, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the purchaser's option
upon issuance, 9.99%) of the Company’s outstanding Common Stock immediately following the consummation of the Registered Offering.
Each Pre-Funded Warrant represents the right to purchase one share of Common Stock at an exercise price of $0.0001 per share. The Pre-Funded
Warrants are exercisable immediately and may be exercised at any time until the Pre-Funded Warrants are exercised in full.
The Purchase Agreement contains customary representations
and warranties and agreements of the Company and the Investor and customary indemnification rights and obligations of the parties. Pursuant
to the terms of the Purchase Agreement, the Company has agreed to certain restrictions on the issuance and sale of its Common Stock or
Common Stock Equivalents (as defined in the Purchase Agreement) during the 120-day period following the closing of the Registered Offering.
The Shares and Pre-Funded Warrants were offered
by the Company pursuant to a registration statement on Form S-3 (File No. 333-265956), which was filed with the Securities and Exchange
Commission (the “Commission”) on July 1, 2022 and was declared effective by the Commission on July 11, 2022 (the “Registration
Statement”).
In a concurrent private placement (the “Private
Placement” and together with the Registered Offering, the “Offerings”), the Company agreed to issue to the Investor
(i) series C warrants (the “Series C Warrants”) exercisable for an aggregate of 1,333,333 shares of Common Stock at an exercise
price of $3.26 per share and (ii) series D warrants (the “Series D Warrants” and together with the Series C Warrants, the
“Warrants”) exercisable for an aggregate of 1,333,333 shares of Common Stock at an exercise price of $3.26 per share. Each
Series C Warrant will be exercisable commencing on the sixth month anniversary of the issuance date and will expire two years from the
initial exercise date. Each Series D Warrant will be exercisable commencing on the sixth month anniversary of the issuance date and will
expire six years from the initial exercise date. The Warrants and the shares of our Common Stock issuable upon the exercise of the Warrants
are not being registered under the Securities Act of 1933, as amended (the “Securities Act”), were not offered pursuant to
the Registration Statement and were offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act, and Rule 506(b)
promulgated thereunder.
A holder (together with its affiliates) may not
exercise any portion of the Pre-Funded Warrants or Warrants to the extent that the holder would own more than 4.99% (or, at the purchaser’s
option upon issuance, 9.99%) of the Company’s outstanding Common Stock immediately after exercise. However, upon at least 61 days’
prior notice from the holder to the Company, a holder with a 4.99% ownership blocker may increase the amount of ownership of outstanding
Common Stock after exercising the holder’s Pre-Funded Warrants or Warrants up to 9.99% of the number of the Company’s Common
Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms
of the Pre-Funded Warrant or Warrant.
Pursuant to the terms of the Purchase Agreement,
the Company agreed to use commercially reasonable efforts to cause a registration statement on Form S-1 providing for the resale by holders
of shares of its Common Stock issuable upon the exercise of the Warrants, to become effective 180 days following the closing of the Registered
Offering and to keep such registration statement effective at all times.
The Offerings are expected to close on or about
May 18, 2023, subject to customary closing conditions.
In connection with the Offerings, the Company
also entered into a warrant amendment agreement (the “Warrant Amendment Agreement”) with the Investor. Under the Warrant Amendment
Agreement, the Company agreed to amend its existing Series A warrants to purchase up to an aggregate of 1,230,769 shares of the Company's
common stock and Series B warrants to purchase up to an aggregate of 1,230,769 shares of the Company's common stock (collectively, the
“Existing Warrants”) that were previously issued in July 2022, such that effective upon the closing of the offering, the amended
Existing Warrants will have a termination date of May 18, 2029.
On May 16, 2022, the Company entered into a placement
agency agreement (the “Placement Agent Agreement”) with Maxim Group LLC (the “Placement Agent”) pursuant to which
the Company engaged Maxim as the placement agent in connection with the Offerings. The Placement Agent agreed to use its reasonable best
efforts to arrange for the sale of the Securities. The Company agreed to pay the Placement Agent a placement agent fee in cash equal to
5.75% of the gross proceeds from the sale of the Shares, Warrants and Pre-Funded Warrants. The Company also agreed to reimburse the Placement
Agent for all reasonable travel and other out-of-pocket expenses, including the reasonable fees of legal counsel not to exceed $50,000.
The Placement Agent Agreement also contains representations, warranties, indemnification and other provisions customary for transactions
of this nature.
The foregoing summaries of the Placement Agent
Agreement, the Purchase Agreement, the Series C Warrant, the Series D Warrant, the Pre-Funded Warrants and the Warrant Amendment Agreement
do not purport to be complete and are subject to, and qualified in their entirety by, such documents attached as Exhibits 1.1, 10.1, 4.1,
4.2, 4.3 and 10.2, respectively, to this Current Report on Form 8-K, which are incorporated herein by reference.
This Current Report on Form 8-K does not constitute
an offer to sell any securities or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in
any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
A copy of the opinion of Mintz, Levin, Cohn, Ferris,
Glovsky and Popeo, P.C. relating to the legality of the issuance and sale of the Shares is attached as Exhibit 5.1 hereto.