As filed with the Securities and Exchange Commission on November 4, 2020
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
The Securities Act of 1933
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
incorporation or organization)
Ole Maalos Vej 3
DK-2200 Copenhagen N
(+45) 70 70 52 10
(Address of Principal Executive Offices)
Galecto, Inc. 2020 Stock Option and Grant Plan
Galecto, Inc. 2020 Equity Incentive Plan
(Full Title of the Plans)
The Corporation Trust Company
c/o Galecto, Inc.
1209 Orange Street
Wilmington, DC 19801
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Graham F. Defries
Edwin M. OConnor
Kyra M. Ayo Caros
Goodwin Procter LLP
620 8th Avenue
New York, NY 10018
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
|Large accelerated filer||☐||Accelerated filer||☐|
|Non-accelerated filer||☒||Smaller reporting company||☒|
|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 7(a)(2)(B) of the Securities Act. ☐
CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered
Common Stock, $0.00001 par value per share
Common Stock, $0.00001 par value per share
Pursuant to Rule 416 under the Securities Act of 1933, as amended (the Securities Act), this Registration Statement shall also cover any additional shares of common stock which become issuable under the registrants 2020 Stock Option and Grant Plan (the 2020 Plan) and the registrants 2020 Equity Incentive Plan (the 2020 Incentive Plan) by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of the registrants outstanding shares of common stock. Pursuant to Rule 416(c) under the Securities Act, this Registration Statement shall also cover an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plans described herein.
Represents shares of common stock issuable upon the exercise of outstanding stock options awards under the 2020 Plan as of the date of this Registration Statement. No further grants will be made under the 2020 Plan. To the extent outstanding awards granted under the 2020 Plan are cancelled, forfeited or held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the registrant prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) subsequent to the date of this Registration Statement, the shares of common stock reserved for issuance pursuant to such awards will become available for issuance as shares of common stock under the 2020 Plan. See footnote 4 below.
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) of the Securities Act, and based on $4.54 per share, which is the weighted-average exercise price per share (rounded to the nearest cent) of the outstanding stock option awards under the 2020 Plan as of November 3, 2020.
Represents 1,625,858 shares of common stock reserved for issuance under the 2020 Incentive Plan and 67,392 shares of our common stock that remained available for issuance under the 2020 Plan immediately prior to this offering. In addition to the shares registered hereunder, to the extent that awards outstanding under the 2020 Plan as of the date of this Registration Statement are cancelled, forfeited or held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the registrant prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) subsequent to the date of this Registration Statement, the shares of common stock reserved for issuance pursuant to such awards will become available for issuance as shares of common stock under the 2020 Incentive Plan. The 2020 Incentive Plan provides that an additional number of shares will automatically be added to the shares authorized for issuance under the 2020 Incentive Plan on January 1 of each year. The number of shares added each year will be equal to 5% of the outstanding shares on the immediately preceding December 31.
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457 of the Securities Act, and based on $15.00 per share, which is the initial public offering price per share of the registrants common stock set forth on the cover page of the registrants prospectus dated October 28, 2020, relating to its initial public offering.
Proposed sales to take place as soon after the effective date of the Registration Statement as awards are granted, exercised or distributed under the above-named plans.
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
|Item 1.|| |
The documents containing the information specified in this Item 1 will be sent or given to participants as specified by Rule 428(b)(1) under the Securities Act. In accordance with the rules and regulations of the Commission and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.
|Item 2.|| |
Registrant Information and Employee Plan Annual Information.
The documents containing the information specified in this Item 2 will be sent or given to participants as specified by Rule 428(b)(1) under the Securities Act. In accordance with the rules and regulations of the Commission and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
|Item 3.|| |
Incorporation of Documents by Reference.
The registrant hereby incorporates by reference into this Registration Statement the following documents filed with the SEC:
The prospectus filed by the registrant with the SEC pursuant to Rule 424(b) under the Securities Act, on October 30, 2020, relating to the Registration Statement on Form S-1, as amended (File No. 333-249369), which contains the registrants audited financial statements for the latest fiscal year for which such statements have been filed; and
The description of the registrants common stock contained in the registrants Registration Statement on Form 8-A (File No. 001-39655), filed by the registrant with the SEC under Section 12(b) of the Securities Exchange Act of 1934, as amended (the Exchange Act), on October 23, 2020, including any amendments or reports filed for the purpose of updating such description.
All documents that the registrant subsequently files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment to this registration statement which indicates that all of the shares of common stock offered have been sold or which deregisters all of such shares then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be a part hereof from the date of the filing of such documents.
Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.
Under no circumstances will any information filed under current items 2.02 or 7.01 of Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides to the contrary.
|Item 4.|| |
Description of Securities.
|Item 5.|| |
Interests of Named Experts and Counsel.
|Item 6.|| |
Indemnification of Directors and Officers.
Section 145 of the Delaware General Corporation Law, or the DGCL, authorizes a corporation to indemnify its directors and officers against liabilities arising out of actions, suits and proceedings to which they are made or threatened to be made a party by reason of the fact that they have served or are currently serving as a director or officer to a corporation. The indemnity may cover expenses (including attorneys fees) judgments, fines and amounts paid in settlement actually and reasonably incurred by the director or officer in connection with any such action, suit or proceeding. Section 145 permits corporations to pay expenses (including attorneys fees) incurred by directors and officers in advance of the final disposition of such action, suit or proceeding. In addition, Section 145 provides that a corporation has the power to purchase and maintain insurance on behalf of its directors and officers against any liability asserted against them and incurred by them in their capacity as a director or officer, or arising out of their status as such, whether or not the corporation would have the power to indemnify the director or officer against such liability under Section 145.
The registrant has adopted provisions in its certificate of incorporation and bylaws to be in effect upon the closing of its initial public offering that limit or eliminate the personal liability of its directors to the fullest extent permitted by section 102 of the DGCL, as it now exists or may in the future be amended. Consequently, a director will not be personally liable to the registrant or its stockholders for monetary damages or breach of fiduciary duty as a director, except for liability for:
any breach of the directors duty of loyalty to the registrant or its stockholders;
any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
any unlawful payments related to dividends or unlawful stock purchases, redemptions or other distributions; or
any transaction from which the director derived an improper personal benefit.
These limitations of liability do not alter director liability under the federal securities laws and do not affect the availability of equitable remedies such as an injunction or rescission.
In addition, the registrants bylaws provide that:
the registrant will indemnify its directors, officers and, in the discretion of the registrants board of directors, certain employees to the fullest extent permitted by the DGCL, as it now exists or may in the future be amended; and
the registrant will advance expenses, including attorneys fees, to its directors and, in the discretion of the registrants board of directors, to its officers and certain employees, in connection with legal proceedings relating to their service for or on behalf of the registrant, subject to limited exceptions.
The registrant has entered into indemnification agreements with each of its directors and executive officers. These agreements provide that the registrant will indemnify each of its directors, certain of its executive officers and, at times, their affiliates to the fullest extent permitted by Delaware law. The registrant will advance expenses, including attorneys fees (but excluding judgments, fines and settlement amounts), to each indemnified director or executive officer in connection with any proceeding in which indemnification is available and the registrant will indemnify its directors and officers for any action or proceeding arising out of that persons services as a director or officer brought on behalf of the registrant or in furtherance of its rights. Additionally, certain of the registrants directors or officers may have certain rights to indemnification, advancement of expenses or insurance provided by their affiliates or other third parties, which indemnification relates to and might apply to the same proceedings arising out of such directors or officers services as a director referenced herein. Nonetheless, the registrant has agreed in the indemnification agreements that its obligations to those same directors or officers are primary and any obligation of such affiliates or other third parties to advance expenses or to provide indemnification for the expenses or liabilities incurred by those directors are secondary.
The registrant also maintains general liability insurance which covers certain liabilities of its directors and officers arising out of claims based on acts or omissions in their capacities as directors or officers, including liabilities under the Securities Act.
|Item 7.|| |
Exemption from Registration Claimed.
|Item 8.|| |
|Exhibit No.|| |
|4.1||Form of Amended and Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.3 to the Registrants Registration Statement on Form S-1, as amended (File No. 333-249369)).|
|4.2||Form of Amended and Restated By-laws (Incorporated by reference to Exhibit 3.5 to the registrants Registration Statement on Form S-1, as amended (File No. 333-249369)).|
|4.3||Amended and Restated Investors Rights Agreement among the registrant and certain of its stockholders, dated September 25, 2020 (Incorporated by reference to Exhibit 4.2 to the registrants Registration Statement on Form S-1, as amended (File No. 333-249369)).|
|5.1*||Opinion of Goodwin Procter LLP.|
|23.1*||Consent of EY Godkendt Revisionspartnerselskab, Independent Registered Public Accounting Firm.|
|23.2*||Consent of Goodwin Procter LLP (included in Exhibit 5.1).|
|24.1*||Power of Attorney (included on signature page to this registration statement).|
|99.1||2020 Stock Option and Grant Plan and forms of award agreements thereunder (Incorporated by reference to Exhibit 10.1 to the registrants Registration Statement on Form S-1, as amended (File No. 333-249369)).|
|99.2||2020 Equity Incentive Plan and forms of award agreements thereunder (Incorporated by reference to Exhibit 10.2 to the registrants Registration Statement on Form S-1, as amended (File No. 333-249369)).|
|Item 9.|| |
The registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the Calculation of Registration Fee table in the effective registration statement; and
(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) herein do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrants annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plans annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Copenhagen, Denmark, on the 4th of November, 2020.
Hans T. Schambye
President and Chief Executive Officer
POWER OF ATTORNEY AND SIGNATURES
KNOW ALL BY THESE PRESENT, that each individual whose signature appears below hereby constitutes and appoints Hans T. Schambye and Jonathan Freve, and each of them, either of whom may act without the joinder of the other, as his or her true and lawful attorneys-in-fact and agents with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement on Form S-8, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the date indicated below.
Hans T. Schambye
President, Chief Executive Officer and Director
(Principal Executive Officer)
|November 4, 2020|
Chief Financial Officer (Principal
Financial Officer and Accounting Officer)
|November 4, 2020|
Amit D. Munshi
|Chairman||November 4, 2020|
Chau Q. Khuong
|Director||November 4, 2020|
Carl Goldfischer, M.D.
|Director||November 4, 2020|
Søren Møller, Ph.D.
|Director||November 4, 2020|
David Shapiro, M.D.
|Director||November 4, 2020|
Stephan Christgau, Ph.D.
|Director||November 4, 2020|
November 4, 2020
Ole Maaloes Vej 3
DK-2200 Copenhagen N
Re: Securities Being Registered under Registration Statement on Form S-8
We have acted as counsel to you in connection with your filing of a Registration Statement on Form S-8 (the Registration Statement) pursuant to the Securities Act of 1933, as amended (the Securities Act), on or about the date hereof relating to the registration of the offering by Galecto, Inc., a Delaware corporation (the Company) of 4,25,677 shares (the Shares) of the Companys Common Stock, $0.0001 par value per share (Common Stock), that may be issued pursuant to the Companys 2020 Stock Option and Grant Plan and 2020 Equity Incentive Plan (collectively, the Plans).
We have reviewed such documents and made such examination of law as we have deemed appropriate to give the opinions set forth below. We have relied, without independent verification, on certificates of public officials and, as to matters of fact material to the opinion set forth below, on certificates of officers of the Company.
The opinion set forth below is limited to the Delaware General Corporation Law.
For purposes of the opinion set forth below, we have assumed that no event occurs that causes the number of authorized shares of Common Stock available for issuance by the Company to be less than the number of then unissued Shares.
Based on the foregoing, we are of the opinion that the Shares have been duly authorized and, upon issuance and delivery against payment therefor in accordance with the terms of the Plans, will be validly issued, fully paid and nonassessable.
We hereby consent to the inclusion of this opinion as Exhibit 5.1 to the Registration Statement. In giving our consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.
|Very truly yours,|
|/S/ GOODWIN PROCTER LLP|
|GOODWIN PROCTER LLP|
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the 2020 Stock Option and Grant Plan and 2020 Equity Incentive Plan of Galecto, Inc. of our report dated September 2, 2020 (except for the stock split described in Note 16, as to which the date is October 22, 2020), with respect to the consolidated financial statements of Galecto, Inc. for the years ended December 31, 2019 and 2018, included in its Registration Statement on Form S-1, as amended, and related Prospectus (File No. 333-249369), filed with the Securities and Exchange Commission.
|/s/ EY Godkendt Revisionspartnerselskab|
|November 4, 2020|