Copies
to:
Steven
J. Abrams
Stephen
M. Nicolai
Hogan
Lovells US LLP
1735
Market Street, 23rd Floor
Philadelphia,
PA 19103
(267)
675-4600
|
Adam
Newman
General
Counsel
Beyond
Air, Inc.
900
Stewart Avenue, Suite 301
Garden
City, NY 11530
(516)
665-8200
|
Approximate
date of commencement of proposed sale to the public: From time to time after the effective date of this Registration Statement.
If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box. ☐
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box. ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐
If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐
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
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☐
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Accelerated
filer
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☐
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Non-accelerated
filer
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☒
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Smaller
reporting company
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☒
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Emerging
Growth company
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☒
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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 each class of Securities to be
Registered
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Amount to be
Registered(1)
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Proposed Maximum
Offering Price Per
Unit(2)
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Proposed Maximum
Aggregate Offering
Price(2)
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Amount of
Registration Fee(2)
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Common Stock, $0.0001 par value
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-
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-
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-
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|
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-
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Preferred Stock, $0.0001 par value
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-
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-
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|
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-
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|
|
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-
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Warrants
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|
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-
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|
|
|
-
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|
|
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-
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|
|
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-
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Debt Securities
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|
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-
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|
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-
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|
|
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-
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-
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Units
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-
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-
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-
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-
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Total
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-
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-
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$
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200,000,000
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(2)
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$
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18,540.00
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(1)
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Beyond
Air, Inc., or the registrant, is registering under this registration statement such indeterminate
number of shares of common stock and preferred stock, such indeterminate principal amount
of debt securities, such indeterminate number of warrants to purchase common stock, preferred
stock and/or debt securities, and such indeterminate number of units as may be sold by the
registrant from time to time, which together shall have an aggregate initial offering price
not to exceed $200,000,000. If the registrant issues any debt securities at an original issue
discount, then the offering price of such debt securities shall be in such greater principal
amount at maturity as shall result in an aggregate offering price not to exceed $200,000,000,
less the aggregate dollar amount of all securities previously issued hereunder. The registrant
may sell any securities the registrant is registering under this registration statement separately
or as units with one or more of the other securities the registrant is registering under
this registration statement. The registrant will determine, from time to time, the proposed
maximum offering price per unit in connection with its issuance of the securities the registrant
is registering under this registration statement. The securities the registrant is registering
under this registration statement also include such indeterminate number of shares of common
stock and preferred stock and amount of debt securities as the registrant may issue upon
conversion of or exchange for preferred stock or debt securities that provide for conversion
or exchange, upon exercise of warrants or pursuant to the antidilution provisions of any
of such securities. In addition, pursuant to Rule 416 under the Securities Act of 1933, as
amended, or the Securities Act, the shares the registrant is registering under this registration
statement include such indeterminate number of shares of common stock and preferred stock
as may be issuable with respect to the shares the registrant is registering as a result of
stock splits, stock dividends or similar transactions.
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(2)
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The
registrant will determine the proposed maximum aggregate offering price per class of security
from time to time in connection with the registrant’s issuance of the securities the
registrant is registering under this registration statement and the registrant is not specifying
such price as to each class of security pursuant to General Instruction II.D. of Form S-3
under the Securities Act. The proposed maximum aggregate offering price has been estimated
solely for the purpose of calculating the registration fee in accordance with Rule 457(o)
under the Securities Act. The aggregate maximum offering price of all securities issued pursuant
to this registration statement will not exceed $200,000,000.
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The
Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this registration statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The
information contained in this prospectus is not complete and may be changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and
it is not soliciting an offer to buy these securities in any state where such offer or sale is not permitted.
SUBJECT
TO COMPLETION, DATED JANUARY 24, 2022
PROSPECTUS
$200,000,000
Common
Stock
Preferred
Stock
Warrants
Debt
Securities
Units
We
may offer to the public from time to time in one or more series or issuances:
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shares
of our common stock;
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shares
of our preferred stock;
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warrants
to purchase shares of our common stock, preferred stock and/or debt securities;
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debt
securities consisting of debentures, notes or other evidences of indebtedness;
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units
consisting of a combination of the foregoing securities; or
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any
combination of these securities.
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The
aggregate initial offering price of all securities sold by us pursuant to this prospectus will not exceed $200,000,000.
This
prospectus provides a general description of the securities that we may offer. Each time that we offer securities under this prospectus,
we will provide the specific terms of the securities offered, including the public offering price, in a supplement to this prospectus.
Any prospectus supplement may add to, update or change information contained in this prospectus.
The
securities may be sold by us to or through underwriters or dealers, directly to purchasers or through agents designated from time to
time. For additional information on the methods of sale, you should refer to the section entitled “Plan of Distribution”
in this prospectus and the comparable section of any applicable prospectus supplement. If any underwriters are involved in the sale of
the securities with respect to which this prospectus is being delivered, the names of such underwriters and any applicable discounts
or commissions and over-allotment options will be set forth in the applicable prospectus supplement.
Our
common stock trades on the Nasdaq Capital Market under the ticker symbol “XAIR.” On January 21, 2022, the last reported
sale price per share of our common stock was $6.77. We have not yet determined whether the other securities that may be offered
by this prospectus will be listed on any exchange, interdealer quotation system or over-the-counter market. If we decide to seek the
listing of any such securities upon issuance, the prospectus supplement relating to those securities will disclose the exchange, quotation
system or market on which those securities will be listed.
INVESTING
IN OUR SECURITIES INVOLVES A HIGH DEGREE OF RISK. RISKS ASSOCIATED WITH AN INVESTMENT IN OUR SECURITIES WILL BE DESCRIBED IN THE APPLICABLE
PROSPECTUS SUPPLEMENT AND CERTAIN OF OUR FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION INCORPORATED BY REFERENCE INTO THIS PROSPECTUS,
AS DESCRIBED UNDER “RISK FACTORS” ON PAGE 4.
You
should read this prospectus and any applicable prospectus supplement together with additional information described under the heading
“Where You Can Find More Information” before you make your investment decision.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The
date of this prospectus is , 2022.
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is a part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission, or the SEC, using
a “shelf” registration process. Under this shelf registration process, we may offer to sell any of the securities, or any
combination of the securities, described in this prospectus, in each case in one or more offerings, up to a total dollar amount of $200,000,000.
This
prospectus provides you only with a general description of the securities that we may offer. Each time securities are sold under the
shelf registration statement, we will provide a prospectus supplement that will contain specific information about the terms of those
securities and the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus.
If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the information
in the prospectus supplement. You should read both this prospectus and any prospectus supplement, including all documents incorporated
by reference herein and therein, together with the additional information described under “Where You Can Find More Information”
below.
The
information contained in this prospectus is not complete and may be changed. You should rely only on the information provided in or incorporated
by reference in this prospectus or in any prospectus supplement, or documents to which we otherwise refer you. We have not authorized
anyone else to provide you with different information.
We
have not authorized any dealer, agent or other person to give any information or to make any representation other than those contained
or incorporated by reference in this prospectus and any accompanying prospectus supplement. You must not rely upon any information or
representation not contained or incorporated by reference in this prospectus or an accompanying prospectus supplement. This prospectus
and the accompanying prospectus supplement, if any, do not constitute an offer to sell or the solicitation of an offer to buy any securities
other than the registered securities to which they relate, nor do this prospectus and the accompanying prospectus supplement, if any,
constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction to any person to whom it is unlawful
to make such offer or solicitation in such jurisdiction. You should not assume that the information contained in this prospectus and
the accompanying prospectus supplement, if any, is accurate on any date subsequent to the date set forth on the front of such document
or that any information we have incorporated by reference is correct on any date subsequent to the date of the document incorporated
by reference, even though this prospectus and any accompanying prospectus supplement is delivered or securities are sold on a later date.
References
in this prospectus to the terms “the Company,” “Beyond Air,” “we,” “our” and “us”
or other similar terms mean Beyond Air, Inc. and our wholly owned subsidiaries, unless we state otherwise or the context indicates otherwise.
FORWARD-LOOKING
STATEMENTS
This
prospectus and the documents incorporated by reference herein contain, and any prospectus supplement and the documents incorporated therein,
contain forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking
statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements
other than statements of historical facts contained in this prospectus, any prospectus supplement or the documents incorporated herein
and therein by reference, including statements regarding our future results of operations and financial position, business strategy,
prospective product candidates and products, product approvals, timing of our clinical development activities, research and development
costs, timing and likelihood of success and the plans and objectives of management for future operations and future results of anticipated
products are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors
that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements
express or implied by the forward-looking statements.
In
some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,”
“expect,” “plan,” “anticipate,” “expect,” “could,” “intend,”
“target,” “project,” “contemplate,” “believe,” “estimate,” “predict,”
“potential” or “continue” or the negative of these terms or other similar conditional expressions. The forward-looking
statements in this prospectus, any prospectus supplement or the documents incorporated herein and therein by reference, are only predictions.
We have based these forward-looking statements largely on our current expectations and projections about future events and financial
trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak
only as of the date of this prospectus and are subject to a number of important factors that could cause actual results to differ materially
from those in the forward-looking statements, including the factors described under Item 1A “Risk Factors” contained in our
most recently filed Annual Report on Form 10-K, as well as the following:
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our
status as a development-stage company and our expectation to incur losses in the future;
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our
future capital needs and our need to raise additional funds;
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our
ability to obtain U.S. Food and Drug Administration (“FDA”) approval of the Premarket
Approval Application for the LungFit® system;
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our
ability to build a pipeline of product candidates and develop and commercialize products;
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our
ability to enroll patients in clinical trials, timely and successfully complete those trials
and receive necessary regulatory approvals;
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our
ability to maintain our existing or future collaborations or licenses;
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our
ability to protect and enforce our intellectual property rights;
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federal,
state and foreign regulatory requirements, including the FDA regulation of our product candidates;
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our
ability to obtain and retain key executives and attract and retain qualified personnel;
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our
ability to successfully manage our growth; and
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our
ability to address business disruption and related risks resulting from the COVID-19 pandemic,
which could have a material adverse effect on our business plan.
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Moreover,
we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management
to predict all risk factors and uncertainties.
We
cannot guarantee that the results and other expectations expressed, anticipated or implied in any forward-looking statement will be realized.
The risks set forth under Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2021, as revised or supplemented
by our Quarterly Reports on Form 10-Q and other documents we file with the SEC, describe major risks to our business, and you should
read and interpret any forward-looking statements together with these risks. A variety of factors, including these risks, could cause
our actual results and other expectations to differ materially from the anticipated results or other expectations expressed, anticipated
or implied in our forward-looking statements. Should known or unknown risks materialize, or should underlying assumptions prove inaccurate,
actual results could differ materially from past results and those anticipated, estimated or projected in the forward-looking statements.
You should bear this in mind as you consider any forward-looking statements.
You
should read this prospectus, any prospectus supplement and the documents that we incorporate by reference herein and therein completely
and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking
statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking
statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
MARKET,
INDUSTRY AND OTHER DATA
This
prospectus and any applicable prospectus supplement and the documents incorporated by reference herein and therein contain estimates,
projections, market research and other information concerning our industry, our business, markets for LungFit® PH and
our other product candidates and the size of those markets, the prevalence of certain medical conditions, LungFit® PH
market access, prescription data and other physician, patient and payor data. Unless otherwise expressly stated, we obtain this information
from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical
and general publications, government data and similar sources as well as from our own internal estimates and research and from publications,
research, surveys and studies conducted by third parties on our behalf. Information that is based on estimates, projections, market research
or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events
and circumstances that are reflected in this information. As a result, you are cautioned not to give undue weight to such information.
SUMMARY
This
summary highlights selected information from this prospectus and does not contain all of the information that you need to consider in
making your investment decision. You should carefully read the entire prospectus, the applicable prospectus supplement and any related
free writing prospectus, including the risks of investing in our securities discussed under the heading “Risk Factors” contained
in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that
are incorporated by reference into this prospectus. You should also carefully read the information incorporated by reference into this
prospectus, including our financial statements, and the exhibits to the registration statement of which this prospectus is a part.
Company
Overview
We
are a clinical-stage medical device and biopharmaceutical company developing a nitric oxide (“NO”) generator and delivery
system (the “LungFit® system”) capable of generating NO from ambient air. The LungFit® platform
can generate NO up to 400 parts per million for delivery to a patient’s lungs directly or via a ventilator. LungFit® can
deliver NO either continuously or for a fixed amount of time at various flow rates and has the ability to either titrate dose on demand
or maintain a constant dose. We believe that LungFit® can be used to treat patients on ventilators that require NO, as
well as patients with chronic or acute severe lung infections via delivery through a breathing mask or similar apparatus. Furthermore,
we believe that there is a high unmet medical need for patients suffering from certain severe lung infections that the LungFit®
platform can potentially address. The Company’s current areas of focus with LungFit® are persistent pulmonary
hypertension of the newborn (PPHN), acute viral pneumonia (AVP) including COVID-19, bronchiolitis (BRO) and nontuberculous mycobacteria
(NTM) lung infection. The Company’s current product candidates will be subject to premarket reviews and approvals by the FDA, CE
marking conformity assessment by a notified body in the European Union, as well as similar regulatory agencies’ reviews or approvals
in other countries or regions. If approved, the Company’s system will be marketed as a medical device in the U.S.
For
more information about the Company, please refer to other documents that we have filed with the SEC and that are incorporated by reference
into this prospectus, as listed under the heading “Incorporation by Reference.”
Corporate
Information
We
were incorporated on April 28, 2015 under Delaware law. On June 25, 2019, our name was changed to Beyond Air, Inc. from AIT Therapeutics,
Inc.
Our
principal executive offices are located at 900 Stewart Avenue, Suite 301, Garden City, New York 11530, and our telephone number is (516)
665-8200. Our website address is www.beyondair.net. The information contained on, or that can be accessed through, our website is not
part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.
Beyond
AirTM, the Beyond Air logo and other trademarks or service marks of Beyond Air, Inc. appearing in this prospectus are the
property of Beyond Air, Inc. This prospectus and any applicable prospectus supplement and the documents incorporated by reference herein
and therein may also include trademarks, tradenames and service marks that are the property of other organizations. Solely for convenience,
trademarks and tradenames referred to in this prospectus and any applicable prospectus supplement and the documents incorporated by reference
herein and therein appear without the ® and ™ symbols, but those references are not intended to indicate, in any way, that
we will not assert, to the fullest extent under applicable law, our rights, or that the applicable owner will not assert its rights,
to these trademarks and tradenames.
RISK
FACTORS
Investing
in our securities involves a high degree of risk. The prospectus supplement applicable to each offering of our securities will contain
a discussion of the risks applicable to an investment in our securities. Prior to making a decision about investing in our securities,
you should carefully consider the specific factors discussed under the heading “Risk Factors” in the applicable prospectus
supplement, together with all of the other information contained or incorporated by reference in the prospectus supplement or appearing
or incorporated by reference in this prospectus. You should also consider the risks, uncertainties and assumptions discussed under the
heading “Risk Factors” in our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q and other documents
that we file with the SEC, which are incorporated herein by reference as described in this prospectus under the heading “Where
You Can Find More Information”. The risks and uncertainties we have described in such documents are not the only risks that we
face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our operations.
USE
OF PROCEEDS
Except
as otherwise provided in the applicable prospectus supplement relating to a specific offering, we intend to use the net proceeds from
the sale of securities by us under this prospectus for general corporate purposes, which may include working capital, capital expenditures,
research and development expenditures, clinical trial expenditures, commercial expenditures, acquisitions of new technologies, products
or businesses, and investments. Additional information on the use of net proceeds from the sale of securities by us under this prospectus
may be set forth in the prospectus supplement relating to the specific offering.
PLAN
OF DISTRIBUTION
We
may sell the securities, from time to time pursuant to public offerings, negotiated transactions, block trades, “At the Market
Offerings,” within the meaning of Rule 415(a)(4) of the Securities Act into an existing trading market, at prevailing market prices,
or a combination of these methods. We may sell the securities to or through underwriters or dealers, through agents or remarketing firms,
or directly to one or more purchasers. We may distribute securities from time to time in one or more transactions:
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at
a fixed price or prices, which may be changed;
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at
market prices prevailing at the time of sale;
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at
prices related to such prevailing market prices; or
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at
negotiated prices.
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A
prospectus supplement or supplements (and any related free writing prospectus that we may authorize to be provided to you) will describe
the terms of the offering of the securities, including, to the extent applicable:
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the
name or names of the underwriters, dealers or agents, if any;
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if
the securities are to be offered through the selling efforts of brokers or dealers, the plan
of distribution and the terms of any agreement, arrangement, or understanding entered into
with broker(s) or dealer(s) prior to the effective date of the registration statement, and,
if known, the identity of any broker(s) or dealer(s) who will participate in the offering
and the amount to be offered through each;
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the
purchase price of the securities or other consideration therefor, and the proceeds, if any,
we will receive from the sale;
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if
any of the securities being registered are to be offered otherwise than for cash, the general
purposes of the distribution, the basis upon which the securities are to be offered, the
amount of compensation and other expenses of distribution, and by whom they are to be borne;
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any
delayed delivery arrangements;
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any
options under which underwriters may purchase additional securities from us;
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any
agency fees or underwriting discounts and other items constituting agents’ or underwriters’
compensation;
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any
public offering price;
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any
discounts, commissions or concessions allowed or reallowed or paid to dealers;
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the
identity and relationships of any finders, if applicable; and
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any
securities exchange or market on which the securities may be listed.
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Only
underwriters named in the prospectus supplement will be underwriters of the securities offered by the prospectus supplement.
If
underwriters are used in the sale, they will acquire the securities for their own account and may resell the securities from time to
time in one or more transactions at a fixed public offering price or at varying prices determined at the time of sale. The obligations
of the underwriters to purchase the securities will be subject to the conditions set forth in the applicable underwriting agreement.
We may offer the securities to the public through underwriting syndicates represented by managing underwriters or by underwriters without
a syndicate. Unless otherwise indicated in the prospectus supplement, subject to certain conditions, the underwriters will be obligated
to purchase all of the securities offered by the prospectus supplement, other than securities covered by any over-allotment or other
option. Any public offering price and any discounts or concessions allowed or reallowed or paid to dealers may change from time to time.
We may use underwriters, dealers or agents with whom we have a material relationship. We will describe in the prospectus supplement,
naming the underwriter, dealer or agent, the nature of any such relationship.
We
may use a remarketing firm to offer the securities in connection with a remarketing arrangement upon their purchase. Remarketing firms
will act as principals for their own account or as agents for us. These remarketing firms will offer or sell the securities pursuant
to the terms of the securities. A prospectus supplement will identify any remarketing firm and the terms of its agreement, if any, with
us and will describe the remarketing firm’s compensation. Remarketing firms may be deemed to be underwriters in connection the
securities they remarket.
If
we offer and sell securities through a dealer, we or an underwriter will sell the securities to the dealer, as principal. The dealer
may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale. The name of the
dealer and the terms of the transaction will be set forth in the applicable prospectus supplement.
We
may sell securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale
of securities and we will describe any commissions we will pay to the agent in the prospectus supplement. Unless the prospectus supplement
states otherwise, our agent will act on a best-efforts basis for the period of its appointment.
Dealers
and agents participating in the distribution of the securities may be deemed to be underwriters, and compensation received by them on
resale of the securities may be deemed to be underwriting discounts. If such dealers or agents were deemed to be underwriters, they may
be subject to statutory liabilities under the Securities Act.
We
may sell securities directly to one or more purchasers without using underwriters or agents. Underwriters, dealers and agents that participate
in the distribution of the securities may be underwriters as defined in the Securities Act, and any discounts or commissions they receive
from us and any profit on their resale of the securities may be treated as underwriting discounts and commissions under the Securities
Act.
We
may authorize agents or underwriters to solicit offers by certain types of institutional investors to purchase securities from us at
the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery
on a specified date in the future. We will describe the conditions to these contracts and the commissions we must pay for solicitation
of these contracts in the prospectus supplement.
We
may provide agents, underwriters and dealers with indemnification against civil liabilities, including liabilities under the Securities
Act, or contribution with respect to payments that the agents, underwriters or dealers may make with respect to these liabilities. Agents,
underwriters and dealers, or their respective affiliates, may engage in transactions with, or perform services for, us in the ordinary
course of business.
All
securities we may offer, other than common stock, will be new issues of securities with no established trading market. Any underwriter
may make a market in these securities, but will not be obligated to do so and may discontinue any market making at any time without notice.
We cannot guarantee the liquidity of the trading markets for any securities.
Any
underwriter may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation
M under the Exchange Act. Over-allotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions
permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum price. Syndicate-covering
or other short-covering transactions involve purchases of the securities, either through exercise of the over-allotment option or in
the open market after the distribution is completed, to cover short positions. Penalty bids permit the underwriters to reclaim a selling
concession from a dealer when the securities originally sold by the dealer are purchased in a stabilizing or covering transaction to
cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced,
the underwriters may discontinue any of the activities at any time.
Any
underwriters that are qualified market makers on the Nasdaq Stock Market may engage in passive market making transactions in the common
stock on the Nasdaq Stock Market in accordance with Regulation M under the Securities Exchange Act of 1934, as amended, or the Exchange
Act, during the business day prior to the pricing of the offering, before the commencement of offers or sales of the common stock. Passive
market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a
passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent
bids are lowered below the passive market maker’s bid, however, the passive market maker’s bid must then be lowered when
certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which
might otherwise prevail in the open market and, if commenced, may be discontinued at any time.
GENERAL
DESCRIPTION OF OUR SECURITIES
We
may offer and sell, at any time and from time to time:
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shares
of our common stock;
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shares
of our preferred stock;
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warrants
to purchase shares of our common stock, preferred stock and/or debt securities;
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debt
securities consisting of debentures, notes or other evidences of indebtedness;
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units
consisting of a combination of the foregoing securities; or
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any
combination of these securities.
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The
terms of any securities we offer will be determined at the time of sale. We may issue debt securities that are exchangeable for and/or
convertible into common stock or any of the other securities that may be sold under this prospectus. When particular securities are offered
by us, a supplement to this prospectus will be filed with the SEC, which will describe the terms of the offering and sale of the offered
securities.
DESCRIPTION
OF OUR COMMON STOCK
The
following summary of the terms of our common stock is subject to and qualified in its entirety by reference to our certificate of incorporation
and bylaws, copies of which are on file with the SEC as exhibits to previous filings with the SEC. Please refer to “Where You Can
Find More Information” below for directions on obtaining these documents.
Our
certificate of incorporation authorizes us to issue up to 110,000,000 shares, 100,000,000 of which is designated as common stock with
a par value of $0.0001 per share. As of January 19, 2022, there were 29,798,950 shares of common stock outstanding, held by 106 stockholders
of record. This figure does not reflect the number of beneficial owners of shares of our common stock as a single stockholder of record
often holds shares in nominee name (also referred to as, in “street name”) on behalf of multiple beneficial owners.
Voting
Rights
Holders
of shares of our common stock are entitled to one vote for each share held of record on all matters to be voted on by stockholders, including
the election of directors. When a quorum is present at any meeting, a plurality of the votes properly cast for election to any office
shall elect to such office and a majority of the votes properly cast upon any question other than an election to an office shall decide
the question, except when a larger vote is required by law, by our certificate of incorporation or by our bylaws.
Our
certificate of incorporation and bylaws do not provide for cumulative voting rights. Because of this, the holders of a majority of the
shares of common stock entitled to vote in any election of directors can elect all of the directors standing for election, if they should
so choose.
Dividend
Rights
Subject
to the preferences that may be applicable to any then outstanding preferred stock, the holders of our outstanding shares of common stock
are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds.
We have never paid a dividend and we do not anticipate paying a dividend in the foreseeable future.
Liquidation
Rights
In
the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in the net assets
legally available for distribution to stockholders after the payment of all of our debts and other liabilities, subject to the satisfaction
of any liquidation preference granted to the holders of any outstanding shares of preferred stock.
Other
Rights and Preferences
The
terms of our common stock do not include any preemptive, conversion or subscription rights, nor any redemption or sinking fund provisions.
The common stock is not subject to future calls or assessments by us. The rights, preferences and privileges of the holders of our common
stock are subject to, and may be adversely affected by, the rights of shares of any series of our preferred stock that we may classify
and issue in the future.
Outstanding
Stock Options
As
of January 19, 2022, we had outstanding options to purchase 4,102,631 shares of our common stock at a weighted-average exercise
price of $5.15 per share, pursuant to our Third Amended and Restated 2013 Equity Incentive Plan (the “2013 Plan”).
As of January 19, 2022, there were 233,761 shares of our common stock reserved for future issuance under our 2013 Plan.
As
of January 19, 2022, we had outstanding options to purchase 75,000 shares of our common stock at a weighted-average exercise price of
$10.68 per share, which options were issued outside of our equity compensation plans as an inducement material to certain individuals
entering into employment with us in accordance with Nasdaq Listing Rule 5635(c)(4).
Outstanding
Stock Units
As
of January 19, 2022, we had 584,600 shares of our common stock underlying outstanding restricted stock units pursuant to our 2013 Plan.
2021
Employee Stock Purchase Plan
As
of January 19, 2022, there were 750,000 shares of our common stock reserved for future issuance under our 2021 Employee Stock Purchase
Plan.
Outstanding
Warrants
As
of January 19, 2022, we had outstanding:
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warrants
held by investors in a March 2017 offering, to purchase up to an aggregate of 68,330 shares
of our common stock, at an exercise price of $3.66 per share.
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warrants
held by the placement agent in a March 2017 offering, to purchase up to an aggregate of 7,541
shares of our common stock, at an exercise price of $3.66 per share.
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warrants
held by NitricGen, Inc. in partial consideration for a licensing agreement to purchase up
to an aggregate of 80,000 shares of our common stock, at an exercise price of $6.90 per share.
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warrants
held by a third party pursuant to a third-party license agreement, to purchase up to an aggregate
of 208,333 shares of our common stock, at an exercise price of $4.80 per share.
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warrants
held by lenders in a March 2020 loan, to purchase up to an aggregate of 172,187 shares of
our common stock, at an exercise price of $7.26 per share.
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The
warrants issued in the March 2017 offering have down round protection.
Description
of Certain Provisions of Delaware Law and our Certificate of Incorporation and Bylaws
Section
203 of the Delaware General Corporation Law
We
are subject to the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a publicly held
Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a three-year
period following the time that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed
manner. Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies
one of the following conditions:
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prior
to the date of the transaction, the board of directors of the corporation approved either
the business combination or the transaction which resulted in the stockholder becoming an
interested stockholder;
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the
interested stockholder owned at least 85% of the voting stock of the corporation outstanding
upon consummation of the transaction, excluding for purposes of determining the number of
shares outstanding (1) shares owned by persons who are directors and also officers and (2)
shares owned by employee stock plans in which employee participants do not have the right
to determine confidentially whether shares held subject to the plan will be tendered in a
tender or exchange offer; or
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on
or subsequent to the consummation of the transaction, the business combination is approved
by the board of directors and authorized at an annual or special meeting of stockholders,
and not by written consent, by the affirmative vote of at least 66-2/3% of the outstanding
voting stock which is not owned by the interested stockholder.
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Section
203 defines a business combination to include:
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any
merger or consolidation involving the corporation and the interested stockholder;
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any
sale, transfer, lease, pledge or other disposition involving the interested stockholder of
10% or more of the assets of the corporation;
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subject
to exceptions, any transaction that results in the issuance or transfer by the corporation
of any stock of the corporation to the interested stockholder;
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subject
to exceptions, any transaction involving the corporation that has the effect of increasing
the proportionate share of the stock of any class or series of the corporation beneficially
owned by the interested stockholder; and
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the
receipt by the interested stockholder of the benefit of any loans, advances, guarantees,
pledges or other financial benefits provided by or through the corporation.
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In
general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting
stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person.
Certificate
of Incorporation and Bylaws
Provisions
of our certificate of incorporation and bylaws may delay or discourage transactions involving an actual or potential change of control
or change in our management, including transactions in which stockholders might otherwise receive a premium for their shares, or transactions
that our stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price
of our common stock. Among other things, our certificate of incorporation and our bylaws:
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permit
our board of directors to issue up to 10,000,000 shares of preferred stock, with any rights,
preferences and privileges as it may designate, which issuance could result in the loss of
voting control by other stockholders;
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subject
to the rights of the holders of any series of preferred stock, provide that all vacancies
on our board of directors, including as a result of newly created directorships, may, except
as otherwise required by law, be filled only by the affirmative vote of a majority of directors
then in office, even if less than a quorum;
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provide
that stockholders seeking to present proposals before a meeting of stockholders or to nominate
candidates for election as directors at a meeting of stockholders must provide advance notice
in writing, and also specify requirements as to the form and content of a stockholder’s
notice;
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do
not provide for cumulative voting rights, thereby allowing the holders of a majority of the
shares of common stock entitled to vote in any election of directors to elect all of the
directors standing for election;
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provide
that special meetings of our stockholders may be called only by the (i) the chairperson of
the board; (ii) our chief executive officer; or (iii) a majority of the number of authorized
directors; and
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provide
that the Court of Chancery of the State of Delaware is the sole and exclusive forum for:
(A) any derivative action or proceeding brought on behalf of us; (B) any action asserting
a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees
to us or our stockholders; (C) any action asserting a claim against us arising pursuant to
any provision of the Delaware General Corporation Law, our certificate of incorporation or
our bylaws; or (D) any action asserting a claim against us governed by the internal affairs
doctrine. Any person or entity purchasing or otherwise acquiring any interest in shares of
our capital stock shall be deemed to have notice of and to have consented to the foregoing
exclusive forum. Section 27 of the Exchange Act creates exclusive federal jurisdiction over
all suits brought to enforce any duty or liability created by the Exchange Act or the rules
and regulations thereunder. As a result, the exclusive forum provision will not apply to
suits brought to enforce any duty or liability created by the Exchange Act or any other claim
for which the federal courts have exclusive jurisdiction. In addition, Section 22 of the
Securities Act creates concurrent jurisdiction for federal and state courts over all suits
brought to enforce any duty or liability created by the Securities Act or the rules and regulations
thereunder. As a result, the exclusive forum provision will not apply to suits brought to
enforce any duty or liability created by the Securities Act or any other claim for which
the federal and state courts have concurrent jurisdiction.
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The
Nasdaq Capital Market
Our
shares of common stock are listed for trading on the Nasdaq Capital Market under the symbol “XAIR.”
Transfer
Agent and Registrar
The
transfer agent and registrar for our common stock is Action Stock Transfer Corporation.
DESCRIPTION
OF OUR PREFERRED STOCK
We
currently have authorized 10,000,000 shares of preferred stock, par value $0.0001 per share, of which no shares have been designated.
Our
board of directors may, without further action by our stockholders, from time to time, direct the issuance of shares of preferred stock
in series and may, at the time of issuance, determine and fix the number of shares of such series and the designation of such series,
the voting powers, if any, of the shares of such series, the preferences and relative, participating, optional or other special rights,
if any, and the qualifications, limitations or restrictions thereof, including without limitation thereof, dividend rights, conversion
rights, redemption privileges and liquidation preferences, of the shares of such series. Satisfaction of any dividend preferences of
outstanding shares of our preferred stock would reduce the amount of funds available for the payment of dividends on shares of our common
stock. Holders of shares of our preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution
or winding-up of our Company before any payment is made to the holders of shares of our common stock. In some circumstances, the issuance
of shares of preferred stock may render more difficult or tend to discourage a merger, tender offer or proxy contest, the assumption
of control by a holder of a large block of our securities or the removal of incumbent management. Upon the affirmative vote of our board
of directors, without stockholder approval, we may issue shares of preferred stock with voting and conversion rights which could adversely
affect the holders of shares of our common stock. It is not possible to state the actual effect of the issuance of any shares of preferred
stock on the rights of holders of common stock until the board of directors determines the specific rights attached to that preferred
stock. We have no current plan to issue any shares of preferred stock.
If
we offer a specific series of preferred stock under this prospectus, we will describe the terms of the preferred stock in the prospectus
supplement for such offering and will file a copy of the certificate establishing the terms of the preferred stock with the SEC. To the
extent required, this description will include:
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the
title and stated value;
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the
number of shares offered, the liquidation preference per share, and the purchase price;
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the
dividend rate(s), period(s), and/or payment date(s), or method(s) of calculation for such
dividends;
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whether
dividends will be cumulative or non-cumulative and, if cumulative, the date from which dividends
will accumulate;
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the
procedures for any auction and remarketing, if any;
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the
provisions for a sinking fund, if any;
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the
provisions for redemption, if applicable;
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any
listing of the preferred stock on any securities exchange or market;
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whether
the preferred stock will be convertible into our common stock or our other securities and,
if applicable, the conversion price (or how it will be calculated), the conversion period
and any other terms of conversion (including any anti-dilution provisions, if any);
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whether
the preferred stock will be exchangeable into debt securities, and, if applicable, the exchange
price (or how it will be calculated), the exchange period and any other terms of exchange
(including any anti-dilution provisions, if any);
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voting
rights, if any, of the preferred stock;
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a
discussion of any material and/or special U.S. federal income tax considerations applicable
to the preferred stock;
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the
relative ranking and preferences of the preferred stock as to dividend rights and rights
upon liquidation, dissolution, or winding up of our affairs;
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any
material limitations on issuance of any class or series of preferred stock ranking senior
to or on a parity with the series of preferred stock as to dividend rights and rights upon
our liquidation, dissolution, or winding up; and
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any
other affirmative, negative or other covenants or contractual rights which might be attendant
with the specific series of preferred stock.
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The
preferred stock offering by this prospectus, when issued, will not have, or be subject to, any preemptive or similar rights.
Transfer
Agent and Registrar
The
transfer agent and registrar for any series of preferred stock will be set forth in each applicable prospectus supplement.
DESCRIPTION
OF OUR WARRANTS
We
may issue warrants to purchase shares of our common stock, preferred stock and/or debt securities in one or more series together with
other securities or separately, as described in each applicable prospectus supplement. Below is a description of certain general terms
and provisions of the warrants that we may offer. Particular terms of the warrants will be described in the applicable warrant agreements
and the applicable prospectus supplement for the warrants.
The
applicable prospectus supplement will contain, where applicable, the following terms of and other information relating to the warrants:
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the
specific designation and aggregate number of, and the price at which we will issue, the warrants;
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the
currency or currency units in which the offering price, if any, and the exercise price are
payable;
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the
designation, amount and terms of the securities purchasable upon exercise of the warrants;
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if
applicable, the exercise price for shares of our common stock and the number of shares of
common stock to be received upon exercise of the warrants;
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if
applicable, the exercise price for shares of our preferred stock, the number of shares of
preferred stock to be received upon exercise of the warrants, and a description of that series
of our preferred stock;
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if
applicable, the exercise price for our debt securities, the amount of our debt securities
to be received upon exercise of the warrants, and a description of that series of debt securities;
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the
date on which the right to exercise the warrants will begin and the date on which that right
will expire or, if the warrants may not be continuously exercised throughout that period,
the specific date or dates on which the warrants may be exercised;
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whether
the warrants will be issued in fully registered form or bearer form, in definitive or global
form or in any combination of these forms, although, in any case, the form of a warrant included
in a unit will correspond to the form of the unit and of any security included in that unit;
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any
applicable material U.S. federal income tax or foreign tax consequences;
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the
identity of the warrant agent for the warrants, if any, and of any other depositaries, execution
or paying agents, transfer agents, registrars or other agents;
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the
proposed listing, if any, of the warrants or any securities purchasable upon exercise of
the warrants on any securities exchange or market;
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if
applicable, the date from and after which the warrants and the common stock, preferred stock
and/or debt securities will be separately transferable;
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if
applicable, the minimum or maximum amount of the warrants that may be exercised at any one
time;
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information
with respect to book-entry procedures, if any
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the
anti-dilution provisions of the warrants, if any;
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any
redemption, put or call provisions;
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whether
the warrants are to be sold separately or with other securities as parts of units; and
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any
additional terms of the warrants, including terms, procedures and limitations relating to
the exchange and exercise of the warrants.
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Transfer
Agent and Registrar
The
transfer agent and registrar for any warrants will be set forth in the applicable prospectus supplement.
Description
of Outstanding Warrants
As
of January 19, 2022, there were a total of 536,391 warrants to purchase shares of our common stock outstanding. See “Description
of Our Capital Stock - Description of Our Common Stock – Outstanding Warrants.”
DESCRIPTION
OF OUR DEBT SECURITIES
This
section describes the general terms and provisions of the debt securities that we may offer under this prospectus, any of which may be
issued as convertible or exchangeable debt securities. We will set forth the particular terms of the debt securities we offer in a prospectus
supplement. The extent, if any, to which the following general provisions apply to particular debt securities will be described in the
applicable prospectus supplement. The following description of general terms relating to the debt securities and the indenture under
which the debt securities will be issued are summaries only and therefore are not complete. You should read the indenture and the prospectus
supplement regarding any particular issuance of debt securities.
We
will issue the debt securities offered by this prospectus and any accompanying prospectus supplement under an indenture to be entered
into between us and the trustee identified in the applicable prospectus supplement. The terms of the debt securities will include those
stated in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939, as in effect on the date
of the indenture. We have filed or will file a copy of the form of indenture as an exhibit to the registration statement in which this
prospectus is included. The indenture will be subject to and governed by the terms of the Trust Indenture Act of 1939.
We
may offer under this prospectus up to an aggregate principal amount of $200,000,000 in debt securities, or if debt securities are issued
at a discount, or in a foreign currency, foreign currency units or composite currency, the principal amount as may be sold for an aggregate
initial public offering price of up to $200,000,000. Unless otherwise specified in the applicable prospectus supplement, the debt securities
will represent direct, unsecured obligations of Beyond Air and will rank equally with all of our other unsecured indebtedness.
The
following statements relating to the debt securities and the indenture are summaries, qualified in their entirety by reference to the
detailed provisions of the indenture and the final form indenture as may be filed with a future prospectus supplement.
General
We
may issue the debt securities in one or more series with the same or various maturities, at par, at a premium, or at a discount. We will
describe the particular terms of each series of debt securities in a prospectus supplement relating to that series, which we will file
with the SEC.
The
prospectus supplement will set forth, to the extent required, the following terms of the debt securities in respect of which the prospectus
supplement is delivered:
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the
title of the series;
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the
aggregate principal amount;
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the
issue price or prices, expressed as a percentage of the aggregate principal amount of the
debt securities;
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any
limit on the aggregate principal amount;
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the
date or dates on which principal is payable;
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the
interest rate or rates (which may be fixed or variable) or, if applicable, the method used
to determine such rate or rates;
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the
date or dates from which interest, if any, will be payable and any regular record date for
the interest payable;
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the
place or places where principal and, if applicable, premium and interest, is payable;
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the
terms and conditions upon which we may, or the holders may require us to, redeem or repurchase
the debt securities;
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the
denominations in which such debt securities may be issuable, if other than denominations
of $1,000 or any integral multiple of that number;
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whether
the debt securities are to be issuable in the form of certificated debt securities (as described
below) or global debt securities (as described below);
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the
portion of principal amount that will be payable upon declaration of acceleration of the
maturity date if other than the principal amount of the debt securities;
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the
currency of denomination;
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the
designation of the currency, currencies or currency units in which payment of principal and,
if applicable, premium and interest, will be made;
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if
payments of principal and, if applicable, premium or interest, on the debt securities are
to be made in one or more currencies or currency units other than the currency of denomination,
the manner in which the exchange rate with respect to such payments will be determined;
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if
amounts of principal and, if applicable, premium and interest may be determined by reference
to an index based on a currency or currencies or by reference to a commodity, commodity index,
stock exchange index or financial index, then the manner in which such amounts will be determined;
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the
provisions, if any, relating to any collateral provided for such debt securities;
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any
addition to or change in the covenants and/or the acceleration provisions described in this
prospectus or in the indenture;
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any
events of default, if not otherwise described below under “Events of Default”;
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the
terms and conditions, if any, for conversion into or exchange for shares of our common stock
or preferred stock;
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any
depositaries, interest rate calculation agents, exchange rate calculation agents or other
agents; and
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the
terms and conditions, if any, upon which the debt securities shall be subordinated in right
of payment to other indebtedness of Beyond Air.
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We
may issue discount debt securities that provide for an amount less than the stated principal amount to be due and payable upon acceleration
of the maturity of such debt securities in accordance with the terms of the indenture. We may also issue debt securities in bearer form,
with or without coupons. If we issue discount debt securities or debt securities in bearer form, we will describe material U.S. federal
income tax considerations and other material special considerations that apply to these debt securities in the applicable prospectus
supplement.
We
may issue debt securities denominated in or payable in a foreign currency or currencies or a foreign currency unit or units. If we do,
we will describe the restrictions, elections, and general tax considerations relating to the debt securities and the foreign currency
or currencies or foreign currency unit or units in the applicable prospectus supplement.
Exchange
and/or Conversion Rights
We
may issue debt securities which can be exchanged for or converted into shares of our common stock or preferred stock. If we do, we will
describe the terms of exchange or conversion in the prospectus supplement relating to these debt securities.
Transfer
and Exchange
We
may issue debt securities that will be represented by either:
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“book-entry
securities,” which means that there will be one or more global securities registered
in the name of a depositary or a nominee of a depositary; or
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“certificated
securities,” which means that they will be represented by a certificate issued in definitive
registered form.
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We
will specify in the prospectus supplement applicable to a particular offering whether the debt securities offered will be book-entry
or certificated securities.
Certificated
Debt Securities
If
you hold certificated debt securities issued under an indenture, you may transfer or exchange such debt securities in accordance with
the terms of the indenture. You will not be charged a service charge for any transfer or exchange of certificated debt securities but
may be required to pay an amount sufficient to cover any tax or other governmental charge payable in connection with such transfer or
exchange.
Global
Securities
The
debt securities of a series may be issued in the form of one or more global securities that will be deposited with a depositary or its
nominees identified in the prospectus supplement relating to the debt securities. In such a case, one or more global securities will
be issued in a denomination or aggregate denominations equal to the portion of the aggregate principal amount of outstanding debt securities
of the series to be represented by such global security or securities.
Unless
and until it is exchanged in whole or in part for debt securities in definitive registered form, a global security may not be registered
for transfer or exchange except as a whole by the depositary for such global security to a nominee of the depositary and except in the
circumstances described in the prospectus supplement relating to the debt securities. The specific terms of the depositary arrangement
with respect to a series of debt securities will be described in the prospectus supplement relating to such series.
Protection
in the Event of Change of Control
Any
provision in an indenture that governs our debt securities covered by this prospectus that includes any covenant or other provision providing
for a put or increased interest or otherwise that would afford holders of our debt securities additional protection in the event of a
recapitalization transaction, a change of control of the Company, or a highly leveraged transaction will be described in the applicable
prospectus supplement.
Covenants
Unless
otherwise indicated in this prospectus or the applicable prospectus supplement, our debt securities may not have the benefit of any covenant
that limits or restricts our business or operations, the pledging of our assets or the incurrence by us of indebtedness. We will describe
in the applicable prospectus supplement any material covenants in respect of a series of debt securities.
Consolidation,
Merger and Sale of Assets
We
may agree in any indenture that governs the debt securities of any series covered by this prospectus that we will not consolidate with
or merge into any other person or convey, transfer, sell or lease our properties and assets substantially as an entirety to any person,
unless such person and such proposed transaction meets various criteria, which we will describe in detail in the applicable prospectus
supplement.
Defaults
and Notice
The
debt securities of any series will contain events of default to be specified in the applicable prospectus supplement, which may include,
without limitation:
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failure
to pay the principal of, or premium or make-whole amount, if any, on any debt security of
such series when due and payable (whether at maturity, by call for redemption, through any
mandatory sinking fund, by redemption at the option of the holder, by declaration or acceleration
or otherwise);
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failure
to make a payment of any interest on any debt security of such series when due;
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failure
to perform or observe any other covenants or agreements in the indenture with respect to
the debt securities of such series;
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certain
events relating to our bankruptcy, insolvency or reorganization; and
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certain
cross defaults, if and as applicable.
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If
an event of default with respect to debt securities of any series shall occur and be continuing, we may agree that the trustee or the
holders of at least 25% in aggregate principal amount of the then outstanding debt securities of such series may declare the principal
amount (or, if the debt securities of such series are issued at an original issue discount, such portion of the principal amount as may
be specified in the terms of the debt securities of such series) of all debt securities of such series or such other amount or amounts
as the debt securities or supplemental indenture with respect to such series may provide, to be due and payable immediately. Any provisions
pertaining to events of default and any remedies associated therewith will be described in the applicable prospectus supplement.
Any
indenture that governs our debt securities covered by this prospectus may require that the trustee under such indenture shall, within
90 days after the occurrence of a default, give to holders of debt securities of any series notice of all uncured defaults with respect
to such series known to it. However, in the case of a default that results from the failure to make any payment of the principal of,
premium or make-whole amount, if any, or interest on the debt securities of any series, or in the payment of any mandatory sinking fund
installment with respect to debt securities of such series, if any, the trustee may withhold such notice if it in good faith determines
that the withholding of such notice is in the interest of the holders of debt securities of such series. Any terms and provisions relating
to the foregoing types of provisions will be described in further detail in the applicable prospectus supplement.
Any
indenture that governs our debt securities covered by this prospectus will contain a provision entitling the trustee to be indemnified
by holders of debt securities before proceeding to exercise any trust or power under the indenture at the request of such holders. Any
such indenture may provide that the holders of at least a majority in aggregate principal amount of the then outstanding debt securities
of any series may direct the time, method and place of conducting any proceedings for any remedy available to the trustee, or of exercising
any trust or power conferred upon the trustee with respect to the debt securities of such series. However, the trustee under any such
indenture may decline to follow any such direction if, among other reasons, the trustee determines in good faith that the actions or
proceedings as directed may not lawfully be taken, would involve the trustee in personal liability or would be unduly prejudicial to
the holders of the debt securities of such series not joining in such direction.
Any
indenture that governs our debt securities covered by this prospectus may endow the holders of such debt securities to institute a proceeding
with respect to such indenture, subject to certain conditions, which will be specified in the applicable prospectus supplement and which
may include, that the holders of at least a majority in aggregate principal amount of the debt securities of such series then outstanding
make a written request upon the trustee to exercise its power under the indenture, indemnify the trustee and afford the trustee reasonable
opportunity to act. Even so, such holders may have an absolute right to receipt of the principal of, premium or make-whole amount, if
any, and interest when due, to require conversion or exchange of debt securities if such indenture provides for convertibility or exchangeability
at the option of the holder and to institute suit for the enforcement of such rights. Any terms and provisions relating to the foregoing
types of provisions will be described in further detail in the applicable prospectus supplement.
Modification
of the Indenture
We
and the trustee may modify any indenture that governs our debt securities of any series covered by this prospectus with or without the
consent of the holders of such debt securities, under certain circumstances to be described in a prospectus supplement.
Defeasance;
Satisfaction and Discharge
The
prospectus supplement will outline the conditions under which we may elect to have certain of our obligations under the indenture discharged
and under which the indenture obligations will be deemed to be satisfied.
Regarding
the Trustee
We
will identify the trustee and any relationship that we may have with such trustee, with respect to any series of debt securities, in
the prospectus supplement relating to the applicable debt securities. You should note that if the trustee becomes a creditor of Beyond
Air, the indenture and the Trust Indenture Act of 1939 limit the rights of the trustee to obtain payment of claims in certain cases,
or to realize on certain property received in respect of any such claim, as security or otherwise. The trustee and its affiliates may
engage in, and will be permitted to continue to engage in, other transactions with us and our affiliates. If, however, the trustee acquires
any “conflicting interest” within the meaning of the Trust Indenture Act of 1939, it must eliminate such conflict or resign.
Governing
Law
The
law governing the indenture and the debt securities will be identified in the prospectus supplement relating to the applicable indenture
and debt securities.
DESCRIPTION
OF OUR UNITS
The
following description, together with the additional information we include in any applicable prospectus supplement, summarizes the material
terms and provisions of the units that we may offer under this prospectus. Units may be offered independently or together with common
stock, preferred stock, debt securities and/or warrants offered by any prospectus supplement, and may be attached to or separate from
those securities. While the terms we have summarized below will generally apply to any future units that we may offer under this prospectus,
we will describe the particular terms of any series of units that we may offer in more detail in the applicable prospectus supplement.
The terms of any units offered under a prospectus supplement may differ from the terms described below.
We
will incorporate by reference into the registration statement of which this prospectus forms a part the form of unit agreement, including
a form of unit certificate, if any, that describes the terms of the series of units we are offering before the issuance of the related
series of units. The following summaries of material provisions of the units, and the unit agreements, are subject to, and qualified
in their entirety by reference to, all the provisions of the unit agreement applicable to a particular series of units. We urge you to
read the applicable prospectus supplements related to the units that we sell under this prospectus, as well as the complete unit agreements
that contain the terms of the units.
General
We
may issue units comprised of one or more shares of our common stock or preferred stock, debt securities and warrants in any combination.
Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of
a unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued may
provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified
date.
We
will describe in the applicable prospectus supplement the terms of the series of units, including:
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the
designation and terms of the units and of the securities comprising the units, including
whether, and under what circumstances, those securities may be held or transferred separately;
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the
rights and obligations of the unit agent, if any;
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any
provisions of the governing unit agreement that differ from those described below; and
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any
provisions for the issuance, payment, settlement, transfer or exchange of the units or of
the securities comprising the units.
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The
provisions described in this section, as well as those described under “Description of Our Common Stock,” “Description
of our Preferred Stock,” “Description of Our Debt Securities” and “Description of Our Warrants,” will apply
to each unit and to any common stock, preferred stock, debt securities or warrants included in each unit, respectively.
Issuance
in Series
We
may issue units in such amounts and in numerous distinct series as we determine.
WHERE
YOU CAN FIND MORE INFORMATION
We
file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet website
at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically
with the SEC. Our reports on Forms 10-K, 10-Q and 8-K, and amendments to those reports, are also available for download, free of charge,
as soon as reasonably practicable after these reports are filed with, or furnished to, the SEC, at our website at www.beyondair.net.
Information contained on or accessible through our website is not a part of this prospectus or any prospectus supplement, and the inclusion
of our website address in this prospectus is an inactive textual reference only.
INCORPORATION
BY REFERENCE
The
SEC allows us to “incorporate by reference” into this prospectus the information in other documents that we file with it.
This means that we can disclose important information to you by referring you to those documents. The information incorporated by reference
is considered to be a part of this prospectus, and information in documents that we file later with the SEC will automatically update
and supersede information contained in documents filed earlier with the SEC or contained in this prospectus. We incorporate by reference
in this prospectus (i) the documents listed below, (ii) all documents that we file with the SEC under Section 13(a), 13(c), 14 or 15(d)
of the Exchange Act after the date of the initial filing of the registration statement of which this prospectus is included and prior
to the effectiveness of such registration statement, and (iii) and any future filings that we may make with the SEC under Sections 13(a),
13(c), 14, or 15(d) of the Exchange Act prior to the termination of the offering under this prospectus; provided, however, that we are
not incorporating, in each case, any documents or information deemed to have been furnished and not filed, including any information
that we disclose under Items 2.02 or 7.01 of any Current Report on Form 8-K, in accordance with SEC rules:
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our
Annual Report on Form 10-K for the fiscal year ended March 31, 2021, filed with the SEC on
June 10, 2021, as amended by our Annual Report on Form 10-K/A filed with the SEC on July
23, 2021;
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our
Quarterly Reports on Form 10-Q for the quarterly period ended June 30, 2021, filed with the
SEC on August 10, 2021, and September 30, 2021, filed with the SEC on November 12, 2021;
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our
Current Reports on Form 8-K, filed with the SEC on May 13, 2021, May 26, 2021, August 25, 2021, September 27, 2021, October 20, 2021, November 5, 2021, November 15, 2021 (except Item
2.02 and the portions of Item 99.1 covered by Item 2.02) and December 10, 2021; and
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the
description of our common stock contained in our Registration Statement on Form 8-A, filed
with the SEC on May 3, 2019, including any amendments or reports filed for the purpose of
updating such description.
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You
may request, orally or in writing, a copy of any or all of the documents incorporated herein by reference. These documents will be provided
to you at no cost, by contacting: Adam T. Newman, c/o Beyond Air, Inc., at 900 Stewart Avenue, Suite 301, Garden City, New York 11530.
In addition, copies of any or all of the documents incorporated herein by reference may be accessed at our website at www.beyondair.net.
The information on such website is not incorporated by reference and is not a part of this prospectus.
LEGAL
MATTERS
The
validity of the issuance of the securities offered hereby will be passed upon for us by Hogan Lovells US LLP. As appropriate, legal counsel
representing the underwriters, dealers or agents will be named in the accompanying prospectus supplement and may opine to certain legal
matters.
EXPERTS
The
consolidated financial statements as of March 31, 2021 and 2020 and for each of the years in the two year period ended March 31,
2021 incorporated by reference in this prospectus from our Annual Report on Form 10-K for the year ended March 31, 2021 have been so
included in reliance on the report of Friedman LLP, an independent registered public accounting firm, given on the authority of said
firm as experts in accounting and auditing.
$200,000,000
Common
Stock
Preferred
Stock
Warrants
Debt
Securities
Units
PROSPECTUS
,
2022
PART
II
INFORMATION
NOT REQUIRED IN THE PROSPECTUS
Item
14. Other Expenses of Issuance and Distribution.
Set
forth below is an estimate (except in the case of the registration fee) of the amount of fees and expenses to be incurred in connection
with the issuance and distribution of the offered securities registered hereby, other than underwriting discounts and commission, if
any, incurred in connection with the sale of the offered securities. All such amounts will be borne by Beyond Air, Inc.
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Amount to
be paid
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SEC registration fee
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$
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18,540
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Printing expenses
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$
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(1
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)
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Accounting fees and expenses
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$
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(1
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)
|
Legal fees and expenses
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$
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(1
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)
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Miscellaneous
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$
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(1
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)
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Total
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$
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(1
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)
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(1)
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These
fees are calculated based on the securities offered and the number of issuances and accordingly
cannot be estimated at this time.
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Item
15. Indemnification of Directors and Officers.
Section
102 of the Delaware General Corporation Law, or the DGCL, permits a corporation to eliminate the personal liability of its directors
or its stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director breached his or her
duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of
a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our certificate
of incorporation provides that the liability of our directors for monetary damages shall be eliminated to the fullest extent under applicable
law.
Section
145 of the DGCL provides that a corporation has the power to indemnify a director, officer, employee or agent of the corporation and
certain other persons serving at the request of the corporation in related capacities against expenses (including attorneys’ fees),
judgments, fines and amounts paid in settlements actually and reasonably incurred by the person in connection with an action, suit or
proceeding to which he or she is or is threatened to be made a party by reason of such position, if such person acted in good faith and
in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action
or proceeding, had no reasonable cause to believe his or her conduct was unlawful, except that, in the case of actions brought by or
in the right of the corporation, no indemnification shall be made with respect to any claim, issue or matter as to which such person
shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or other adjudicating
court determines that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly
and reasonably entitled to indemnification for such expenses which the Court of Chancery or such other court shall deem proper.
Our
certificate of incorporation provides that we are authorized to provide indemnification of (and advancement of expenses to) our directors,
officers and agents (and any other persons to which applicable law permits us to provide indemnification) through bylaw provisions, agreements
with such agents or other persons, vote of stockholders or disinterested directors or otherwise in excess of the indemnification and
advancement otherwise permitted by such applicable law. Our bylaws provide that (i) we shall indemnify our directors and executive officers
(as defined under the Exchange Act); provided, however, that we may modify the extent of such indemnification by individual contracts
with its directors and executive officers and (ii) we shall have power to indemnify its other officers, employees and other agents as
set forth in the DGCL or any other applicable law.
We
maintain a general liability insurance policy that covers certain liabilities of our directors and officers arising out of claims based
on acts or omissions in their capacities as directors or officers.
Insofar
as the forgoing provisions permit indemnification of directors, executive officers, or persons controlling us for liability arising under
the Securities Act, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed
in the Securities Act and is therefore unenforceable.
Item
16. Exhibits and Financial Statement Schedules.
Exhibit
No.
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Description
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1.1*
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Form
of Underwriting Agreement.
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2.1
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Agreement and Plan of Merger and Reorganization, dated as of December 29, 2016, by and among AIT Therapeutics, Inc. and Advanced Inhalation Therapies Ltd., filed as Exhibit 2.1 to our Current Report on Form 8-K, as amended and filed with the SEC on March 15, 2017 and incorporated herein by reference.
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2.2
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First Amendment to Agreement and Plan of Merger and Reorganization, dated as of January 12, 2017, by and among AIT Therapeutics, Inc. and Advanced Inhalation Therapies Ltd., filed as Exhibit 2.2 to our Current Report on Form 8-K, as amended and filed with the SEC on March 15, 2017 and incorporated herein by reference.
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2.3
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Merger Completion Certificate, dated as of December 29, 2016, by and among Red Maple Ltd. and Advance Inhalation (AIT) Ltd., filed as Exhibit 2.3 to our Current Report on Form 8-K, as amended and filed with the SEC on March 15, 2017 and incorporated herein by reference.
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3.1
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Amended and Restated Certificate of Incorporation of AIT Therapeutics, Inc., dated as of January 9, 2017, filed as Exhibit 3.1 to our Current Report on Form 8-K, as amended and filed with the SEC on March 15, 2017 and incorporated herein by reference.
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3.2
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Amended and Restated Bylaws of AIT Therapeutics, Inc. filed as Exhibit 3.2 to our Current Report on Form 8-K, as amended and filed with the SEC on March 15, 2017 and incorporated herein by reference.
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3.3
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Certificate of Amendment of Amended and Restated Certificate of Incorporation, dated as of June 25, 2019, filed as Exhibit 3.3 to our Annual Report on Form 10-K filed with the SEC on June 28, 2019 and incorporated herein by reference.
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4.1
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Form of Common Stock Certificate, filed as Exhibit 4.1 to our Current Report on Form 8-K, as filed with the SEC on March 15, 2017 and incorporated herein by reference.
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4.2
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Form of Warrant to Purchase Common Stock, by and among AIT Therapeutics, Inc. and the Holders party thereto, filed as Exhibit 10.3 to our Current Report on Form 8-K, as filed with the SEC on March 15, 2017 and incorporated herein by reference.
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4.3
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Form of Warrant to Purchase Common Stock, by and among AIT Therapeutics, Inc. and the Holders party thereto, filed as Exhibit 4.1 to our Current Report on Form 8-K, as filed with the SEC on April 4, 2017 and incorporated herein by reference.
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4.4
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Form of Warrant to Purchase Common Stock, by and among AIT Therapeutics, Inc. and the Holders party thereto, filed as Exhibit 4.1 to our Current Report on Form 8-K, as filed with the SEC on February 22, 2018 and incorporated herein by reference.
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4.5
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Form of Warrant to Purchase Common Stock, by and among Beyond Air, Inc. and the Holders party thereto, filed as Exhibit 4.1 to our Current Report on Form 8-K, as filed on March 20, 2020 and incorporated herein by reference.
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4.6*
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Specimen
certificate evidencing shares of preferred stock.
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*
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To
be filed, if necessary, subsequent to the effectiveness of this registration statement by
an amendment to this registration statement or incorporated by reference pursuant to a Current
Report on Form 8-K in connection with an offering of securities.
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**
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To
be filed in accordance with the requirements of Section 305(b)(2) of the Trust Indenture
Act of 1939 and Rule 5b-3 thereunder.
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Item
17. Undertakings.
(a)
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The
undersigned registrant hereby undertakes:
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(1)
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To
file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:
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(i)
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To
include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
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(ii)
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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 SEC 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
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(iii)
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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;
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provided,
however, that paragraphs (i), (ii) and (iii) do not apply if the registration statement is on Form S-3 and the information required
to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
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(2)
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That,
for the purpose of determining any liability under the Securities Act of 1933, 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.
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(3)
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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;
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(5)
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That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
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(i)
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Each
prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
of the registration statement as of the date the filed prospectus was deemed part of and
included in the registration statement; and
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(ii)
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Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a
registration statement in reliance on Rule 430B relating to an offering made pursuant to
Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by
Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in
the registration statement as of the earlier of the date such form of prospectus is first
used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer
and any person that is at that date an underwriter, such date shall be deemed to be a new
effective date of the registration statement relating to the securities in the registration
statement to which that prospectus relates, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof. Provided, however, that no
statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the
registration statement or prospectus that is part of the registration statement will, as
to a purchaser with a time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or prospectus that was part
of the registration statement or made in any such document immediately prior to such effective
date; and
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(6)
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That,
for the purpose of determining liability of the registrant under the Securities Act of 1933
to any purchaser in the initial distribution of the securities, the undersigned registrant
undertakes that in a primary offering of securities of the undersigned registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities
to the purchaser, if the securities are offered or sold to such purchaser by means of any
of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:
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(i)
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Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering
required to be filed pursuant to Rule 424;
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(ii)
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Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned
registrant or used or referred to by the undersigned registrant;
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(iii)
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The
portion of any other free writing prospectus relating to the offering containing material
information about the undersigned registrant or its securities provided by or on behalf of
the undersigned registrant; and
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(iv)
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Any
other communication that is an offer in the offering made by the undersigned registrant to
the purchaser.
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(b)
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The
undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant’s annual report pursuant
to Section 13(a) of the Exchange Act that is incorporated by reference in this 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.
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(h)
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Insofar
as indemnification for liabilities arising under the Securities Act of 1933 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
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 Act and will be governed by the final adjudication of such issue.
|
(j)
|
If
and when applicable, the undersigned registrant hereby undertakes to file an application
for the purpose of determining the eligibility of the trustee to act under subsection (a)
of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed
by the Securities and Exchange Commission under Section 305(b)(2) of the Act.
|
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, the Registrant, Beyond Air, Inc., certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in Garden City, New York on this 24th day of January,
2022.
|
BEYOND
AIR, INC.
|
|
|
|
|
By:
|
/s/
Steven Lisi
|
|
|
Steven
Lisi
|
|
|
Chairman
and Chief Executive Officer
|
KNOW
ALL BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Steven Lisi and Adam Newman as his or
her true and lawful attorney-in-fact and agent, with the full power of substitution, for him or her and in his or her name, place or
stead, in any and all capacities, to sign any and all amendments to this registration statement (including post-effective amendments),
and any other registration statements for the same offering pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to
file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto 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 attorney-in-fact and agent, or his or her 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 dates indicated.
Name
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/
Steven Lisi
|
|
Chairman
and Chief Executive Officer
|
|
January
24, 2022
|
Steven
Lisi
|
|
(Principal
Executive Officer)
|
|
|
|
|
|
|
|
/s/
Douglas Larson
|
|
Chief
Financial Officer
|
|
January
24, 2022
|
Douglas
Larson
|
|
(Principal
Financial and Accounting Officer)
|
|
|
|
|
|
|
|
/s/
Amir Avniel
|
|
President
and Chief Operating Officer and Director
|
|
January
24, 2022
|
Amir
Avniel
|
|
|
|
|
|
|
|
|
|
/s/
Erick Lucera
|
|
Director
|
|
January
24, 2022
|
Erick
Lucera
|
|
|
|
|
|
|
|
|
|
/s/
Yoori Lee
|
|
Director
|
|
January
24, 2022
|
Yoori
Lee
|
|
|
|
|
|
|
|
|
|
/s/
William Forbes
|
|
Director
|
|
January
24, 2022
|
William
Forbes
|
|
|
|
|
|
|
|
|
|
/s/
Ron Bentsur
|
|
Director
|
|
January
24, 2022
|
Ron
Bentsur
|
|
|
|
|
|
|
|
|
|
/s/
Robert Carey
|
|
Director
|
|
January
24, 2022
|
Robert
Carey
|
|
|
|
|
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