UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01 | Other Events. |
On April 24, 2023, Anika Therapeutics, Inc. (the “Company”) entered into a Settlement Agreement (the “Settlement Agreement”) with Philip Mundy, as Parcus Medical, LLC Unitholder Representative (“Claimant”), resolving arbitration regarding the earnout provisions agreed to in that certain Agreement and Plan of Merger, dated January 4, 2020, by and between the Company, Parcus Medical, LLC, Sunshine Merger Sub, LLC and Philip Mundy (the “Merger Agreement”).
Pursuant to the Settlement Agreement, the Company has made a one-time payment of $3,250,000 to Claimant. In addition, the parties mutually agreed to release any and all claims, actions, causes of action, suits, debts, compensation, promises, demands, rights, liabilities, defenses, damages, costs, expenses (including attorneys’ fees) and losses of every kind and nature whatsoever, known or unknown, that the parties have or in the future may have (not including any rights to defense and/or indemnification of third party claims otherwise provided by one party to the other) arising out of the Merger Agreement.
The Company has entered into the Settlement Agreement solely to eliminate the burden, expense, distraction, and uncertainties of further arbitration. The Settlement Agreement is not, and shall not be construed as, an admission of any fault or liability by the Company. The parties have also agreed to certain confidentiality provisions, subject to certain exceptions.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Anika Therapeutics, Inc. | ||||||
| Date: April 28, 2023 | By: | /s/ Cheryl R. Blanchard | ||||
| Cheryl R. Blanchard | ||||||
| President and Chief Executive Officer | ||||||