13G Filing: Sabby Capital Opens Large Position in Rexahn Pharmaceuticals, Inc. (RNN)

Item 4.
Ownership.

Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

(a)
Amount beneficially owned:

Sabby Healthcare Master Fund, Ltd. – 10,425,000

Sabby Volatility Warrant Master Fund, Ltd. – 5,200,000

Sabby Management, LLC – 15,625,000

Hal Mintz – 15,625,000

(b)
Percent of class:

Sabby Healthcare Master Fund, Ltd. – 4.89%

Sabby Volatility Warrant Master Fund, Ltd. – 2.44%

Sabby Management, LLC – 7.33%

Hal Mintz – 7.33%

(c)
Number of shares as to which the person has:

Sabby Healthcare Master Fund, Ltd.

(i)
Sole power to vote or to direct the vote
0
,

(ii)
Shared power to vote or to direct the vote
10,425,000
,

(iii)
Sole power to dispose or to direct the disposition of
0
,

(iv)
Shared power to dispose or to direct the disposition of
10,425,000
.

Sabby Volatility Warrant Master Fund, Ltd.

(i)
Sole power to vote or to direct the vote
0
,

(ii)
Shared power to vote or to direct the vote
5,200,000
,

(iii)
Sole power to dispose or to direct the disposition of
0
,

(iv)
Shared power to dispose or to direct the disposition of
5,200,000
.

Sabby Management, LLC

(i)
Sole power to vote or to direct the vote
0
,

(ii)
Shared power to vote or to direct the vote
15,625,000
,

(iii)
Sole power to dispose or to direct the disposition of
0
,

(iv)
Shared power to dispose or to direct the disposition of
15,625,000
.

Hal Mintz

(i)
Sole power to vote or to direct the vote
0
,
(ii)
Shared power to vote or to direct the vote
15,625,000
,

(iii)
Sole power to dispose or to direct the disposition of
0
,

(iv)
Shared power to dispose or to direct the disposition of
15,625,000
.

As calculated in accordance with Rule 13d-3 of the Securities Exchange Act
of 1934, as amended, (i) Sabby Healthcare Master Fund, Ltd. and
Sabby Volatility Master Fund, Ltd. beneficially own 10,425,000 and 5,200,000
shares of the Issuer’s common stock (Common Stock), respectively,
representing approximately 4.89% and 2.44% of the Common Stock,
respectively, and (ii) Sabby Management, LLC and Hal Mintz each beneficially
own 15,625,000 shares of the Common Stock, representing approximately 7.33%
of the Common Stock. Sabby Management, LLC and Hal Mintz do not directly own
any shares of Common Stock, but each indirectly owns 15,625,000 shares of
Common Stock. Sabby Management, LLC, a Delaware limited liability company,
indirectly owns 15,625,000 shares of Common Stock because it serves as the
investment manager of Sabby Healthcare Master Fund, Ltd. and
Sabby Volatility Warrant Master Fund, Ltd., Cayman Islands companies.
Mr. Mintz indirectly owns 15,625,000 shares of Common Stock in his capacity
as manager of Sabby Management, LLC.