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Filing Details

Accession Number:: 0000905718-18-001018
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2018-12-31 16:41:28
Reporting Period:: 2018-12-20

Accepted Time:: 2018-12-31 16:41:28
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1497504	Plx Pharma Inc.	PLXP	()	DE

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1386928	Park West Asset Management Llc	900 Larkspur Landing Circle, Suite 165 Larkspur CA 94939		No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, $0.001 Par Value Per Share	Acquisiton	2018-12-27	397,495	$1.00	1,473,218	No	4	P	Indirect	See Footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	See Footnotes

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Warrants (right to buy)	Acquisiton	2018-12-20	500,000	$0.00	500,000	$3.50

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
500,000			No	4	P	Indirect

Footnotes

Park West Asset Management LLC (the "Reporting Person") is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company ("PWIMF"), and Park West Partners International, Limited, a Cayman Islands exempted company ("PWPI" and, together with PWIMF, the "PW Funds"). Peter S. Park ("Mr. Park") is the sole member and manager of the Reporting Person.
As of December 27, 2018, PWIMF held 1,332,191 shares of common stock, par value $0.001 per share (the "Common Stock"), of PLx Pharma Inc. (the "Company"), and PWPI held 141,027 shares of Common Stock. Pursuant to Reg. Section 240.16a-1(a)(2), the Reporting Person's and Mr. Park's beneficial ownership is limited to their pecuniary interest, if any, in such securities.
On December 20, 2018, the PW Funds entered into a Purchase Agreement with the Company (the "Purchase Agreement"), pursuant to which the PW Funds agreed to purchase 15,000 shares of Series A Convertible Preferred Stock, par value $0.001 per share, for an aggregate purchase price of $15,000,000 (the "Private Placement"). The closing of the Private Placement is contingent on the Company obtaining stockholder approval of (i) an amendment to the Company's Amended and Restated Certificate of Incorporation to authorize 1,000,000 shares of "blank check" preferred stock and (ii) the issuance of more than 20% of the Common Stock in the Private Placement for purposes of Nasdaq Listing Rule 5635 (the "Stockholder Approval").
The warrants reported on this Form 4 (the "Commitment Warrants") are only exercisable to the extent that the Company does not obtain the Stockholder Approval by April 15, 2019 (the "Exercisability Date").
The Commitment Warrants expire on the tenth anniversary of the Exercisability Date and will be surrendered to the Company for cancellation if the Stockholder Approval is obtained on or prior to the Exercisability Date.
The Company issued the Commitment Warrants at no additional cost, in consideration of the PW Funds' commitments pursuant to the Purchase Agreement.
As of December 20, 2018, PWIMF held Commitment Warrants to purchase up to 452,135 shares of Common Stock and PWPI held Commitment Warrants to purchase up to 47,865 shares of Common Stock. Pursuant to Reg. Section 240.16a-1(a)(2), the Reporting Person's and Mr. Park's beneficial ownership is limited to their pecuniary interest, if any, in such securities.