Quarterly report pursuant to Section 13 or 15(d)

Subsequent Event

Subsequent Event
9 Months Ended
Feb. 28, 2017
Subsequent Event

Note 14 – Subsequent Event

On April 10, 2017, the Company’s Board of Directors adopted a resolution to increase the number of directors by one and appointed Scott A. Kelly, M.D., to fill the resulting vacancy.

On April 10, 2017, in connection with Dr. Kelly’s appointment as director, the Company granted to Dr. Kelly a non-qualified stock option to purchase up to 7,123 shares of the Company’s common stock, representing a pro rata portion of the annual option grant received by each director for the fiscal year ending May 31, 2017.

The option grant was made pursuant to the 2012 Plan and is conditioned on stockholder approval of the increase in the number of shares authorized for issuance under the 2012 Plan (the “Plan Approval”) at the 2017 annual meeting of stockholders. The option has a per share exercise price of $0.61 (which was the closing sale price of the Company’s common stock on the grant date) and a ten-year term and will vest on May 31, 2017, provided that the option will not be exercisable unless and until the Plan Approval is obtained.