8K released. They restructured the previous warrants. Instead of being exercisable at $2, they are now exercisable at $.50 (for 4 shares) or $.125 per share to prior $1 buyers. And so, the anti-dilution feature will be gone. The company will get revenue from whatever shares are bought (buyer needs to buy 4 for $.50). But our shares we bought will be diluted depending how many they sell. Those who bought in at $1 a share essentially deserve the right to buy shares for this next month at $.125. I don't think all will buy the shares, but if they do, they means the company will have an "up to" $10.5 million. The shares price should not drop below $.125. It will probably stabilize here and then slowly rise depending on how much cash they raise from this. The window to buy is the month of November. This is an opportunity for prior buyers to act like institutional investors. And there is a security that essentially no one should sell under the $.125 price (it makes no sense to do so). It establishes a bottom. Once this deal is done, it opens up avenues to find other institutional investors. No institutional investors like to buy when there is a Most Favorite Nations clause, as its like agreeing to dilution. Good riddance to it!
Overall it's better that the anti-dilution feature go away. All those who bought in the past seemed to have held on. And so, hopefully the Company will get a decent amount of capital and this will go up as it's straight $.125 per share to prior $1 purchasers. No reason for those buyers to sell there shares for less than they paid for it. And I also don't know how many will be giving there shares away for a $.01 when they can sell for higher. Since this is a bunch of small buyers no one will be getting an overwhelming number of shares.
But, I imagine the investors who were privy to rework of the deal were the ones releasing some of their shares today since they themselves can just buy shares at $.125. Then releasing shares hit some sell triggers. Anyway, that was my quick read over it. It's sour and sweet news. Sour because of the dilution. The sweet part is the worst is behind us. Hopefully anyway.
I can be patient. They need to start a clinical trial already. But it nice to know we don't have to worry about the next raise and the dilution effects from the prior note.
They also released a October Overview deck
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