There are $3.00 floors on most of the convertibles and $4.00 lockups that have not been rescinded... Could still get interesting around here..
Lockup and Trading Covenants
Lockup
Each Investor has agreed to a lock-up which prohibits them from requesting conversions of the Notes until October 17, 2017.
$4.00 Minimum Sale Price Covenant
During the period commencing on April 17, 2017 through and including the earlier of (x) October 17, 2017 and (y) the 60th calendar day after the consummation of a subsequent financing pursuant to our Registration Statement on Form S-1, the Holder shall not sell, directly or indirectly, any shares of Common Stock (other than any shares of Common Stock received in a Mandatory Conversion) except at a price per share greater than $4.00 and subject to the Leakout Covenant below:
Leakout Covenant
During the period commencing on April 17, 2017 and ending with close of trading on October 17, 2017, (such period, the "Restricted Period"), and subject to the $4.00 Minimum Sale Price Covenant described above, no Investor shall sell, directly or indirectly, shares of our common stock (other than with respect to Note Shares and shares of Common Stock received in a Mandatory Conversion) on any trading day during the Restricted Period (any such date, a “Date of Determination”), in an amount that exceeds the greatest of (x) 35% of the such Investor’s pro rata share of the trading volume of Common Stock for the applicable Date of Determination, (y) such Investor’s pro rata share of $200,000 of gross sale proceeds received by the Holder and (z) such other amount as determined by the Company pursuant to a written notice to the Investors (the greatest of (x), (y) and (z), the "Leak Out Limitation").
