Bucky,
I think that the company has hinted several times in recent 8Ks that some investors may have threatened claims against CYDY. Most-recently, CYDY PR'd that it issued extra "make-whole" securities to investors in the .75 Sept. 2017 offering to treat them as if they had invested at 0.65 in the Oct. 2017 offering. They did so for a release of claims. I do not know the nature of the claims but suspect they relate to alleged failure to disclose (or affirmative misrepresentation) of material facts, as the Sept. offering was the last prior to the 10/12 FDA meeting.
It appears some warrant holders were interested in exercising but were concerned that doing so might present CYDY with an argument that they had waived potential claims against CYDY (again, presumably for failure to disclose/misrepresentation). Therefore, my suspicion is that certain warrant holders came to CYDY and said we might exercise, but we WON'T waive any claims we have against you, and don't want you to argue we did, so FIX THIS. CYDY fixed it by adding express language stating that exercise of warrant is not a waiver of potential claims.
CYDY also made clear that warrant holders do not have to re-represent that they are accredited investors in order to exercise warrants. Perhaps some warrant holders were AI at the initial offering but aren't now.
CYDY conceded that point but added language reserving the right to pull the entire warrant exercise offering IF it determined that there was no valid exemption for the offering (that is, that SEC rules required all warrant exercisers to be AI).
IMO, I do not believe the warrant re-pricing was just a reaction to lawsuits. I believe it was an attempt to raise funds on a non-dilutive basis (based on fully-diluted BO share count). However, I believe certain warrant holders forced CYDY to make this modification before those warrant holders would consider exercising.
We'll see what happens. I am starting to feel like I am watching an episode of Days of Our Lives.
