Spoke:
I have been re-reading the filing to attempt to determine if this is actually "death spiral" financing or if there is a maximum limit. If I am understanding this correctly (which is a big if), the share maximum maxes out at the maximum available authorized shares because the number of issuable shares "shall not be greater than the number of such
shares which the SEC permits to be included in the Registration
Statement)",
If I am correct about this, it is not actually floorless as you were saying because the agreement does not state that they have a duty to increase authorized shares beyond 900MM.
And again, I could be wrong with this interpretation.
_____________________________________________________________
(Y) if such Registration Statement has been declared effective by the
SEC at that time, file with the SEC an additional Registration
Statement (an "Additional Registration Statement") to register the
number of shares equal to the excess of the Increased Number of Shares
to Be Registered (where the number of shares determined by clause (x)
is based on the Conversion Price in effect on, or within three (3)
Trading Days prior to, the date the additional Registration Statement
(or any amendment thereto) is filed, over the aggregate number of
shares of Common Stock already registered.
