KNSC back in Pink.
From the latest 10-Q...What does this mean...
"On July 16, 2012, the Company finalized an equity facility with Southridge Partners II, LP, a Delaware limited partnership ("Southridge"), whereby the parties entered into (i) an equity purchase agreement and (ii) a registration rights agreement. Pursuant to the terms of the Equity Agreement, for a period of twenty-four (24) months commencing on the effective date of the initial Registration Statement covering the Registrable Securities, Southridge shall commit to purchase up to $17,500,000 of the Company's Class A common stock, no par value per share (the "Put Shares"). The purchase price of the Put Shares under the Equity Agreement is equal to ninety-one percent (91%) of the lowest closing price of the stock following the five (5) trading days after which a put notice is deemed delivered to Southridge in the manner provided by the Equity Agreement. The Company also entered into the Registration Rights Agreement with Southridge. Pursuant to the terms of the Registration Rights Agreement, the Company is obligated to file a registration statement with the U.S. Securities and Exchange Commission to cover the Registrable Securities within 90 days of closing and thereafter the Company shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective by the SEC within five (5) business days after notice from the SEC that the Registration Statement may be declared effective."
Next month, July 16, 2014 will be the end of the 24 months. Has Southridge slowly been buying shares, have they bought already, will they buy soon? Any insight on the above clause?
