Biotech Values

[biomaven0]

Here's an extract from the registration statement for the TRIL Preferred (my bolding):

Each Series I First Preferred Share is convertible into one common share, subject to adjustment, at any time at the option of the holder, provided that the holder will be prohibited from converting Series I First Preferred Shares into common shares if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of our common shares then issued and outstanding, unless the holder gives us at least 61 days prior notice of an intent to convert into common shares that would cause the holder to own more than 4.99% of the total number of our common shares then issued and outstanding.

So clearly specifically designed to avoid 13D. I assume the relevant holder(s) really want to stay anonymous, which is interesting in and of itself.

Peter