AEterna Zentaris Inc. (AEZS)

[bullforever]

http://www.aezsinc.com/en/page.php?p=60&q=684

At the opening of the second quarter, the Company had 93.6 million issued and outstanding common shares. On
June 30 and August 12, 2015, the Company had 139.9 million and 182.3 million issued and outstanding
common shares, respectively. The increase in the Company's outstanding shares during the quarter and
subsequent to quarter-end through August 12, 2015, results from the issuance of 31.6 million common shares
upon exercise of pre-funded Series C warrants and 56.8 million common shares upon the alternate cashless
exercise of Series B warrants issued as part of our previously disclosed March 2015 $37 million public equity
financing. As of August 12, 2015, all pre-funded Series C Warrants had been exercised and of the 29.8 million
Series B warrants initially issued, there remain an additional 20.9 million Series B warrants available for
exercise into common shares, including through the alternate cashless exercise feature.

We exercised 8.9 Million B warrant (29.8M-20.9M) with 56.8 Million cashless shares issued.


http://www.aezsinc.com/pdfdyn/MDA_FS_Q1_2015_EN_FINAL.pdf

the holders of a Series B Warrant may exercise the Series B
Warrant in an Alternative Cashless Exercise, which would permit such Series B Warrant holder to obtain a number of
common shares equal to 200% of (i) the total number of common shares with respect to which the Series B Warrant is
then being exercised multiplied by (ii) 0.81 divided by (iii) 85% of the quotient of (A) the sum of the VWAP of the
common share for each of the five lowest trading days during the fifteen trading day period ending on and including the
trading day immediately prior to the applicable Exercise Date, divided by (B) five, less (iv) the total number of common
shares with respect to which the Series B Warrant is then being exercised. The number of common shares that would be
issued pursuant to an Alternative Cashless Exercise in the foregoing circumstances is not currently determinable;
however, such Alternative Cashless Exercise could result in the issuance of a substantially larger number of the
Company's common shares than otherwise would be issued following a standard cash or cashless exercise of the Series B
Warrants.


Based on the calculation formula, if price keep above 0.953 no cashless shares needed; Then if price decrease 50% (0.476) 2x cashless shares [2x(2-1)] needed for each B warrant share; If price decrease another 50% (0.238) 6x cashless shares [2x(4-1)] needed for each B warrant share; continue: price at 0.119 14x cashless shares [2x(8-1)] needed; price at 0.06 30x cashless shares [2x(16-1)] needed. At current price 0.0588, 600+ Million cashless shares needed (20.9M x30 = 627M); continue: peice at 0.03 62x cashless shares [2x(32-1)] needed; price at 0.015 126x cashless shares [2x(64-1)] needed.


Too bad, the investors here almost came from BA* investors who gave up or partially gave up their valuable BA* shares.