Vericel Corp. (VCEL)

[lasers]

That has nothing to do with the ICT licensing payments.

The ICT warrants and conversion to common shares is a deal that ICT has done now as a separate action to take an immediate position in $VCEL.

The ICT licensing deal needs to be cleared thru the Chinese regulatory agency after which $VCEL receives upfront Payments and Milestones of $14 mil for which the immediate is $6mil and balance is milestones.