Thanks for making this point. With the last round of financing the majority of funds came from having existing warrant holders exercise said warrants. The time before that when they needed funds they restructured existing warrants to lower the exercise price.
I think the best way to get some short term cash would be for the share price to get back up to $6 and then force conversion of the remaining C & C-1 warrants (I believe these are the ones they can force). There are currently 426,516 remaining Series C & C-1 warrants which @ $6 would provide ~2.55 million dollars. I don't think they will force the conversion as last back in August they negotiated the exercise of them without forcing.
They could also negotiate the exercise of the A-1 warrants, 418,750 @ $1.20, for an extra $500k. The PIPE warrants are also exercisable @ $6 which would provide another 3.9 million if they were exercised. The warrants issued to Katalyst Securities back in August are exercisable @ $4.8 and would provide another $300K.
There is plenty of funds available from the warrants but SP needs to move above $6 for any of it to be obtainable without restructuring the warrants again. This is obviously contingent on the holders wanting to exercise. Most likely need to be well above $6 to make it worth their while.
Either way Glynn has definitely been going about past financing in a good way as to not be too detrimental to current shareholders. I expect to see the next round of financing come late summer or early fall at which point more news will have come out to raise the share price well above current levels.
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