CytoSorbents Corporation (CTSO)

[orangecat]

The original success fee is still in effect for the original loan, so that is ~$600K after trading over $8.00 for 5 concurrent days. The new success fee is just for the additional 5M, if they draw that extra 5M. That fee hits at 5 trading days over the greater of $11.98 or %26.13 percent over the trading price on the day they draw the 5M. So that is an incentive to not take that extra 5M until the stock is trading higher. For example, if it is trading at $12 when they take the last 5M the success trigger would be at $15.14 instead of 11.98. If they are trading at those levels, the fee of ~$315k is probably pretty insignificant.

(i) 70% or more over $7.05, the closing price of the Company’s common stock on March 29, 2018 (after giving effect to any stock splits or consolidations effected after the date thereof) for five successive business days, or (ii) at least 26.13% more than the closing price of the Company’s common stock on the date of the funding of the Term B Loan