Déjà vu ... can anyone explain the Series E warrants in the S-1 issued yesterday. Does this infer we will have an immediate request for another Authorized Share increase?
"As part of the Series C units and Series D units we are also selling to investors Series E warrants to purchase one share of common stock for each share of common stock or pre-funded warrant purchased in this offering (the “Warrants”). The Warrants will be exercisable beginning on the later of one year anniversary of the date of issuance and the date of Authorized Share Approval and expire five years from the date of initial exercisability. We currently do not have sufficient shares authorized for exercise of the Series E warrants and the Series E warrants will not be exercisable unless the Company files an amendment to its articles of incorporation (the “Authorized Share Amendment”), approved by its stockholders (such approval, the “Authorized Share Approval”), for an increase in its authorized shares of common stock such that there will be a sufficient increase in the number of authorized shares of the Company’s common stock such that all of the Warrants may be exercised in full by the holders of the Warrants, at an exercise price per share of $ , subject to adjustment pursuant to the terms of the Warrants (the “Exercise Price”). The common stock issuable upon the exercise of the Series E warrants (the “Warrant Shares”) are not being registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the registration statement of which this prospectus forms a part and are not being offered pursuant to this prospectus."
