Innovation Pharmaceuticals Inc (IPIX)

[PlentyParanoid]

Hi, LR, Its me, PP, annoying you, again. Not intentionally, believe me. I did read again the Purchase Agreements (2012 and 2015) and have concluded, in agreement with you, that Leo owes us at least an explanation about how the latest sale was constructed. But being me there seems to be always this: However, as far as I am able to tell 2017 version of the agreement has not been filed, but some changes from previous ones were incorporated in the September 2017 prospectus. I could not help but notice this new wording in the prospectus (underline is mine):

"The purchase price per Purchase Share pursuant to such VWAP Purchase Notice (the “VWAP Purchase Price”) shall be the lesser of the closing sale on the VWAP Purchase Date or 95% of the volume weighted average price for our common stock traded on (i) the VWAP Purchase Date if the aggregate shares to be purchased on that date does not exceed the VWAP Purchase Share Volume Maximum, or (ii) the portion of such business day until such time as the aggregate shares to be purchased will equal the VWAP Purchase Share Volume Maximum."

To me it looks like they modified agreement language to allow VWAP purchase notice covering multi-day buying execution by Aspire. But I may be wrong. However, if the modification allows such purchase orders Leo may have his hindquarters 'technically covered' because in the previous agreements there is this language about VWAP purchase orders:

"Each VWAP Purchase Notice must be accompanied by instructions to the Company’s Transfer Agent to immediately issue to the Buyer an amount of Common Stock equal to the VWAP Purchase Share Estimate, a good faith estimate by the Company of the number of Purchase Shares that the Buyer shall have the obligation to buy pursuant to the VWAP Purchase Notice"

What is your take on this? This stuff has given me a blistering headache. I go and convalesce now. For those interested in a good melee over financial legalese the links to relevant documents are just below:
2012 Agreement
2015 Agreement
2017 Prospectus