Monday, August 13, 2018 1:32:29 PM
"Pursuant to this prospectus supplement and the accompanying prospectus, we are offering 5,263,158 shares of our A common stock, which we refer to as our common stock, at $0.38 per share (the “initial purchase shares”), and up to an additional $5.0 million aggregate amount of our securities, consisting of common stock or five-year warrants to purchase shares of our common stock at an exercise price of $0.01 per share (the “pre-funded warrants”), directly to Aspire Capital Fund, LLC (“Aspire Capital”) under a Securities Purchase Agreement entered into on June 28, 2018 (the “Purchase Agreement”). The purchase prices for the additional $5.0 million of securities will be based upon formulas set forth in the Purchase Agreement, and the sale of such securities is subject to the terms and conditions set forth in the Purchase Agreement. The securities offered also include 2,736,842 shares of common stock to be issued to Aspire Capital in consideration for entering into the Purchase Agreement (the “commitment shares”) and five-year warrants to purchase 8,000,000 shares of our common stock for $0.38 per share (the “commitment warrants” and together with the pre-funded warrants, the “warrants”)."
So just for entering into the new deal, in which Aspire is not obligated to purchase any shares unless specific events occur and share price closes at 50 cents, IPIX gave Aspire millions of shares. These commitment shares cost Aspire nothing and they can sell them at any point for pure profit, regardless of what the share price is.
http://www.edgarmaster.com/Inet/main/DataFeedHtml1.jsp
All my comments are Rated As Pro.
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