Lineage Cell Therapeutics Inc (LCTX)

[bobby2loaves]

I Don't Think the Warrants Matter

At $4.55, they're just too far away from the current share price for anyone to be messing with them. And there's no way to get access to the AGE distribution through them either - - as the AGE distribution apparently would just lower the strike price of the BTX warrants for the warrant holders, but not get them any AGE shares. See if you don't agree. These are all direct quotes from the last 10K:

Outstanding 12/31/17 - 9,395,000 Warrants - Per Share Exercise Price $4.55

The 9,394,862 outstanding warrants will expire, if unexercised, beginning June 5, 2018 through September 30, 2018.

Further, if the distribution of AgeX shares occurs before the October 1, 2018 expiration date of our outstanding, publicly traded, common share purchase warrants, we will be required by the warrant agreement to reduce the exercise price of the warrants and increase the number of shares that may be purchased through the exercise of the warrants based on the fair market value of the distributed AgeX shares as determined by our Board of Directors. The impact of those adjustments could have a dilutive effect on the interests of holders of our common shares, depending on the value of the AgeX shares and the relationship between the reduced exercise price of the warrants and the prices at which our common shares trade after the exercise price reduction.