Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

Two good answers. Whoops...responding to your unedited post.

Those answers, IIRC and with a minor alteration, were:
The term offered an opportunity to undo the preferred portion of the deal in the event that a partnership agreement was accomplished during the period.
You don't have any idea how often such a term appears in purchase agreements (neither do I and I doubt that anyone here does).