Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

"The sellers are selling against the convertible Preferred shares 15% discounted 5 day VWAP."

The conversion price formula shown isn't quite right.
From the Cert. of Designation:
"The conversion price for the Preferred Stock shall equal to the lesser of (i) $0.31625, subject to adjustment herein (the “Set Conversion Price”), and (ii) 85% of the lowest VWAP of the Common Stock on a Trading Day during the ten (10) Trading Days prior to and ending on, and including, the Conversion Date"