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Saturday, November 24, 2018 6:30:15 AM
This seems a lot like that fiction (Yonemura case did away with) they used to use to grant themselves (aka: Cognate) shares when dilution occurred. Trying to remember the term of art, it'll come to me in the morning.
Flipper, Are you suggesting the Most Favored Nation (MFN) clause in the Cognate contracts was "fiction"?
or
Are you suggesting that it is "fiction" that they granted themselves (Cognate) MFN shares?
Neither are fiction, they are facts.
When called out on it, they cancelled the MFN clause and gave back the MFN shares they received.
.....and certain anti-dilution obligations to Cognate under the most favored nation provisions in the Company’s agreements with Cognate. The Company recorded a $2.7 million charge to stock based compensation based upon the fair value of the common shares on the date of issuance. The 8.1 million shares were issued on October 19, 2015.
and
During the nine months period ended September 30, 2016, the Company entered into several financings with unrelated institutional investors that triggered the most favored nation provision (but which were not implemented, due to being cancelled and eliminated under the Remediation Agreement). The first reset occurred in February 2016, had an effective price of $1.70 and would have resulted in an obligation by the Company to issue 6.0 million shares to Cognate. The second reset occurred in May 2016, had an effective price of $0.96 and would have resulted in an obligation to issue an additional 12.0 million shares. The third reset occurred in July 2016, had an effective price of $0.60 and would have resulted in an obligation to issue an additional 16.6 million shares. The final reset occurred in August 2016, had an effective price of $0.35 and would have resulted in an obligation to issue an additional 31.6 million shares.
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