Reebonz Holding Ltd (Warrants) (RBZWF)

[Stoctricity]

8 RBZWF plus $92 exercise price for 1 RBZ

There is an adjustment clause in the warrant agreement, filed with the Draper Oakwood (DOTA) S-1 registration form with the SEC on 8/25/2017.

For clarity, I'm just posting the applicable parts of the Warrant Agreement, parts 4.2 and 4.4:

4. Adjustments.

4.2. Aggregation of Shares. If after the date hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

4.4 Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

https://www.sec.gov/Archives/edgar/data/1705771/000121390017009194/fs12017ex4-6_draperoak.htm

Part 4.2 means that after the reverse split, it requires 8 warrants to buy one share of common.

Part 4.4 means that after the reverse split, the cost of that share of common will be $92 per share ( $11.50 times (8 divided by 1 )).

I'm sure this is not what you are all hoping for ... however, this is apparently the correct information, as it was recently confirmed in the annual report released by Reebonz.

Here are the new warrant terms and data, as posted in the latest 20-F filing (Annual Report for foreign companies) with the SEC on 4/1/2019, and the amended 20-F/A filed 4/9/2019:

"We have outstanding warrants to purchase 385,715 ordinary shares, which are exercisable at $92.00 (which gives effect to the 1-for-8 reverse split effectuated on March 11, 2019). The warrants are exercisable until December 19, 2023. We may redeem the outstanding warrants at a price of $0.08 per warrant, upon a minimum of 30 days’ prior written notice of redemption, if among other circumstances, the last sale price of our ordinary shares equals or exceeds $192.00 for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send notice of redemption to the warrant holders."

https://www.sec.gov/Archives/edgar/data/1752108/000121390019006031/f20f2018a1_reebonzholding.htm