Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

This wasn't very interesting last week but it might be interesting now. It's from a description of the MFO deal in the last 10-Q.
"Each share of preferred stock has an initial stated value of $1,080 and may be converted at any time at the holder’s option into shares of the Company’s common stock at a conversion price equal of the lower of (i) $0.32 per share and (ii) 85% of the lowest volume weighted average price of the Company’s common stock on a trading day during the ten trading days prior to and ending on, and including, the conversion date."

Up until the last few days conversion price (i) was merely a curiosity.