My math isn't wrong, I took what is in the brokerage offering and posted it.
Here it is the exact wording, it doesn't equate to what you are describing (which would be an equitable offering):
Offer details:
· Galectin Therapeutics Inc. (the Company) has distributed to holders, one (1) non-transferable subscription right for each common share
held as of April 29, 2019 (the Record Date), to purchase up to 14,019,137 Units.
· Each (1) subscription right entitles the holder to purchase one (1) Unit of Galectin Therapeutics Inc. at a subscription price of the lesser of
(i) $5.50 (the "Initial Price") and (ii) ninety-five (95%) percent of the volume weighted average price of the common stock for the twenty-five trading day
period through and including on the Expiration Date but not less than $4.00 per Unit (the Alternative Price). Fractional Units will not be issued.
· Holders who exercise their rights will be required to pay the initial subscription price ($5.50) for each right exercised.
¨ For example: A holder that exercises 100 rights would need to pay the initial subscription price of $550.00 (100 rights x initial
subscription price of $5.50) to receive 100 Units.
· If, on the Expiration Date, the Alternative Price is lower than the Initial Price, any excess subscription amounts paid by the
holder will be put towards the purchase of additional Units.
¨ For example: If the actual subscription price is determined to be $4.00 (100 rights x subscription price $4.00) and the excess
subscription amount paid equals $150 then holders would receive 37 additional Units ($150 divided by $4.00 = 37.5 Units), subject to proration.
· Each Unit consist of 0.3 shares of a Galectin Therapeutic common stock (sym: GALT) and one warrant.
The bolded sections indicate shareholders are buying one unit for the offering price and each unit is 0.3 shares plus 1 Warrant (14 Warrants equal 1 share).
