NanoViricides Inc. (NNVC)

[loanranger]

A very revealing 8-K filed this morning, but the data in it needs to be adjusted for the 1:20 reverse split to make sense of it.

(adjusted for split)

Last February NNVC made an offering of 6,944,446 (347,223) shares at $.36 ($7.20) per share, tossing in an equal amount of warrants exercisable at $.61 ($12.20) per share.
One of the terms of the offering was the requirement for an adjustment of the exercise price in the event that the Company attempted to sell shares below the exercise price of the warrants, which is exactly what the Company did with the recent offering priced at $3.
The only way to avoid violating that term was to price the recent offering at $12.20 and they obviously would have found it impossible to sell shares at that price.
So last year's investors forced the Company to not only re-issue their $12.20 warrants to them at an exercise price of $3 but also to issue them 677,224 shares of Common Stock (worth multiple millions at yesterday's price or what's left of it today...you do the math) or the recent offering could have been held up.

But the "settlement" comes with a funny kicker, which is undoubtedly one reason for the excessive payoff:
"The New Warrants are, subject to the availability of authorized shares of Common Stock of which there are none today, immediately exercisable and expire on August 27, 2024."

That's my reading of it and I welcome any corrections to it if anyone sees it some other way.