Innovation Pharmaceuticals Inc (IPIX)

[CHUNKY44]

The company mentions the $400K per month in the 8K filed 5/10/19. The MFO was compelled to exercise that amount for a period of 5 months. However, I share your opinion that the MFO has continued to exercise a significant amount of warrants (and sold the shares into the market) up to this point in time.


Item 1.01 Entry into a Material Definitive Agreement.

On May 9, 2019, Innovation Pharmaceuticals Inc. (the “Company”) entered into a Warrant Restructuring and Additional Issuance Agreement (the “Issuance Agreement”) with the holders (the “Series B investors”) of the Company’s Series B 5% convertible preferred stock (the “preferred stock”) and warrants to purchase preferred stock (the “existing warrants”). Pursuant to the Issuance Agreement, the Series B investors have agreed, subject to the conditions set forth therein, to exercise existing warrants to purchase 500 shares of preferred stock following execution of the Issuance Agreement, and to amend the existing warrants to permit the Company to compel the exercise of up to $400,000 of existing warrants each calendar month commencing June 3, 2019 and ending November 1, 2019, or, if earlier, until the aggregate amount of the forced exercises is $2,000,000. As consideration for the Series B investors entering into the Issuance Agreement, the Company has issued 100 shares of preferred stock and warrants to purchase 2,500 shares of preferred stock (the “series 4 warrants”) to the Series B investors. In addition, the Company extended the termination date for the series 1 warrants issued in October 2018 by six months, and has agreed to issue one additional share of preferred stock to the Series B investors for each five shares issued upon the exercise of the existing warrants or series 4 warrants through November 9, 2019, up to a maximum of 400 shares of preferred stock.

https://ih.advfn.com/stock-market/USOTC/innovation-pharmaceuticals-qb-IPIX/stock-news/79886975/current-report-filing-8-k