Cytodyn Inc (CYDY)

[justdafactss]

Did the $4.50 get knocked down to $3.01?

The Investor may convert all or any part the outstanding balance of the Note into shares of common stock at an initial conversion price of $4.50 per share upon five trading days’ notice, subject to certain adjustments and volume and ownership limitations specified in the Note. In addition to standard anti-dilution adjustments, the conversion price of the Note is subject to full-ratchet anti-dilution protection, pursuant to which the conversion price will be automatically reduced to equal the effective price per share in any new offering by the Company of equity securities that have registration rights, are registered or become registered under the Securities Act of 1933, as amended. The Note provides for liquidated damages upon failure to deliver common stock within specified timeframes.
https://www.sec.gov/Archives/edgar/data/1175680/000119312520128998/d921147ds3a.htm


3,800,000 shares of common stock issuable upon conversion, at an exercise price of $4.50 per share, of a long-term convertible note issued by a certain selling stockholder in connection with a long-term convertible note transaction on March 31, 2020 (the “Long-term Convertible Note Transaction”);
https://www.sec.gov/Archives/edgar/data/1175680/000119312520128998/d921147ds3a.htm

And still no S-3 filing of the March 31, 2020 transaction-

The Company agreed to use commercially reasonable efforts to file a Registration Statement on Form S-3 with the SEC by April 30, 2020
https://www.sec.gov/Archives/edgar/data/1175680/000119312520099591/d914246d8k.htm

Again, excellent analysis.