Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

"Conversion Price. The conversion price for the Preferred Stock shall equal to the lesser of (i) $0.31625, subject to adjustment herein (the “Set Conversion Price”), and (ii) 85% of the lowest VWAP of the Common Stock on a Trading Day during the ten (10) Trading Days prior to and ending on, and including, the Conversion Date (the lesser of (i) or (ii), the “Conversion Price”)."

If the MFO was so inclined they could be converting at a very steep discount to the market...the steepest by far since the agreement was made.