Cytodyn Inc (CYDY)

[powerwalker]

Bored, it states:

The Investor is an affiliate of Iliad Research and Trading, L.P., the lender under the outstanding secured convertible promissory notes issued by the Company on July 29, 2020 and March 31, 2020 (the "Prior Notes"). The Company anticipates using the proceeds for general working capital purposes.

So, this is really a back-handed way of paying off the "Prior Notes," if not in full, at least, the majority of the o/s balances of the two "Prior Notes."

IMO - These funds are not going to be used for working capital but to pay down the "Prior Notes."