Cytodyn Inc (CYDY)

[kgromax]

The ratchet reduction from $10 to $3.36 and lower is fully automatic

This is written in all over the posterior 10-Qs and related S-3 and 8-K filings. One synthetic examples (but you will find longer details in the loan contract that they attached in one of their SEC filing):
"...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..."

Note, here "anti-dilution protection" means protection for the lender (Fife's Iliad and Streeterville Capital), not the borrower (Cytodyn).

This explains how Nader Pourhassan (Cytodyn CEO) could say that his deal was "anti-dilutive" and still not fear being charged by the SEC for lying. He didn't lie. This deal is anti-dilutive. But for his lender, not for his company. This is very ironic. I still think any upcoming class action will try to find an angle there because this clearly has mislead shareholders.

Now you could assume that Fife will play nice and forego these terms with Cytodyn. That's exactly NOT what he did with >20 companies he financed before Cytodyn. He killed each of them.