Monday, August 23, 2021 2:41:25 PM
https://www.otcmarkets.com/filing/html?id=15166909&guid=Ym61kWAhssib73h
The 2 piggy-back rights the lenders have are:
- Item a) is just like a warrant with the difference that they can only exercise it until the company releases clinical trial data and there is a next private placement offering
- Item b) is a right the lender has to change the notes to convertible notes, also subject to the release of clinical trial data and a next private placement offering.
Why are these notes structured this way? I think it is because the company had to disclose information about the trial to the lenders in order to get the money, so the lenders cannot trade with shares until the information they got is public. And would they lend this money to a company they know that failed in the phase 3 trial? I'm sure not.
This for me is one of the most important signs that the trial was a success.
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