New 8-K out. Private Placement:
From October 22 through November 9, 2021, the Company issued in a private placement to accredited investors a total of approximately 3.1 million shares of its Common Stock, together with warrants to purchase a total of approximately 0.8 million shares of Common Stock at exercise prices ranging from $1.10 to $1.25 per share. The securities were issued with a combined purchase price ranging from $1.10 to $1.25 per fixed combination of one share of Common Stock and one quarter of one warrant to purchase one share of Common Stock, for total gross proceeds to the Company of approximately $3.5 million. T
More Byzantine note partitioning. Note the key words in "PARTIAL satisfaction".
On October 21, 2021, in partial satisfaction of the October 2021 Debt Reduction Amount, the Company and the April 2, 2021 Note holder entered into an exchange agreement, pursuant to which the April 2, 2021 Note was partitioned into a new note (the “October 2021 Partitioned Note”) with a principal amount of $2.5 million. The outstanding balance of the April 2, 2021 Note was reduced by the October 2021 Partitioned Note. The Company and the investor exchanged the October 2021 Partitioned Note for approximately 2.2 million shares of Common Stock. The Company and the investor agreed to defer the remaining $2.5 million October 2021 debt redemption amount. The Company relied on the exemption from registration afforded by Section 3(a)(9) of the Securities Act for the exchange transaction described above.
On November 3, 2021, in partial satisfaction of the November 2021 Debt Reduction Amount, the Company and the April 2, 2021 Note holder entered into an exchange agreement, pursuant to which the April 2, 2021 Note was partitioned into a new note (the “November 2021 Partitioned Note”) with a principal amount of $2.0 million. The outstanding balance of the April 2, 2021 Note was reduced by the November 2021 Partitioned Note. The Company and the investor exchanged the November 2021 Partitioned Note for approximately 2.1 million shares of Common Stock. The Company relied on the exemption from registration afforded by Section 3(a)(9) of the Securities Act for the exchange transaction described above.
