Wednesday, November 17, 2021 4:13:19 AM
Wilmington Capital got ~200K warrants at 66 cents as part of their compensation for setting up the PIPE sale.
No one got shares. Well, except for the PIPE investors. They got ~2.5 million shares at 60 cents. Their 6 month holding period expired the first week of October. They are free to request the restricted legend be removed from their shares, so that the shares can be sold into the market, or used to cover short positions.
We'll know if/when Wilmington exercises their 66 cent warrants; the O/S will increase by ~200K shares (it hasn't yet).
They are free to short the stock, and use the warrants as a backstop, should the price go against them.
The warrants are good for 5 years.
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