Lightwave Logic Inc (LWLG)

[Fruno]

Let's try to define the shelf properly. I'm spit-balling here, so if anyone can refine these numbers, please chime in.

The shelf is for $100,000,000 total (dollars, not shares). The deal with LPC is for $33,000,000 (dollars, not shares). LPC purchased $3,000,000 at $9.16/share in early October. That's 327,511 shares, which they presumably are selling, or have sold, for a profit.

That leaves $30,000,000 left on the LPC deal. At $17/share (just to pick a more or less average recent price), that's 1,764,705 shares to be sold to LPC at LWLG's discretion. As the PPS gets higher, fewer shares are available.

That leaves $67,000,000 remaining in the shelf. At $17/share, that's 3,941,176 shares that LWLG can sell on NASDAQ or allocate to a partner or institution, or ??. Again, as the PPS rises, fewer shares are available.

That's about 6,000,000 shares. The number is a rough estimate (+/- a million or two), based on an assumption of the average selling price, but it provides a ballpark of how many shares are related to the shelf. LWLG may never sell them all. It's also represents the potential increase in outstanding shares.

The increase in outstanding shares is likely due to LPC selling with LWLG's blessing. I assume LWLG is not going to push large numbers of shares onto the market at any one time, so as not to push the PPS down.