Anavex Life Sciences Corp (AVXL)

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The Cantor arrangement is a straightforward ATM with a 3% commission at each trade. AVXL used 42M of the 50M max and then renewed a new 50M allowance. The LPC price is not ATM.

The purchase price per share for each such Regular Purchase will be equal to the lower of:

? the lowest sale price for our common stock on the purchase date of such shares; or

? the arithmetic average of the three lowest closing sale prices for our common stock during the ten consecutive business days ending on the business day immediately preceding the purchase date of such shares.

So in flat trends and downtrends, they will probably sell the shares at close to 3% below market, similar to JPM. AVXL will sell the shares at larger discounts on uptrends or short spikes. Plus, the 75000 upfront and the 75000 prorated shares.