. Milestone-Triggered Tranches (A, B, and C)Issued during a March 2023 financing round, these warrants are structured as a "milestone-triggered capital raise". They allow holders to purchase Series A convertible preferred stock.
Tranche Milestone Trigger for Exercise Expiration Window Aggregate Exercise Price
Tranche A FDA approval for Renazorb 21 days post-announcement~$25 Million
Tranche B TDAPA approval for Renazorb 21 days post-announcement~$25 Million
Tranche C. 4 quarters of commercial sales after TDAPA 21 days post-announcement~$50 Million
-------------------------- So $25m dilution on FDA approval ...Co will need that $ one way or another ...so IMHO not that big a deal . If market sells off I'd probably add if I thought they had a good deal with Fresenius and DaVita for shelf space and distribution ...especially if KOL's came out actively pushing use .
Tranche C ...after 4 qts. of commercial sales . I'd expect BO offers before then if sales are ramping up JMO Kiwi
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