Updated: KBLB can do a put on any day of the month since the "FIRST put" restriction no longer applies.
You need to read the agreement carefully and note that "First put" only applies to when the FIRST put under the agreement can be made and not to subsequent puts.
"Calculation of Put Amount Prior to the end of each calendar month, the Company shall determine its working capital needs and, subject to the Put Ceiling and Put Floor, by the fifth business day of the following month shall deliver to Investor a “Put Notice” for the necessary amount; the date of delivery of the Put Notice shall be the “Put Date” "
I see a "no later than" date: i.e.: "prior to the end of the month" for the calculation and "by the fifth business day of the following month" for the put. But I see no "no earlier than" date in there. So for any given month, KBLB could calculate its needs for that month at any time prior to the end of the month and make the put at any time prior to the sixth business day of the following month.
Thus KBLB could make a put on any day of the month at all. (Except for the FIRST put, which has already passed.) For a put made before the sixth (by the fifth) day of the month the put would be for the preceding month. For subsequent puts the put would be for that month and not the preceding one.
So KBLB could time the put any way it wanted to in relation to a PR and not merely on the first 5 days of the month.
Some may be incorrectly concluding that if Kim hasn't released a PR by the 26th he won't do one til after 20th of next month to keep the 10 day calculation period after a PR. That would be entirely incorrect: he can do a put on any day of the month at all. But if done AFTER the 5th then the calculation must NOT be for the preceding month but must be for the current one.
In addition, because the news would be highly significant, he has no choice but must release it when it occurs.
