Here's an excerpt from the Ironridge October filing. It took me a while to fully grasp this one. Both this and the previous filing should be an addition to the 159 million figure from Constantine's 13 G, which according to Ironridge's last 13G worked out to about 15 million, their percentage cap. The rest of the deal in the 13G was canceled by Doc to the best of my knowledge.
"Ironridge will ultimately be entitled to retain a number of shares of Common Stock (the “Final Amount”) that is equal to (a) 1,500,000 shares of Common Stock, plus (b) that number of shares of Common Stock with an aggregate value equal to (i) the sum of the Claim Amount plus a transaction fee of $37,092 and reasonable attorneys fees, (ii) divided by seventy percent (70%) of the volume weighted average price (“VWAP”) as reported by Bloomberg over a period of time beginning on the date on which Ironridge receives the Initial Issuance and ending on the date on which the aggregate trading volume of the Company’s common stock exceeds $3,100,000.00 (such period being the “Calculation Period”). For every million shares that trade during the Calculation Period, or if any time during the Calculation Period a daily VWAP is below 80% of the closing price of the Company’s Common Stock on the day before the date of the Initial Issuance, Ironridge has the right to cause the Company to immediately issue to Ironridge additional shares of Common Stock (each, an “Additional Issuance”) (provided, however, that at no time may Ironridge and its affiliates collectively own more than 4.99% of the total number of shares of Common Stock outstanding). At the end of the Calculation Period, (a) if the sum of the Initial Issuance and any Additional Issuance is less than the Final Amount, the Company shall immediately issue additional shares to Ironridge so that the total issuance is equal to the Final Amount and (b) if the sum of the Initial Issuance and any Additional Issuance is greater than the Final Amount, Ironridge will return any remaining shares to the Company for cancellation."
