Late for a reply, but just stumbled onto this one...
Skimmed over the 5/22 8k and it looks like they modified a bunch of old warrants (option to buy) to make them exercisable at $0.38. The holders of those warrants cashed in on 4.3 million shares worth.
The company gets $1.6m for those 4.3m shared at 0.38
The trick will be what happens next...
Will some or all of the remaining shares go to market for less than .38 since the average sell so far has been higher, or will the guys that cashed in on those warrants start a pump...?
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