"The lower of" means whichever of the following is lower, that is what will be used. It also says 85% of the market price, not market price minus 85%. Example being 0.0053 x 85% = 0.0045 is what they would convert at.
The reason the $1.00 is there is because this used to be on Nasdaq and $1.00 is the minimum to stay on Nasdaq and RNVA thought that'd be the ultimate low for their stock. Once RNVA dipped its toes into toxic financing, it pretty much threw that $1.00 out the window.
English is your third language so I dont blame you. Sometimes these are confusung to read for me too.
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