Yes,it would be silly to exercise an out of money call.......
and loose 85% of the principal forthwith.Most likely,requests to exercise warrant back in 2013/2015 were never given,with or without registration,therefor material impact is small to none.
BUT
2013-2015 hpto stock prices were between $1.5- $9.0.Were requests given including the exercise of the $2.3 warrants??
Case 1:
No.No registration.No deals.Material impact NO.
Case 2:
Yes.No registration,all deals were duds.Material impact limited up to the liquidated damages.
Case 3:
Yes.Someone jumped the gun.No registration,commitments made,and liability remained open.Material impact is up to the liquidated damages and possibly more.
From filing dated 4/18/18:
On March 27, 2018, the Company entered a non-binding term sheet for the settlement of certain potential liquidated damages resulting from delays in filing registration statements for shares of our common stock and shares of our common stock underlying warrants for certain private placements that the Company closed in 2013 and 2015. We refer to this as the Proposed Settlement. The Proposed Settlement involves no cash payments or cash commitments by the Company but is expected to include the issuance of new, five year, penny exercise, common stock warrants in exchange for existing warrants currently held by the affected shareholders.
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