The closing for the additional securities will occur on or before the second business day after the date of announcement (as defined in the Purchase Agreement) of the breakthrough therapy designation, primary end point of the Prurisol trial, or licensing arrangement, as applicable, provided in each case that the closing price of our common stock on the applicable date of announcement is equal to or greater than $0.50 per share. The purchase price for the additional shares of common stock will be equal to the average of the closing sale prices for the five consecutive business days immediately preceding the applicable date of announcement.
The 50 cent limit is there to protect Aspire in case Leo wants to declare P 2b a success even if it fails or if it meets a primary endpoint but the data is only mediocre/poor. Aspire also needs at least a 50 cent limit because they will need to dump as many share/warrants as possible above 38 cents.
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