Replies to post #186575 on Anavex Life Sciences Corp (AVXL)

[Investor2014]

Sounds about right - good catch up DD.

[F1ash]

noticed it was the final tranche when i went back and looked at the various purchase agreements. with respect to the most current one, there is a $3.00 floor below which avxl can not push shares onto LPC as noted from language in the annual report:
_______________________________
We generally have the right to control the timing and amount of any sales of our shares to Lincoln Park, except that, pursuant to the terms of our agreements with Lincoln Park, we would be unable to sell shares to Lincoln Park if and when the closing sale price of our common stock is below $3.00 per share

Perhaps you or someone else can help me understand how the following happened.

During the three months ended December 31, 2018, the Company issued to Lincoln Park an aggregate of 953,584 (2017: 1,091,175) shares of common stock under the Purchase Agreement, including 950,000 (2017: 1,083,580) shares of common stock for an aggregate purchase price of $1,994,700 (2017 $8,173,920) and 3,584 (2017: 7,595) commitment shares. At December 31, 2018, an amount of $11,202,907 remained available under the 2015 Purchase Agreement.”

https://seekingalpha.com/filing/4334506


I get an average price of $2.09 a share. What am I doing wrong or misinterpreting because that’s below the $3.00 minimum?