However, if the company got the $4 million back from the $15 million they paid SC then they only got $16.5 million from AGP to begin with. That means they still only would have ($1.5+$4) $5.5 million cash.
The only way VERB could have $9.5 million in cash out of this is either:
1) they issued and sold an additional $4 million in stock above the offering 2) SC just handed VERB a refund of $4 million from the $15 million they received with no stock in return 3) AGP paid VERB for the $4 million worth of stock twice (assuming they bought the entire $20.5 million to begin with).
The company can say they only paid $11 million for Verb all they want.
But they absolutely DON’T have $9.5 million cash as a result.
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