I know what's in the prospectus...nothing about chess. (edited)
"Are the preferred stock holders speculators or financiers?" I don't know. Which of those terms describes an investor who buys preferred at a discount that can be converted into common and sold at an additional discount?
"Are they betting on Brilacidin's success at treating Covid, or was this just a fast loan shark type deal?" It's a not-so-fast everyday OTC convertible deal. Brilacidin's success at treating Covid would help but it isn't necessary.
"It would make sense after the 2nd tranche to have the PPS above .35 or else it would seem wise for the preferred holders to convert prior to then." Is that your chess game? Because the rules seem to be uniquely yours. And your original concept had IPIX as the player.... "Feb 7th is coming - let's see how IPIX plays this game of chess" ....which actually sounded like you thought that IPIX might juggle the trial start to affect the dilution somehow.
"It's in the prospectus and all the triggering events and the vwap conversion price" I know what's in the prospectus. Did I say that already?
Your thread would be easier for the board to understand if you included the following in your post:
Redemption Rights
Shares of Series B-2 preferred stock are not otherwise entitled to any redemption rights, or mandatory sinking fund or analogous fund provisions, other than as set forth under “Triggering Events” below. Following 90 days after the second closing, the Company may elect to redeem the Series B-2 preferred stock for 120% of the aggregate stated value then outstanding, plus all accrued but unpaid dividends and all liquidated damages and other amounts due in respect of the Series B-2 preferred stock. The Company’s right to redeem the Series B-2 preferred stock is contingent upon it having complied with a number of conditions, including compliance with its obligations under the Certificate of Designation.
Call Provision
Subject to the satisfaction of certain circumstances, we may call for cancellation any or all of the warrants following 90 days after their issuance, for a payment equal to 8% of the aggregate exercise price of the warrants being called. The warrants subject to any such call notice will be cancelled ten days following our payment of the call fee, provided that the warrant holders have not exercised the warrants prior to cancellation.
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