1:20 + .125 for the warrants = 1.325 they will be paying for those extra warrant shares!
The new warrant will be exercisable into an aggregate of up to 8,016,033 shares of common stock at an exercise price of $1.20 per share and a term of exercise equal to five years. The purchase price of the additional warrant will be $1,002,004, or $0.125 per warrant share.
The gross proceeds to the company from the exercise of the warrants and the sale of the additional warrants are expected to be $7,671,343, prior to deducting placement agent fees and estimated offering expenses.
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