I saw the warrant extension for some more time. So, I guess the gave back a higher exercise price. But, I can't wrap my head around this....
I can't figure out this part I enclosed it with 4 brackets ((((I'm getting old I guess))))
Item 1.01. Entry into a Material Definitive Agreement.
On June 20, 2024, UAS Drone Corp. (the “Company”) entered into a warrant amendment agreement (the “Warrant Amendment Agreement”), with certain existing warrant holders (the “Holders”) of certain common stock purchase warrants, issued by the Company to such Holders in connection with certain securities purchase agreement, dated as of May 11, 2021, by and between the Company and each such Holder. Such warrants were previously amended by certain warrant amendment agreements, dated as of November 5, 2022 and as of November 1, 2023. According to the Warrant Amendment Agreement the Company and Holders agreed to (i) extend the warrant exercise term to May 11, 2026; (ii) amend the warrant exercise price and increase it from $0.40 per share to $0.65 per share; ((((and (iii) include a beneficial ownership blocker that limits the exercise of such warrants if such exercise would result in the holder beneficially owning in excess of 19.99% of the number of shares of the Company’s common stock immediately after giving effect to the issuance of shares of common stock issuable upon exercise of the warrant.))))
The foregoing summary of the Warrant Amendment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Warrant Amendment Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference to this Current Report on Form 8-K (the “Report”).
Item 3.03. Material Modification to Rights of Security Holders.
The information contained in Item 1.01 and Exhibit 10.1 to this Report are incorporated herein by reference.
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