Dutchess basically goes to market shorts the shares, (allowed during period of notice) drives the price down. Buys back to cover some, shorts again, drives down price. No wonder we were on the sho list for that month.. The note is satisfied...we pay. I would only expect this kind of activity if there was going to be a substantial change in the funding status. SEC wouldn't look kindly on this happening on a regular basis.
By the way: Biofrontera was quite an investment eh? quick couple a million...
To fund the acquisition of the 18% equity interest in Biofrontera in 2005, we entered into two notes with Dutchess. On June 30, 2005, we issued to Dutchess a promissory note in the amount of $1,560,000 for a purchase price of $1,300,000. This note was paid in full by the end of January 2006.
On August 1, 2005, we issued to Dutchess a second promissory note in the amount of $840,000 for a purchase price of $700,000. This note was paid in full by the end of February 2006.
DNAPRINT GENOMICS INC (DNAG)
Form: 8-K
Filing Date: 3/5/2007
An installment of €500,000 (approximately $659,000) was paid simultaneously with the execution of the agreement. The remainder of the purchase price will be paid in seven monthly installments of €500,000 (approximately $659,000) each in the months of March through September, 2007, with a final installment of €443,240 (approximately $584,000) due on October 31, 2007.
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