Jun. 11 at 11:15 PM
$GNPX Reading through the prospectus. It's a pretty complicated transaction. Will do my best to summarize.
• Lincoln Park is not purchasing
$12.5m all at once. These are periodic purchases, the agreement lasts up to 24 months.
• GNPX will direct when they sell shares to LP.
• The floor price is
$0.10. That's the minimum price for "regular purchases." As long as the price is above 0.10, GNPX can sell up to 125k shares to LP.
• If the share price is above
$0.35, GNPX can direct LP to buy up to 150k shares.
• if GNPX is above
$0.55, GNPX can direct LP to buy up to 175k shares.
• Purchases by LP cannot exceed
$500K.
• LP will buy shares at a discount. Either at 95% of the day's low or 95% of the avg of the 3 lowest closing prices from the previous 10 day period.
• There are also provisons for "accelerated purchases." (Final screenshot)
