Aug. 13 at 4:30 PM
$XXII Registered warrant shares is the main risk currently, but the exercise price is above
$6. Of course, exercise price can be reduced with future offering. "We have approximately 3,019,586 outstanding warrants with anti-dilution price protection. The exercise price on these warrants will have the exercise price reduced in the event of any future offerings of securities at a lower price than the current exercise price (subject to limited exceptions) of
$6.32.
In addition, our Series B Convertible Preferred Stock is convertible into common stock at any time at a current conversion price of
$14.28 and, alternatively, at a 15% discount to the lowest daily volume-weighted average price during the prior 20 trading days, which price is subject to adjustment for any future offerings of securities at a lower price than the current exercise price (subject to limited exceptions) and a floor price of
$14.28."
