With 0.5 Series B Warrants issued for each of the 59,677,420 units sold in March, the initial share value associated with the Series B Warrants would be 0.5 * 59,677,420 units, yielding 29,838,710. Per my discussion with the CFO, the 200% qualification will be considered at the end of the calculation. We will then need to address the rest of the explanation to calculate the potential number of shares that can be acquired through the exercise of Series B Warrants starting in late May.
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multiplied by (ii) 0.81 divided by (III) 85% of the quotient of (A) the sum of the VWAP of the common share for each of the five lowest trading days during the fifteen trading day period ending on and including the trading day immediately prior to the applicable Exercise Date, divided by (B) five, less (iv) the total number of common shares with respect to which the Series B Warrant is then being exercised."
Translation: For the sake of this back-of-the-envelope calculation, I will use $0.40 as the VWAP of "each of the five lowest trading days during the fifteen trading day period ending on and including the trading day immediately prior to the applicable Exercise date, divided by five." We will finish the calculation by multiplying by two to address the 200% qualification: (((29,838,710 * 0.81)/(0.85 * (0.40))) - 29,838,710) * 2 = 82,495,257.
zugegeben H.P.W., das ist höhere Mathematik, aber nach substanzieller Dilution klingt´s allemal, freu mich (riesig), wenn Du mir das Gegenteil beweist :-) |