I was looking at the difference between the offers, looking to see what warrants were exercised before—almost all of them, 18M, were the 75c warrants. I found one odd thing, the number of warrants available for sell is very close to before. I was expecting 23M less after those were exercised.

I tracked that down, the big difference, Paulson can participate this time with 22M shares, they couldn’t before.

Quote:

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As of May 13, 2019, current and former affiliates of the Soliciting Agent in this Exercise Offer held certain warrants previously received as consideration for services as placement agent in various prior securities offerings, which were exercisable for an aggregate of 22,106,832 shares of our common stock, with a weighted average exercise price of $0.642 per share, representing aggregate beneficial ownership of approximately 6.71% of our outstanding common stock as of that date. The Soliciting Agent and its affiliates do not hold any of the Original Warrants subject to this Exercise Offer

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Quote:

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As of June 21, 2019, current and former affiliates (including certain holders of membership interests) of the Soliciting Agent held Placement Agent Warrants previously received as consideration for services as placement agent in various previous securities offerings, which were exercisable for an aggregate of 22,026,832 shares of our common stock, with a weighted average exercise price of $0.6412 per share, representing aggregate beneficial ownership of approximately 6% of our outstanding common stock as of that date. In addition, as of June 21, 2019, certain holders of membership interests in the Soliciting Agent also held certain Original Warrants other than Placement Agent Warrants. The Soliciting Agent and its affiliates will be entitled to participate in the Exercise Offer on the same terms and conditions as the other holders of other Original Warrants.

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