On November 25, 2019, the Company entered an Equity Purchase Agreement with an investor to purchase up to $40,00,000 of the Company’s stock at 92% of the market price for the period of five (5) consecutive trading days immediately subject to a put notice on such date on which the Purchase Price is calculated in accordance with the terms and conditions of this Agreement and in which 1,228,501 shares of common stock (“Commitment Shares”) upon signing will be issued to an investor.


The purchase price is calculated at 92% of the market price for the period of 5 days immediately subject to a put notice on such date...the definition of a put notice is copied and pasted below...so I don't think the purchase price is based on PPS 5 days before 11/25. So, GNBT will be the one to issue the put notice sometime in the near future after S1 is approved...I think.


Definition of Put Notice. Put Notice means a written notice sent to the Investor by the Company stating the Put Amount in U.S. dollars the Company intends to sell to the Investor pursuant to the terms of the Agreement and stating the current number of Shares issued and outstanding on such date.