Hmm, Do you think they have some friends willing to sell GNBT stock to get the price as low as possible? 80% of the lowest price for 10 days. So if they convert this measly $150K, they could get 150K/0.24 625K shares of stock, or 0.78% of the company. Nice deal...for them.

Quote:

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FirstFire

On June 25, 2020, we entered into a securities purchase agreement (the “FirstFire Purchase Agreement”) with FirstFire Global Opportunities Fund, LLC (“FirstFire”), pursuant to which we issued and sold to FirstFire a convertible note (the “FirstFire Note”) in the principal amount of $150,000. The FirstFire Note is due June 25, 2021, bears at interest at the rate of 12%, due at maturity, acceleration, or prepayment, and is convertible to common stock at a conversion price equal to 80% of the lowest trading price for the common stock for the 10 trading day period prior to the conversion date.



In connection with the FirstFire Purchase Agreement, we entered into a registration rights agreement with FirstFire, pursuant to which we agreed to register as soon as possible a minimum of 2,000,000 shares which may be issuable upon conversion of the FirstFire Note.



The FirstFire Note may not converted to the extent such conversion would result in the holder beneficially owning more than 4.99% of our outstanding common stock.

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