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Posted On: 12/28/2020 12:53:22 PM
Post# of 36541
Huge increase in warrants, which cut the exercise price in half.
Note 12 - Warrants
As of July 31, 2020, the Company had 567,553 warrants outstanding. On August 4, 2020, the Company initially issued 30,612,240 warrants in the aggregate pursuant to the Private Placement (see Note 9 - Stockholders’ Equity, Sale of common stock in a private placement (PIPE), net of fees and exercise of warrants); and 29,592,825 additional warrants as a result, of an Interim Reset Date on September 28, 2020, and Second Trigger Date on October 12, 2020, and the additional warrants were issued, and the exercise price was adjusted.
The following is a table of warrants issued in connection with the PIPE deal during the three months ended October 31, 2020:
Initial Exercise Price Initial Warrants Issued Additional Warrants Issued Reset Exercise Price Outstanding Warrants as of October 31, 2020
Series A Warrants $ 0.392 5,102,040 5,112,463 $ 0.196 10,214,503
Series B Warrants $ 0.392 15,306,120 15,337,389 $ 0.196 30,643,509
Series C Warrants $ 0.539 10,204,080 9,142,973 $ 0.281 19,347,053
Total Warrants from PIPE deal 30,612,240 29,592,825 60,205,065
On September 28, 2020, the Interim Reset Date, 5,662,190 Series D Warrants were issued and exercised at $0.001 per share; and on October 12, 2020, the Second Trigger Date on October 12, 2020, 3,480,783 Series D Warrants were issued and exercised at $0.001 per share, for an aggregate of 9,142,973 warrants issued and exercised.
A summary of the Company’s warrant activities is as follows:
Number of Warrants Weighted Average Exercise Price per Share Weighted Average Remaining Life (Years) Aggregate Intrinsic Value
Outstanding - July 31, 2020 567,553 $ 2.50 2.20 $ —
Issued 69,348,038 0.19 5 7,546,985
Exercised (9,142,973 ) 0.001 5 1,892,595
Expired — — — —
Outstanding – October 31, 2020 60,772,618 $ 0.24 4.99 $ 5,654,389
Note 12 - Warrants
As of July 31, 2020, the Company had 567,553 warrants outstanding. On August 4, 2020, the Company initially issued 30,612,240 warrants in the aggregate pursuant to the Private Placement (see Note 9 - Stockholders’ Equity, Sale of common stock in a private placement (PIPE), net of fees and exercise of warrants); and 29,592,825 additional warrants as a result, of an Interim Reset Date on September 28, 2020, and Second Trigger Date on October 12, 2020, and the additional warrants were issued, and the exercise price was adjusted.
The following is a table of warrants issued in connection with the PIPE deal during the three months ended October 31, 2020:
Initial Exercise Price Initial Warrants Issued Additional Warrants Issued Reset Exercise Price Outstanding Warrants as of October 31, 2020
Series A Warrants $ 0.392 5,102,040 5,112,463 $ 0.196 10,214,503
Series B Warrants $ 0.392 15,306,120 15,337,389 $ 0.196 30,643,509
Series C Warrants $ 0.539 10,204,080 9,142,973 $ 0.281 19,347,053
Total Warrants from PIPE deal 30,612,240 29,592,825 60,205,065
On September 28, 2020, the Interim Reset Date, 5,662,190 Series D Warrants were issued and exercised at $0.001 per share; and on October 12, 2020, the Second Trigger Date on October 12, 2020, 3,480,783 Series D Warrants were issued and exercised at $0.001 per share, for an aggregate of 9,142,973 warrants issued and exercised.
A summary of the Company’s warrant activities is as follows:
Number of Warrants Weighted Average Exercise Price per Share Weighted Average Remaining Life (Years) Aggregate Intrinsic Value
Outstanding - July 31, 2020 567,553 $ 2.50 2.20 $ —
Issued 69,348,038 0.19 5 7,546,985
Exercised (9,142,973 ) 0.001 5 1,892,595
Expired — — — —
Outstanding – October 31, 2020 60,772,618 $ 0.24 4.99 $ 5,654,389
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.
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