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Posted On: 02/07/2022 9:44:24 PM
Post# of 148899
In my post 117648, I discussed Paulson serving as CytoDyn's Placement Agent for a private placement of $11,361,000. I concluded that this placement was more than adequate to cover the Amarex bond.
A poster sent me a PM and pointed out something that I did not consider. These proceeds are likely already included in 11/30/21 10-Q. In other words, this is not “new” or additional money.
Paulson’s website shows the placement as “December 2021”, but there are two Form 8-Ks that cover these placements and they show issue dates in November.
This 1/5/22 Form 8-K reports a placement on 11/4/21 for gross proceeds of $3.2M.
https://www.sec.gov/ix?doc=/Archives/edgar/da...663d8k.htm
This 11/23/21 Form 8-K reports a placement on 11/17/21 for gross proceeds of $8.1M.
https://www.sec.gov/ix?doc=/Archives/edgar/da...754d8k.htm
On page 26 of the 11/30/21 10-Q, the following is noted:
Private Placement of Common Stock and Warrants through Placement Agent
During the six months ended November 30, 2021, the Company issued in a private placement to accredited investors an aggregate of approximately 11.4 million shares of common stock, together with warrants to purchase an aggregate of approximately 5.0 million shares of common stock at an exercise price of $1.00 per share. The securities were issued at a combined purchase price of $1.00 per fixed combination of one share of common stock and three-tenths of one warrant to purchase one share of common stock, for aggregate gross and net proceeds to the Company of approximately $11.4 million and $10.0 million, respectively.
https://www.sec.gov/ix?doc=/Archives/edgar/da...Securities
The total of the two Form 8-Ks as well as the statement in the 10-Q match the direct placement proceeds on Paulson's website. I did not do enough digging before I stated my conclusion about funds available for the bond. My apology for not investigating further before posting.
The Form D which I referenced previously shows a total offering amount of $53,593,700, so it is possible that more placements have been made but the Form 8-K has not been filed yet.
A poster sent me a PM and pointed out something that I did not consider. These proceeds are likely already included in 11/30/21 10-Q. In other words, this is not “new” or additional money.
Paulson’s website shows the placement as “December 2021”, but there are two Form 8-Ks that cover these placements and they show issue dates in November.
This 1/5/22 Form 8-K reports a placement on 11/4/21 for gross proceeds of $3.2M.
https://www.sec.gov/ix?doc=/Archives/edgar/da...663d8k.htm
This 11/23/21 Form 8-K reports a placement on 11/17/21 for gross proceeds of $8.1M.
https://www.sec.gov/ix?doc=/Archives/edgar/da...754d8k.htm
On page 26 of the 11/30/21 10-Q, the following is noted:
Private Placement of Common Stock and Warrants through Placement Agent
During the six months ended November 30, 2021, the Company issued in a private placement to accredited investors an aggregate of approximately 11.4 million shares of common stock, together with warrants to purchase an aggregate of approximately 5.0 million shares of common stock at an exercise price of $1.00 per share. The securities were issued at a combined purchase price of $1.00 per fixed combination of one share of common stock and three-tenths of one warrant to purchase one share of common stock, for aggregate gross and net proceeds to the Company of approximately $11.4 million and $10.0 million, respectively.
https://www.sec.gov/ix?doc=/Archives/edgar/da...Securities
The total of the two Form 8-Ks as well as the statement in the 10-Q match the direct placement proceeds on Paulson's website. I did not do enough digging before I stated my conclusion about funds available for the bond. My apology for not investigating further before posting.
The Form D which I referenced previously shows a total offering amount of $53,593,700, so it is possible that more placements have been made but the Form 8-K has not been filed yet.
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