filings: you guys never get them right, so here you
filings: you guys never get them right, so here you go.
fife notes originated in 2021. cytodyn was supposed to LITERALLY pay 7.5 MILLION monthly. that obviously didnt work out and they quickly changed the terms. by 2023 an adhoc repayment scheme started. basically fife would say "hey how bout next month you pay me this amount in shares?" and that happened sporadically.
in 2023 they also had to extend, and agreed on 2025.
in 2024, they renegotiated in the middle of that term and moved the maturity to 2026.
in 2025, they did away with ad hoc payments and SCHEDULED them monthly at $750k worth of stock. and they dropped the interest rate from 10% to 6%.
now in 2026, they upped the 750k to 1M and dropped the rate from 6% to 5%.
so the 1m is not really new, just an increase of 33% to make progress on the principal
now, if you find that i have a discrepancy somewhere. keep in mind that i am moving this out of the dark and into the light at least. i don;t have time to triple check. i knew these generalities existed and so i could quickly google it up, knowing what i was looking for already.
side note: usually people get all gung ho on filings and read tea leaves and say things like "SEE THEY HAVE A PARTNERSHIP BREWING I KNEW IT" "why else would they do this!!!?" and that would drive me nuts.
however, to be fair, in this instance, if the company were thinking about "cleaning things up" in advance of potential discussions, this would be a positive move. based on current terms, they could essentially erase the debt to fife in 4 years. that is significant as thus far they have barely ever reduced the principal amount. this agreement does make the debt scenario much cleaner.
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