Drugdoctor
2 weeks ago
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On October 3, 2024, the Company completed a one-for-sixty reverse stock split of the outstanding shares of its common stock. As of October 17, 2024, as a result of the split and after certain warrant exercises on the Companyβs outstanding Series A Warrants, the Company had 1,441,927 Series A Warrants and 15,444,532 Series B Warrants outstanding, with an adjusted exercise price per share of $0.7446. The Company has reserved 15,444,532 shares of common stock for future exercises of the Series B Warrants and, because of the alternative cashless feature on the Series A Warrants, the Company has reserved 4,325,781 shares of common stock for future exercise of the Series A Warrants. The Company therefore has outstanding warrants to purchase 19,770,313 shares of common stock at an exercise price of $0.7446 per share (the βAdjustable Warrantsβ) that provide that upon the completion of the Reverse Split the exercise price of warrants will be reduced to the lowest daily volume weighted average price during the five consecutive trading days prior to the date of such Reverse Split and the five consecutive trading days after the date of such Reverse Split (assuming such price is less than the exercise price then in effect), and the number of warrant shares issuable shall be increased such that the aggregate exercise price payable thereunder, after taking into account the decrease in the exercise price, shall be equal to the aggregate exercise price on the date of issuance. If we complete a Reverse Split, this provision will likely result in the post-split exercise price of the Adjustable Warrants being reduced and the number of shares of common stock underlying the Adjustable Warrants being significantly increased.
https://www.sec.gov/Archives/edgar/data/1435064/000149315224041426/formpre14c.htm