December 4, 2017 2:02pm
The financing is in the form of Series A Convertible Preferred Stock at a price of $1.70 per share and warrants with an exercise price of $0.22 per share
Stock is trading at $0.27 down -$0.014
The financing is in the form of Series A Convertible Preferred Stock and Warrants. The Preferred Stock will be convertible into common stock, but only when common stock is available or after 6 months following issuance.
The Warrants will be exercisable for common stock, but only when common stock is available. The shares are registered, but are subject to restrictions under which they may not be conveyed or traded until a shareholder vote takes place, pursuant to which the number of authorized shares is increased.
The shares are also subject to a voting agreement, under which the investors have agreed to vote in support of such increase in authorized shares.
The investors are purchasing the Series A Preferred Stock at a price of $1.70 per share, and each such preferred share will be convertible into 10 common shares valued at $0.17 cents per share. The investors are also receiving Warrants for a number of common shares equal to the number of conversion shares, with an exercise price of $0.22 per share and an exercise period of two years.
Yet another shareholder “rip-off”, the price of NWBO's common stock has been hovering at $0.16-$0.17 per share - do think investors after all these financings and "issues" that CEO Linda Powers can be trusted ...??