August 23, 2016 12:09pm

Raises $1.279 M as the stock price dumps -$0.06 to $0.34. The question is how long will this tranche of cash forestall insolvency? NWBO’s “saga” rolls on.

 


 

On 8/23/16, NWBO entered into agreements with certain holders of Warrants, pursuant to which the Holders are exercising all of their Offered Warrants to purchase 3,656,817 shares of common stock.

In consideration, NWBO agreed to reduce the exercise price of the warrants to $0.35 per share, for gross proceeds of approximately $1,279,885.

While agreeing to issue new Series E common stock purchase warrants to purchase up to 3,656,817 shares at an exercise price of $0.41 per share with an exercise period of five years, commencing six months after issuance.

In addition, NWBO entered into a registration rights agreement with holders pursuant to which NWBO will file a registration statement with the SEC covering the resale of the shares underlying the exercise of the Series E Warrants within 30 days after execution of the Registration Rights Agreement.

 

The Bottom Line: “Highway robbery” as NWBO agreed to pay Wainright, the placement agent a cash placement fee equal to 7% of the aggregate purchase price and warrants exercisable for 7% of the aggregate number of shares of stock sold in the offering at an exercise price of 125% of the price per share in the offering, with an exercise period of five years, commencing six months after issuance.

​Beggers can't be choosy.