Is there any chance that we will know on what date the company elects to draw on the equity line. I would like to know at what price theses shares are being sold at. It would make it a bit easier to determine the lows or base. There is also a discrepancy between the SEC report and the News release. 3 days or 6 days, which is it?
From the SEC report
Under the equity line of credit agreement, the market price of Advanced Viral common stock, for purposes of determining the purchase price, is the average of the six lowest closing bid prices, as reported by Bloomberg, L.P., of our common stock for the 25 trading day period ending on the date we notify Spinneret of our intention to put common stock to it, or, in other words, request an advance.
From the News release
Beginning on the date the SEC declares effective a registration statement covering the resale of the shares issuable under the financing contract, and for 30-months thereafter, Advanced Viral Research Corp., may, at its discretion, sell or ``put'' shares of the Company's Common Stock at a price per share equal to the average of the three lowest bid prices for the Common Stock over a 25-day trading period, ending on the date the Company elects to draw on the equity line. |
