Looks like they put in provisions to undermine any effort to gain the usual benefits of a floorless, i.e. getting more shares by driving down the price:
In general, the drawdown facility operates as follows: at our sole
discretion and from time to time over the course of 18 months, we may make
unlimited drawdown requests, pursuant to which the investor, Ballsbridge, is
obligated to purchase up to an aggregate of $10 million of our common stock.
The amount we can draw at each request must be at least $100,000. The maximum
amount we can actually draw for each request is also limited to the lesser of
$2,000,000 and 20% of the volume weighted average price of our common stock
multiplied by the average daily trading volume multiplied by the number of
trading days in the applicable drawdown period. We are under no obligation to
request a drawdown during any period or, in the absence of such a request, to
issue any shares to Ballsbridge. If, on any day during the drawdown period, the
average volume-weighted price of our common stock drops below the minimum
threshold price that we specify in the drawdown request, that day will be
excluded from the relevant settlement and the aggregate amount of our drawdown
request will be reduced accordingly. |
