GNBT,
There is no price at which warrants werre exercised.Plus new warrants at a price of 1.6.
Form 8-K for GENEREX BIOTECHNOLOGY CORP
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24-Jan-2006
Material Modifications, Financial Statements and Exhibits
Item 3.03 Material Modification to Rights of Security Holders.
On January 23, 2006, the Company and four of its investors, Iroquios Capital, LP, Cranshire Capital, L.P., Smithfield Fiduciary, LLC and Omicron Master Trust (Investors) amended the terms of outstanding warrants to purchase common stock (Warrants) to accelerate their exercise date to January 23, 2006. These Warrants consist of Warrants for 2,439,024 shares issued on September 5, 2006, and initially exercisable on March 8, 2006, and Warrants for 4,878,048 shares issued on December 5, 2006 and initially exercisable beginning June 5, 2006. The Investors agreed to immediately exercise 100% of these warrants (for aggregate gross proceeds to the Company of $6,000,000) in exchange for (a) the acceleration of the exercise period , and (b) the issuance of additional warrants equal to 50% of the exercised Warrants (an aggregate of 3,658,536 shares). The new warrants will have an exercise price of $1.60 per share and will be exercisable for five years from the date of issuance.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
4.1 Form of agreement to amend Warrants between the Company and the Investors dated January 23, 2006.
4.2 Form of Warrant issued by Generex Biotechnology Corporation on January 23, 2006. |
