And warrants and such:
>>2-Feb-2009
Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On January 29, 2009, CytRx Corporation ("we," "us," "our" and "CytRx") entered into an Investment Banking Agreement with Legend Securities, Inc. ("Legend"), pursuant to which Legend agrees to provide business advisory services to us for a period of up to twelve months. In exchange for Legend's services, we agreed to pay Legend a monthly advisory fee equal to $20,000 per month and to issue Legend a warrant to purchase 800,000 shares of our common stock at an exercise price per share equal to the average closing price of our common stock for the ten trading days ending three days prior to January 29, 2009, or $0.26 per share. The warrant will vest as to 200,000 of the warrant shares upon issuance, and then at a rate of 200,000 shares per quarter starting on the quarterly anniversary of issuance, and will be exercisable for a period of five years. Under the Investment Banking Agreement, we also agreed to give Legend unlimited "piggy back" registration rights with respect to the shares of our common stock underlying the warrant in any registration statement filed by us in connection with an underwritten offering of our common stock.<<
Sure hope they get something done. They're brand new -- website mostly under construction -- but appear to have some tie with Wedbush Morgan.
Cheers, Tuck |
