Diwan is endlessly entertaining (unless your a shareholder). Regarding his loan...
1. The Company issued the NanoViricides Founder Dr. Diwan Provides $2,000,000 Loan Commitment to the Company press release on 12/3. It said, as you quoted: "A commitment fee of 10,000 shares of Series A preferred stock of the Company will be payable upon execution of the agreement."
There was no mention of the specifics of how the loan was to be used and the only mention of TheraCour was a general statement in the About NanoViricides paragraph.
2. Then they issued their filing reporting the loan in an 8-K on 12/19, including Exhibits of the loan documents.
It had some details regarding NNVC's use of the loan that were absent from the PR:
"The remaining amount of the first tranche shall be disbursed to the Borrower for normal business operations, to be used firstly towards the payment of legal fees incurred by TheraCour Pharma, Inc. in negotiating the VZV/Shingles License Agreement, as required under the VZV License agreement dated November 1, 2019"
The text of the 8K itself made no mention of the 10,000 share commitment fee payable to Diwan.
YESTERDAY the Company filed an 8K/A (amendment) that corrected that "mistake".
3. The day after the loan agreement was made NNVC entered into a "Deferred Expense Exchange Agreement (The “Agreement”) with TheraCour Pharma, Inc. (“TheraCour”), a principal shareholder of the Registrant and the developer of the technology the Registrant licenses", whereby....
".....TheraCour agreed to exchange $250,000 of the deferred development fees owed to TheraCour into 100,000 shares of the Registrant’s Series A Convertible Preferred Stock, par value $0.001 per share (the “Series A Shares”)."
Diwan Disclosure. In bits and pieces. As predictable as those Mexican jumping beans used to be.
BTW, every instance of NNVC and TheraCour above can be replaced with "Diwan" without any effect on the meaning of the statement in which it appears.
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