They sold ... thats we we saw the drop the last few days
Unregistered Sales of Equity Securities.
On January 23, 2013, January 29, 2013 and January 31, 2013, CombiMatrix Corporation (the “Company”) issued (i) an aggregate of 149,036 shares of common stock to an accredited investor upon such investor’s successive conversions of an aggregate of $298,000 of the stated value of the Company’s Series A 6% Convertible Preferred Stock (the “Series A Stock”); (ii) an aggregate of 9,182 shares of common stock to such investor as make-whole dividend payments thereon in satisfaction of the aggregate amount of $31,643 in make-whole dividend payments under the Certificate of Designation of Preferences, Rights and Limitations of Series A 6% Convertible Preferred Stock of the Company (the “Certificate of Designation”); and (iii) an aggregate of 374 shares of common stock to such investor as dividends accrued from January 1, 2013 through the date of conversion on the converted Series A Stock due under the Certificate of Designation. In connection with the above-described conversions, the investor waived the conditions set forth in the Certificate of Designation relating to the dividend and make-whole dividend payments on the shares of Series A Stock being converted such that the dividend and make-whole dividend payments could be made by the Company in shares of common stock in accordance with the terms of the Certificate of Designation. As a result of the issuance on January 29, 2013, the Company has issued more than 5% of its outstanding shares of common stock in unregistered transactions in the aggregate since the last report that it filed under Item 3.02 with the Securities and Exchange Commission. After the above-described issuances, the Company has 2,146,493 shares of common stock issued and outstanding.
The above-described issuances have been determined to be exempt from registration under the Securities Act of 1933 in reliance on Sections 3(a)(9) and 4(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder, as transactions by an issuer not involving a public offering, in which the investors are accredited and have acquired the securities for investment purposes only and not with a view to or for sale in connection with any distribution thereof.