The notes are for a five-year term and accrue interest at a 5% simple interest rate, which is payable at the end of the term or upon conversion of the notes into common stock. The note holders may convert their notes, at their sole discretion, into common stock at any time within the 5-year term at a price of $0.06 per share. The note holders are Allan L. Goldstein, RegeneRx's chairman, founder and chief scientific advisor; Joseph C. McNay, an independent board member; and two unaffiliated investors.
Wonder who the "unaffiliated investors" are?
Deal kind of undercuts all the warrant holders.
Why didn't they put this offer out to existing shareholders - - -
Only positive feature is the rare possibility that JJ is no longer on the payroll - -
If / when that is confirmed, stock price could double!
Fink get 50 bucks an hour. And he has for over a year. Do you think he has the money to buy into convert again? Why do you think he works for nothing. ? All his future pay is in convert and stock he owns. I, for one, want my companys CEO incentive to be tied to stock price. You would be hard pressed to find another ceo in all of corporate America who has such an extreme vested interest in stock's future appreciation. "On the payroll"? 50 bucks an hour barely qualifies.
Still doesn't explain why neither Lee's or ST had any interest in "such a deal". Both entities are flush w. cash. I also want to know just what RGRX disclosed to the two "outside" investors as to what is going on? What is RGRX waiting for news wise, on two band aids? And where is the 10-K? RGRX didn't file a late notice filing either. Nor did they file an 8-K of this financing. Why no PR of the two new USA patents? What are they hiding & doing?