The $14 million credit facility with Hercules provides for an initial advance of $10 million, interest-only payments for at least nine months, and bears per annum interest at the greater of 12.35% or prime plus 7.1%, not to exceed 14%. Subject to the terms of the facility, PolyMedix may obtain an additional advance of $4 million. Repayment of principal begins in 2011. As part of the financing, Hercules received a warrant to purchase 627,586 shares of PolyMedix common stock at an exercise price equal to the 20-day volume weighted average price of PolyMedix’s common stock prior to the closing of the facility, or $1.16 per share. If PolyMedix borrows the additional $4 million available under the facility, the warrant would become exercisable for an additional 156,896 shares at a purchase price of $1.16 per share. The warrants will expire in five years from the date of the grant.
It's gonna be a while before the stock price begins to reflect the positive developments at Poly. These aholes are about stock manipulation.
Unfortunately, it seems an individual or group of investors is satisfied by selling @ $1.16 - $1.18. In the past, it usually takes some good news and decent volume to clear out this float before moving significantly higher. However, the game is changing in our favor each passing day.
Did you read the post? I never said the stock wouldn't go higher. I suggested we are stuck at $1.16 for awhile. 2 analysts come out with positive notes and price targets much higher than where the stock is trading...yet here we sit at $1.16. Let's how long the stock stays here no matter how much volume trades.
I don't see Hercules holding down the price for a mere 156,896 shares on borrowing another $4 million. The price is already determined, the terms are there, so the only advantage would be to hold the price down so they have to borrow $4 mil in the fall? I don't think that is too logical given the volumes we will be seeing by then.