"Our European Sepsis Trial is making excellent progress and the strengthening of our balance sheet with these additional funds will help support our ambitious near-term goals."
Enrollment not done yet?
I am very familiar with the liquidation priority of a capital structure. Your argument makes no sense though. The debt must be repaid before all other claims sure... but how is it to be repaid? With equity.
So bankruptcy would just force conversion. Then everyone is in the same boat. It is not like as a holder of the note I have a claim on assets above and beyond other equity holders.
Also, it is also not as if a lack of revenue could force a default on this note ... since it is not payable with cash. All the company has to do to pay off the note is issue equity. They could have no revenue for years to come and the note would still be paid in full.
Regardless, it doesn't matter. In the case where you have to worry about the priority of claims in the capital structure the company is hosed and the equity is going to 0 anyway. So what difference does it make.
Umm.... 'Another' crappy deal? I thought you already beat this poor, dead horse several times over the past 6 months? Quite the sadist, eh? ...
It's just part of a deal made last year. In your words, completion of an old, crappy deal. LOL! They must be desperate though - to commercialize the Cytosorb ASAP after EU approval...
Enrollment is not completed. That's what I have been trying to tell like a dozen times over the last week. It will be announced when completed! DC knows it is important, material news for his shareholders.
Now, you can start analyzing what 'excellent progress' means. Stalling tactics? Great results so far? 95-96-97-98-99 enrolled? LOL!